Justin Sun Offers Emergency Funding To Techteryx’s Stablecoin

Illicit Diversion Of Funds

Sun’s intervention, structured as a loan, came in July 2023, when Techteryx took full control of TUSD, ending its relationship with TrueCoin.

Source: X (@justinsuntron)

The issue began when Techteryx entrusted its reserves to First Digital Trust (FDT), which allegedly diverted funds to an unauthorized Dubai-based entity, Aria Commodities DMCC, controlled by Cecilia Brittain. This diversion led to a liquidity crisis.

Unauthorized Loans

Despite several efforts to recover the funds, Techteryx isolated 400 million TUSD to ensure redemptions. Meanwhile, FDT managed $501 million of TUSD’s reserves.

Accusations against FDT’s CEO, Vincent Chok, include misappropriating funds and approving unauthorized loans. Chok defended his firm, saying they followed Techteryx’s instructions.

Sun later warned FDT was insolvent and urged users to secure their assets, criticizing Hong Kong’s regulatory framework.