For years, Justin Sun has always been a controversial name in the cryptocurrency markets and has constantly come to the fore with complicated matters. If Trump had not come into office and bailed out Sun for his generosity to WLFI, the United States would have put him in a difficult position. Sun does not need the USA to get into a difficult situation, now Dubai is on the stage.
Justin Sun Case
$456 million in assets associated with Justin Sun’s TrueUSD rescue plan have been frozen by Dubai. So what does TUSD have to do with Sun? We will talk about this in the second part. Decision approved today by the Dubai Digital Economy Court TrueUSD It aimed to freeze 456 million dollars worldwide, aiming to save its owners.
Although Sun officially claims it has nothing to do with TUSD 456 million dollars allocated as reserves were directed to a company called Aria Commodities DMCC. Money was transferred to various illiquid ventures, products and different investments through this company.
TUSD reserves were normally supposed to be held in liquid assets under the control of Techteryx. However, these reserves were sent to Aria through First Digital Trust Limited. The company also evaluated them in investments that are not suitable for stablecoins. “ARIA CFF has never presented its strategy as highly liquid or suitable for stablecoin reserves,” Matthew Brittain of Aria Group said in a statement. As a result of all this, the Dubai Digital Economy Court announced a global asset freeze decision for the first time in its history.
Justin Sun and His Complicated Affairs
When you look at it on paper, you can say what Sun’s job is in this case. However, throughout its history, Justin Sun has always been at the center of such complex and fraudulent business. The situation is no different here. Techteryx is a completely anonymous offshore structure. Company behind TUSD (later acquired) Techteryxis a Hong Kong-based company, but its ownership structure is anonymous. Moreover, TUSD has been heavily traded on Sun-related platforms since its early days.
Binance has detected Sun-affiliated addresses in TUSD mint/burn addresses in the past. USDD, also launched by Sun, is also very financially linked to TUSD. In summary, although it is difficult to establish a direct connection, it is very easy to see the obvious traces of the Sun and make inferences, as in many other events.
Besides Tron This is not the first time the founder has lied or engaged in such activities. He said Poloniex was not mine, but he was managing the employees. He hid his purchase of HTX, and when it was revealed that he had bought it, he promoted the exchange as if nothing had happened. There were similar controversial processes for USDD, and even though he said that he had nothing to do with TUSD, he was the one trying to save it and could not hide it.
But there is one truth. Let alone SBF, Zhu Su or other crypto acrobats, Justin Sun is the most successful crypto mastermind in history. Again, it is likely that he will somehow get away with this incident, and the day he is caught will be a very big day for the cryptocurrency ecosystem.
