The Techteryx lawsuit is based on allegations by Aria Commodities of abuse of trust and unjust enrichment. According to Techteryx's lawyers, the reserves of the TrueUSD stablecoin were initially entrusted for safekeeping to the Hong Kong trust First Digital. However, from May 2021 to March 2022, approximately $468 million was transferred to accounts of Aria Commodities DMCC in Dubai under the guise of investments in a liquid fund in the Cayman Islands.
It has been revealed that $456 million went directly to Aria's accounts, rather than to the fund, which constituted a violation of the rules of trust management and led to Techteryx losing control over the reserves of the stablecoin TrueUSD, the plaintiffs insist. Techteryx argues that the transfer of $456 million violated the conditions for holding the reserves of the stablecoin TrueUSD, and also turned them into long-term loans to Aria that could not be repaid when the stablecoin holders wanted to withdraw their funds.
The Dubai court found the plaintiffs' version convincing and decided to freeze the assets of Aria Commodities until the Hong Kong courts determine the ownership of the funds. The freeze covers Aria's accounts at Mashreq Bank, Emirates NBD, and Abu Dhabi Islamic Bank.
Previously, the courts of Dubai recognized cryptocurrency as one of the legal forms of salary payment.#BTC #usdt #TrueUSD
