FDT Backs Techteryx Effort to Recover TrueUSD Funds After Dubai Court Freeze

First Digital Trust (FDT) has expressed support for Techteryx’s pursuit of TrueUSD funds following a Dubai court’s freeze of $456 million tied to the stablecoin’s reserves. The assets became illiquid in 2023 after transfers into complex investment structures associated with the Aria Group, prompting an emergency bailout from Justin Sun to maintain TrueUSD’s operations.

“We welcome any steps that assist Techteryx in pursuing recovery of its funds from the Aria entities,” FDT’s Vincent Chok told CoinDesk. “We understand the Court has ordered Aria to provide disclosure regarding the assets, and we look forward to seeing the results of that process.”

FDT itself was not a party to the Dubai case. Its connection to Aria stems from its former role as fiduciary custodian for TrueUSD reserves, which it held on behalf of Techteryx. According to earlier CoinDesk reports, Techteryx instructed FDT to place the funds into the Aria Commodity Finance Fund, a Cayman Islands vehicle. Subsequent Hong Kong court filings alleged that roughly $456 million was instead transferred to Aria Commodities DMCC, a Dubai-based Aria entity, where the funds became tied up in illiquid trade-finance positions.

Chok emphasized that FDT acted solely as a fiduciary intermediary, executing transactions exactly as instructed by Techteryx and its representatives.

Separately, FDT is pursuing a defamation case against Justin Sun, who claimed in April that the trustee was “effectively insolvent,” temporarily unpegging FDT’s stablecoin, FDUSD. “There are no public updates to share at this stage,” Chok said.