Sun Yuchen sues: Spending $456 million to rescue TUSD, accusing First Digital Trust of misappropriating its reserves for investment? According to court documents submitted by stablecoin issuer Techteryx in Hong Kong, nearly $500 million in reserve funds became illiquid due to improper investment, prompting Sun Yuchen to rescue TrueUSD (TUSD) stablecoin. ​ In December 2020, Techeryx acquired TUSD from TrueCoin and entrusted First Digital Trust (FDT), headquartered in Hong Kong, to manage its reserves. ​ However, FDT has been accused of unauthorized transfer of approximately $456 million to Aria Commodities DMCC in Dubai, instead of the expected Aria Commodities Finance Fund (Aria CFF) registered in the Cayman Islands. ​ Aria CFF is controlled by Matthew Brittain through Aria Capital Management Ltd, while Aria Commodities DMCC is wholly owned by his wife Cecilia Brittain. Although they are nominally independent, Matthew's email signature shows a Dubai address, suggesting a possible connection between the two entities. ​ According to the audit report of Moore CPA Limited, as of November 2024, FDT manages $501 million in TUSD reserves. However, Techeryx found it difficult to recover funds when attempting to redeem investments from mid-2022 to early 2023. ​ To cope with this liquidity crisis, Sun Yuchen provided an emergency loan of 456 million US dollars to ensure the normal operation of TUSD and user redemption. ​ FDT CEO Vincent Chok denies any misconduct and claims that FDT only acted on Techeryx's instructions and is not responsible for evaluating investment decisions. He also stated that Aria's refusal to redeem was partly due to concerns about anti money laundering and Know Your Customer (KYC) regarding the identity of Techeryx's ultimate beneficial owner. ​ At the same time, Aria's Matthew Brittin also denies Techeryx's allegations, emphasizing that the investment period and conditions are clearly stated in the subscription agreement, and Techeryx is fully aware of this. He also pointed out that the issue of beneficial ownership of Techeryx has not been resolved, which may affect the redemption of funds.