Justin Sun reveals details of the theft of $500 million from TUSD reserves

Tron founder Justin Sun announced significant progress in the legal battle to recover the assets of the stablecoin TrueUSD (TUSD). In a statement published on X on November 28, he discussed the Dubai International Financial Centre (DIFC)'s decision to freeze the assets of those involved in a massive theft of reserves.

$500 million theft

According to Sun, the amount in question is approximately $500 million, which a group of financial intermediaries siphoned off through dubious investment schemes. The entrepreneur emphasized that he has already covered the resulting liquidity gap with his personal funds, demonstrating his seriousness about asset recovery.

"Low-risk" investment scheme

Sun explained that the problems with TUSD's collateral arose not due to operational errors by management, but as a result of the actions of external managers. Court documents filed by Techteryx, the owner of TUSD, indicate that the fraudulent scheme was built on lies and forgery.

"Techteryx was persuaded to manage funds under the guise of investments in the Aria Commodity Finance Fund. The instrument was marketed as low-risk, liquid, and insured by reputable institutions. However, in reality, $500 million was redirected to a private company, Aria Commodities DMCC, in Dubai, controlled by relatives of the scheme's organizers," he explained.

The global nature of the scam

The investigation revealed the global nature of the scam, with centers in Dubai and Hong Kong. The funds passed through a chain of jurisdictions, including the Cayman Islands, the US, the UK, and Singapore. Instead of safe assets, the funds were "buried" in illiquid and downright dubious projects.

The identified investment targets included:

- An unprofitable bitumen plant in the UAE.
- Coal mining rights in Africa.
- Cryptocurrency transactions with the bankrupt FTX exchange.
- Non-existent infrastructure and energy projects.

In Conclusion

Justin Sun continues to actively work to recover TUSD assets and bring those responsible for the theft to justice. This situation highlights the importance of transparency and reliability in the management of cryptocurrency assets, as well as the need for strict oversight of investment schemes to prevent similar fraudulent activities in the future.