Tron’s Justin Sun Allegedly Provided Emergency Loan to Stabilize TUSD Stablecoin

TRON Justin Sun’s founder quietly interfered to install Trueusd (Tusd) Stablecoin after his reserves faced a major liquidity crisis, although himself publicly running out.

Techteryx, who got Trueus in December 2020, was assigned to First Digital Trust (FDT), a credit based in Hong Kong, with TUSD reserve management. However, the court Documents He revealed that instead of adhering to the agreed structure, it was claimed that FDT had directed $ 456 million of Stablecoin to Commodities DMCC, a separate entity in Dubai.

Real crisis

This entity, which specializes in financing trade and trading commodity, was not part of the original investment strategy. Its projects – which range from mining to renewable energy projects – are very unprocessing, which complexes efforts to recover funds.

FDT has been directed to the TUSD reserves in the Aria Commodity Finance Fund (Aria CFF), a vehicle registered in the Cayman Islands. However, the transfer of funds to Commodities Commodities led to severe liquidity issues in Techteryx, which has struggled to regain its investments when it tried to recover between mid -2012 and early 2023.

Court documents determine that Techteryx has faced frequent payment and missing payments from the ARIA entities, which left Stablecoin reserves at risk. The company claims that these measures were distorting and claimed that the money had been disagreed, adding that the investments did not reflect the intentions of Techteryx.

Matthew Bretin, who coincides with being a dominant figure behind Aria CFF through Aria Capital Management, and his wife Cecilia Bretin, who has a single ownership of Aria DMCC commodities, is subject to scrutiny. Despite the clear separation of the two companies, the court files indicate that the entities were closely related. Matthew Bretin until he confessed to the financial relations between the two.

As the liquidity crisis deepened in mid -2013, Techteryx turned to Justin Sun for help. TRON Emergency Founder, organized as a loan, provided stability in the situation and ensuring that retail recovery continues. This financial intervention helped TECHIYX on quarantine $ 400 million from TUSD, while effectively isolated the troubled reserves from affecting ordinary users.

Previous announcement revealed that techcyx supposed Full control of Tusd in July 2023, thus ending the role of Truecoin in Stablecoin operations. It draws the subsequent legal procedures for the company a picture of the mismanagement of financial and fraud, referring to unauthorized payments and unannounced commissions that have been alleged to have been converted into entities such as “glass door”.

Defense

Meanwhile, FDT CEO, Vincent Choc, motive The actions of his company claimed that FDT had only acted as credit.

On the other hand, Matthew Preton rejected the accusations, while emphasizing that all transactions were transparent and in compliance with the agreed conditions.

Last January, Tusd witnessed a deviation from its equal one dollar, which was attributed to the sales caused by whales. Reports also indicate that Binance excludes Stablecoin from the list of eligible cryptocurrencies to get a Staking to earn Manta.