Court documents in Hong Kong revealed the secret intervention of 'Justin Sun', founder of Tron, to support the stability of the TrueUSD (TUSD) stablecoin after a liquidity crisis faced by 'Techteryx', the owner of the currency since 2020.
First Digital Trust (FDT), based in Hong Kong, managed the reserve, but it transferred $456 million to 'Aria Commodities DMCC' in Dubai, leading to issues in fund recovery.
This transfer caused severe financial difficulties, as 'Techteryx' was unable to recover its investments between mid-2022 and early 2023.
As the crisis worsened, the company turned to 'Justin Sun', who provided emergency funding as a loan of $400 million, which helped stabilize the currency and ensure user withdrawals.
To file a lawsuit, 'Techteryx' accused FDT and entities linked to Aria of financial mismanagement and fraud, citing unauthorized payments.
In turn, FDT defended its actions, while 'Matthew Breiten', the actual owner of the 'Aria CFF' fund, denied the allegations, asserting that the transactions complied with the agreed terms.
This came amid TUSD price turmoil, as it lost its peg to the dollar last January due to heavy sell-offs, coinciding with reports of Binance excluding the currency from the list of eligible assets for certain hedge programs.
