Justin Sun Alleges ‘Global Scam Group’ Behind Missing TUSD Reserves

ccn.comPublished on 2025-11-28Last updated on 2025-11-28

Key Takeaways

TUSD issuer Techteryx is involved in a legal dispute over the stablecoin’s reserves.
Techteryx has accused First Digital and other firms of misappropriating TUSD reserves.
Justin Sun, who has ties to Techteryx, has described a “global scam network” behind the dispute.

Tron founder Justin Sun has spoken out regarding a legal dispute over $500 million of stablecoin reserves.

Speaking on Thursday, Sun accused a “global scam group” consisting of Aria, First Digital Trust, Lexi Trust, and Finacorp, of misappropriating TrueUSD (TUSD) reserves.

Our Top Crypto Sports Betting Partners:

Stake

promotions

10% Rakeback — Lifetime duration

Coins

Claim Offer

Cloudbet

promotions

Get up to 2500 USDT + 200 FS / Up to 30% Rakeback - All Cash, No Rollover

Coins

Claim Offer

Thrill

promotions

Get up to 70% Rakeback + 10% Cashback

Coins

Claim Offer

TUSD’s Cursed Reserves

TUSD’s troubles started in 2023, when the stablecoin’s original reserve custodian, Prime Trust, collapsed, exposing accounting inconsistencies.

Reserve assets were then transferred to First Digital Trust, but by early 2025, TUSD issuer Techteryx was embroiled in a legal dispute with its new custodian.

In April, reports that Techteryx was unable to access assets First Digital had transferred to a Dubai-based fund associated with Aria threatened to undermine confidence in TUSD.

Earlier this year, wallets linked to Sun began buying millions of dollars’ worth of TUSD, propelling the stablecoin up as the legal dispute between Techteryx and First Digital escalated.

Although Techteryx’s exact ownership structure is opaque, many consider Sun to be its beneficial owner.

Aria and First Digital Accused of Fraud

At a press conference on Thursday, Sun confirmed that he injected “nearly $500 million” to keep TUSD from depegging.

Describing the legal dispute, Sun accused Aria and First Digital of fraud.

In his account, he said that First Digital, Aria, and other parties to the arrangement misled the TUSD issuer and channeled reserve funds into risky investments rather than low-risk, liquid assets.

As Techteryx pushes to reclaim control of the contested reserves, in September, a Dubai court issued an injunction freezing $456 million of assets held by Aria Commodities.

Visit Our Stablecoin Partners

Trending Cryptos

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

PancakeSwapCAKE

JUSTJST

Bitcoin's Competitors Failed the Test: Latest Report Reveals the Truth About Altcoins! "Only a Few Altcoins Emerged as Winners!"

While Bitcoin reached new highs in 2025, many altcoins, including Ethereum, showed limited upside momentum. A report from Blockworks Research highlights that altcoins have generally underperformed Bitcoin (BTC). The study found that only 1.7% of altcoins with at least a $50 million market cap and a 24-month history from 2020 to June 2026 managed to outperform BTC. During the 2020-2021 bull market, about one-third of altcoins outperformed Bitcoin, but 86% of those subsequently lost over 90% of their value from their peaks. Among the 187 altcoins that beat BTC in 2021, only OKB sustained its outperformance afterward. Overall, from 2020 to 2026, only 22 altcoins surpassed Bitcoin's returns among projects meeting the study's criteria. The list of outperformers includes BNB, OKB, GT, LEO, BGB, WBT, MX, CAKE, Ethereum, Solana, and Tron. The data underscores Bitcoin's long-term dominance over the vast majority of altcoins.

cryptonews.ru20m ago

Bitcoin's Competitors Failed the Test: Latest Report Reveals the Truth About Altcoins! "Only a Few Altcoins Emerged as Winners!"

cryptonews.ru20m ago

UAE Expands Digital Payments as Dubai Duty Free Integrates Crypto.com Pay

Dubai Duty Free has integrated Crypto.com Pay, enabling customers to make purchases with cryptocurrencies at its airport stores and online. The service, available at Dubai International Airport (DXB) and Al Maktoum International Airport (AMIA), supports 30 cryptocurrencies, including major ones and meme coins like Shiba Inu (SHIB). Payments are processed through the Crypto.com app, which instantly converts the crypto into UAE dirhams (AED). This provides protection against price volatility and ensures instant settlement for the retailer. The rollout follows a Memorandum of Understanding signed by both parties in July 2025 to develop blockchain-based payment solutions. This move supports Dubai's strategy to become a world leader in blockchain and cashless transactions, aligning with the D33 economic agenda targeting 90% cashless transactions by 2026. Crypto.com, operating under Central Bank of the UAE regulations, is the country's first licensed Virtual Asset Service Provider (VASP) with a Stored Value Facilities (SVF) license. Its payment system now operates alongside other methods like Apple Pay and Alipay at Dubai Duty Free.

