For US developer of stablecoins TrueCoin, the firm secured an anti-suit injunction to restrain BVI company Techteryx from pursuing litigation in Hong Kong. The Singapore court said the case should be ...

Sun alleges that FDT, alongside Aria DMCC—a Dubai-based commodities company—and other firms including Finaport and TrueCoin, deceived the stablecoin issuer Techteryx into transferring $456 million to ...

Before the insolvency claims, Sun and Techteryx, the firm behind the TrueUSD stablecoin, accused FDT of misappropriating TrueUSD reserves. This portion of the reserves, valued at over $500 million, ...

First Digital was employed by TrueUSD’s corporate parent, Techteryx, to manage the stablecoin’s reserves prior to 2024. Although Sun previously distanced himself from the TrueUSD project, last week, ...

In response, FDT has countered Sun's accusations by stating that the transfers were made at the request of Techteryx, the company behind TUSD. FDT shared a letter from Techteryx instructing FDT to ...

To keep TUSD solvent, Sun said he stepped in with a $500 million loan to the issuer Techteryx, while publicly accusing FDT of being “effectively” insolvent — a charge the Hong Kong-based firm has ...

The controversy has led to legal action. Techteryx, the issuer of TrueUSD, filed a lawsuit against FDT and Chok in Hong Kong, accusing them of mismanaging reserves and failing to fulfill redemption ...

Sun’s attack against First Digital Trust appears linked to a recent legal filing in Hong Kong by Techteryx, the issuer of the TrueUSD stablecoin, against First Digital Trust. This filing was first ...

Sun’s attack against First Digital Trust appears linked to a recent legal filing in Hong Kong by Techteryx, the issuer of the TrueUSD stablecoin, against First Digital Trust. This filing was ...