After a series of legal battles between Techteryx, which operates the stablecoin TrueUSD, who had invested $456 million of the cryptocurrency’s reserves in the Aria Commodity Finance Fund (ACFF) between 2020 and 2022, UAE based Al Tamimi & Company legal firm was able to secure a worldwide freezing order from DIFC Courts’ Digital Economy Court to preserve up to $456 million.
Techteryx claimed it had not been able to redeem almost all of its investments, alleging that ACFF is “not a genuine fund” and was “perpetrating a fraud”. Techteryx alleges that, instead of following its stated investment strategy of primarily investing the reserves in trade finance securities, the fund loaned the bulk of the money to related parties within the Aria group. Lawyers for Aria – a wide network of entities in countries such as Australia, Switzerland and the UAE, ultimately controlled by UK businessman Matthew William Brittain, according to court judgments – have denied the allegations.
They say ACFF is unable to meet the redemptions in part because Techteryx’s Hong Kong custodian provider has failed to fulfil know-your-customer checks about Techteryx’s ultimate owner, which it suspects is Sun. Aria claims that Sun – best known for spending US$6.2mn on an artwork featuring a banana duct-taped to a wall and eating it – is the true owner of Techteryx.
But the crypto entrepreneur, who in April reportedly extended a loan of undisclosed value to Techteryx to prop up the stablecoin, has described himself only as a creditor and advisor to the company. He is also offering a US$50mn reward to anyone with “crucial leads” about the unredeemed portion of the reserves sent to the Aria fund, said in court to be around US$400mn.
Techteryx has also accused the stablecoin’s custodian First Digital Trust, its investment advisor, as well as TrueUSD’s former operator, of fraud and breach of trust for their roles in placing the reserves in ACFF. In March, it obtained a worldwide freezing order against Aria Commodities DMCC, an entity that initially received most of the funds.
In comments made in April to crypto publication CoinDesk, Brittain said he “completely rejects Techteryx’s claims against Aria DMCC and any related entities” and claimed “a number of false allegations were made in the court proceedings”.
Al Tamimi & Company, explained in a blog post, that it had secured the first Worldwide Freezing Order issued by the DIFC Courts’ Digital Economy Court, acting for the successful applicant, Techteryx Ltd., in DEC-001-2025 (Techteryx Ltd v Aria Commodities DMCC & Ors).
As per Al Tamimi, the Head of the Digital Economy Court, H.E. Justice Michael Black KC, confirmed the continuation of both a proprietary injunction and a Worldwide Freezing Order against Aria Commodities DMCC. The Court found a serious issue to be tried that $456 million remitted from stablecoin reserves was held on constructive trust for Techteryx and had been diverted in breach of trust. The Court also accepted compelling evidence of a real risk of dissipation, including concerns around a proposed securitization intended to convert illiquid holdings into tradable notes, and ordered enhanced disclosure under a penal notice to trace the onward flow of funds and identify ultimate beneficiaries.
The Court set out, for the first time in the Digital Economy Court, how Article 15(4) of the revised DIFC Court Law operates to support foreign proceedings with interim measures in Dubai where a judgment would be enforceable through the DIFC Court’s processes. In doing so, the Court aligned the Digital Economy Court with leading common law authority on cross‑border freezing relief and confirmed the availability of worldwide measures where justified on the evidence.
Al Tamimi blog post notes that for businesses with exposure to digital assets and fiat‑backed token reserves, the judgment demonstrates that the Digital Economy Court will move swiftly to protect assets, police proposed restructurings that could frustrate enforcement, and compel rigorous tracing disclosure. The Court’s approach to ancillary relief—continuing the proprietary injunction and Worldwide Freezing Order, restraining steps toward securitization, and directing detailed affidavits and bank‑level documentation—provides a practical roadmap for preserving value pending the outcome of related foreign proceedings.
Al Tamimi also notes that the outcome reinforces the DIFC’s position as a sophisticated forum for urgent, cross‑border asset preservation in cases involving crypto‑native structures, fiat‑backed tokens, custodial arrangements, and complex investment flows.
