Tg crypto trader news
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TRON founder Justin Sun revealed an alleged fraud involving the reserves of the TrueUSD (TUSD) stablecoin, which implicates top executives and banks in Dubai.
According to his statement, from 2020 to 2022, $565 million from TUSD reserves were illegally transferred through First Digital Trust (FDT) and Legacy Trust to accounts of ARIA Commodity Finance Fund and its affiliates.
Key figures and the scheme of embezzlement:
Christian Alexander Bönke De Lorraine Elbuf (head of the financial department of TrueCoin), Vincent Chok (CEO of FDT and Legacy Trust), Yai Sukontabhund (Finoport), Matthew William Britten and Cecilia Teresa Britten (Aria Commodities DMCC).
Funds intended to back TUSD were invested in industrial projects and renewable energy without approval, leading to a liquidity crisis.
Regarding the role of Dubai banks, Sun pointed out four banks through which transactions occurred: Mashreq Bank, ADIB, Emirates NBD, and EFG. He urged UAE regulators to freeze suspicious accounts and conduct an investigation.
Consequences and conclusions
Despite lawsuits, FDT and Aria Commodities deny guilt. Sun emphasizes that the actions of banks and managers undermine trust in stablecoins. The investigation could change the approach to reserve management in the crypto industry.
According to his statement, from 2020 to 2022, $565 million from TUSD reserves were illegally transferred through First Digital Trust (FDT) and Legacy Trust to accounts of ARIA Commodity Finance Fund and its affiliates.
Key figures and the scheme of embezzlement:
Christian Alexander Bönke De Lorraine Elbuf (head of the financial department of TrueCoin), Vincent Chok (CEO of FDT and Legacy Trust), Yai Sukontabhund (Finoport), Matthew William Britten and Cecilia Teresa Britten (Aria Commodities DMCC).
Funds intended to back TUSD were invested in industrial projects and renewable energy without approval, leading to a liquidity crisis.
Regarding the role of Dubai banks, Sun pointed out four banks through which transactions occurred: Mashreq Bank, ADIB, Emirates NBD, and EFG. He urged UAE regulators to freeze suspicious accounts and conduct an investigation.
Consequences and conclusions
Despite lawsuits, FDT and Aria Commodities deny guilt. Sun emphasizes that the actions of banks and managers undermine trust in stablecoins. The investigation could change the approach to reserve management in the crypto industry.
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