What type of news does CryptoWeekly cover?

CryptoWeekly covers cryptocurrency market updates, blockchain technology developments, and regulatory news.

How often is the news section updated?

CryptoWeekly updates its news section daily with the latest developments in the crypto industry.

Can I contribute news articles to CryptoWeekly?

Yes, guest contributions are welcome. Contact our editorial team to submit your article.

Is CryptoWeekly news biased?

CryptoWeekly strives to provide unbiased, factual, and up-to-date cryptocurrency news.

Business

Justin Sun Offers Emergency Funding To Techteryx’s Stablecoin

Justin Sun recently stepped in to rescue Techteryx’s TrueUSD (TUSD) stablecoin with emergency funding after $456 million of its reserves were trapped in illiquid assets.

Haider Jamal
April 3, 2025

Illicit Diversion Of Funds

Sun’s intervention, structured as a loan, came in July 2023, when Techteryx took full control of TUSD, ending its relationship with TrueCoin.

Source: X (@justinsuntron)

The issue began when Techteryx entrusted its reserves to First Digital Trust (FDT), which allegedly diverted funds to an unauthorized Dubai-based entity, Aria Commodities DMCC, controlled by Cecilia Brittain. This diversion led to a liquidity crisis.

Unauthorized Loans

Despite several efforts to recover the funds, Techteryx isolated 400 million TUSD to ensure redemptions. Meanwhile, FDT managed $501 million of TUSD’s reserves.

Accusations against FDT’s CEO, Vincent Chok, include misappropriating funds and approving unauthorized loans. Chok defended his firm, saying they followed Techteryx’s instructions.

Sun later warned FDT was insolvent and urged users to secure their assets, criticizing Hong Kong’s regulatory framework.

Join Our FREE Newsletter

Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!

By submitting this form, you are consenting to receive marketing emails from: Crypto Weekly. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.