FDT Backs Techteryx in Effort to Recover TrueUSD Funds After Dubai Freeze
First Digital Trust (FDT) has expressed support for Techteryx as it seeks to recover $456 million in TrueUSD reserves frozen by a Dubai court. The funds became illiquid in 2023 after being moved into complex investment structures tied to the Aria Group, prompting an emergency bailout from Justin Sun to keep TrueUSD operational.
“We welcome any steps that assist Techteryx in pursuing recovery of its funds from the Aria entities,” FDT CEO Vincent Chok told CoinDesk. “The Court has ordered Aria to disclose details regarding the assets, and we look forward to seeing the outcome of that process.”
FDT was not a party to the Dubai case. Its connection to Aria comes from its former role as fiduciary custodian for TrueUSD reserves on behalf of Techteryx. According to previous reports, Techteryx instructed FDT to place the funds into the Aria Commodity Finance Fund, a Cayman Islands vehicle. Hong Kong court filings later indicated that roughly $456 million was transferred instead to Aria Commodities DMCC, a Dubai-based entity, where the assets became tied up in illiquid trade-finance positions.
Chok emphasized that FDT acted only as a fiduciary intermediary, executing transactions exactly as instructed by Techteryx.
FDT is also pursuing a defamation case against Justin Sun, who in April claimed the trustee was “effectively insolvent,” temporarily unpegging FDT’s stablecoin, FDUSD. “There are no public updates to share at this stage,” Chok added