TheNewsCrypto25m ago

UAE Expands Digital Payments as Dubai Duty Free Integrates Crypto.com Pay

TheNewsCrypto25m ago

Zeus Wallet taken offline after cyberattack, says no customer funds at risk

Zeus Wallet, a self-custodial Bitcoin Lightning wallet, took its infrastructure offline following a cybersecurity attack on Wednesday. The company states that customer funds were not at risk and the incident appears limited to its own infrastructure, not affecting Lightning node software. Founder Evan Kaloudis said the attack was mitigated within hours. Customers who had Lightning Service Provider channels closed will receive replacements upon service restoration. While the nature of the attack and a restoration timeline were not disclosed, Zeus highlighted the incident reinforces its focus on security projects like trusted execution environments and the Validating Lightning Signer. This follows Zeus's recent disabling of swaps due to partner Boltz halting its operations.

cointelegraph40m ago

Zeus Wallet taken offline after cyberattack, says no customer funds at risk

cointelegraph40m ago

Home Furnishing Listed Companies Are Trying to Turn Around with AI and Semiconductors

Chinese home furnishing listed companies are increasingly turning to AI and semiconductor cross-border ventures to revive their fortunes amid declining core businesses. A prominent example is PVC flooring giant **Elegant Home Furnishing**, whose stock price skyrocketed with 10 consecutive trading limits after announcing a plan to acquire a majority stake in **Ou Kang Nuo**, a semiconductor storage testing equipment and services company. Despite Elegant Home's own financial struggles—including recent losses and tight cash flow—the acquisition, funded through asset sales and loans, has dramatically boosted its market value. The deal involves a cross-shareholding structure with Ou Kang Nuo's controlling shareholder. This trend is widespread. Over the past year, numerous home furnishing firms with stagnant main operations have seen their stock prices surge after announcing moves into hot sectors like AI, semiconductors, or computing power. Key cases include: * **Markor Home Furnishings** ("high-end home furnishing first share"), after years of heavy losses, acquired an AI server high-speed copper cable company and later introduced AI computing power investors. * **Zhenai Meijia** ("blanket king") became the first A-listed manufacturer controlled by an AI large model company following a takeover. * **Fasilon** (integrated ceiling) saw its stock soar after establishing an AI subsidiary. * **Jinlong Decoration** experienced multiple trading limits after being linked to "commercial aerospace" and "AI computing," despite clarifying these segments contribute less than 1% of its business. Statistics show over 20 A-share companies announced semiconductor crossovers in 2025, with home furnishing and building materials firms being the most active. This shift is largely driven by pressures from the real estate downturn, shrinking overseas demand, and trade tariffs, pushing companies to seek growth through trendy concepts rather than core business improvement. However, the article warns that such speculative frenzies often end when the hype fades, leaving stock prices to eventually reflect the companies' weak fundamentals, as seen in Jinlong Decoration's subsequent sharp price correction. The repeated attempts to "ride the trend" highlight a desperate struggle for survival in a challenging traditional industry.

marsbit49m ago

Home Furnishing Listed Companies Are Trying to Turn Around with AI and Semiconductors

marsbit49m ago

"Sell America" Trade Resurfaces: Global Funds Reprice Washington Policy Risks, Dollar and Treasuries Bear the Brunt

"Sale of America" Trade Resurges as Global Funds Reprice Washington Policy Risks, Hitting Dollar and Treasuries First Recent policy signals from Washington are prompting global bond and foreign exchange investors to reignite the "Sale of America" debate. Uncertainty stems from Fed Chair Wash's shift towards less policy communication, Treasury Secretary Bessant's approval of joint intervention with Japan to support the Yen (the first such coordinated move in nearly 30 years), expanding fiscal deficits, and trade war fears. These factors are undermining confidence in U.S. assets. The 30-year Treasury yield recently broke above 5%, hitting a high not seen since 2007, while the Bloomberg Dollar Spot Index has fallen about 2% from its June peak. This dollar weakness is unusual given still-high U.S. interest rates. Investors cite policy uncertainty as a key driver, with one manager calling the Fed Chair and Treasury Secretary a "double whammy" creating a "Trump administration premium." While the S&P 500 continues hitting record highs and foreign holdings of U.S. Treasuries remain high, parts of the bond and FX markets are adjusting. A core concern is whether the Fed under Wash can effectively anchor inflation expectations; analysts warn that if the Fed lags the hiking cycle, long-end yields could face further upward pressure. The 30-year term premium has risen sharply. The U.S.-backed Yen intervention has also sparked debate on the dollar's structural outlook. While framed by Bessant as a "reallocation of reserves," market participants caution that if Japan—America's largest foreign creditor—must sell Treasuries to fund interventions, ripple effects could hit the bond market. Strategists predict moderate dollar depreciation ahead. Most experts are not predicting an end to dollar hegemony or the safe-haven status of Treasuries. However, a key underlying risk is highlighted: the pace of foreign buying of U.S. debt may not keep up with the speed of American borrowing, gradually eroding the structural advantages that have long supported "American exceptionalism."

marsbit50m ago

"Sell America" Trade Resurfaces: Global Funds Reprice Washington Policy Risks, Dollar and Treasuries Bear the Brunt

marsbit50m ago

Trading

Spot

Hot Articles

How to Buy SUN

Welcome to HTX.com! We've made purchasing SUN (SUN) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy SUN (SUN) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your SUN (SUN)After purchasing your SUN (SUN), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade SUN (SUN)Easily trade SUN (SUN) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

7.7k Total ViewsPublished 2024.03.29Updated 2026.06.02

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of SUN (SUN) are presented below.

Justin Sun Alleges ‘Global Scam Group’ Behind Missing TUSD Reserves

Stake

Cloudbet

Thrill

TUSD’s Cursed Reserves

Aria and First Digital Accused of Fraud

Trending Cryptos

Related Reads

Bitcoin's Competitors Failed the Test: Latest Report Reveals the Truth About Altcoins! "Only a Few Altcoins Emerged as Winners!"

UAE Expands Digital Payments as Dubai Duty Free Integrates Crypto.com Pay

Zeus Wallet taken offline after cyberattack, says no customer funds at risk

Home Furnishing Listed Companies Are Trying to Turn Around with AI and Semiconductors

"Sell America" Trade Resurfaces: Global Funds Reprice Washington Policy Risks, Dollar and Treasuries Bear the Brunt

Trading

Hot Articles

How to Buy SUN

Discussions

Top Questions