Sun Yuchen rescues TUSD, but Techeryx suffers fraud, resulting in stablecoin reserves being trapped in illiquid investments made without its permission

Odaily Planet Daily News: After acquiring TrueUSD from TrueCoin in December 2020, Techeryx appointed First Digital Trust (FDT), a Hong Kong based trustee, to manage its stablecoin reserves. According to Hong Kong court documents, Sun Yuchen intervened to rescue Techeryx's TrueUSD stablecoin after its nearly $500 million reserves became illiquid. According to documents prepared by the US law firm Cahill Gordon&Reindel, FDT has been instructed to invest its reserves in the Aria Commodity Finance Fund (Aria CFF) registered in the Cayman Islands. However, court documents state that approximately $456 million was improperly transferred to an independent, unauthorized entity based in Dubai, Aria Commodities DMCC. （CoinDesk）