Dubai Freezes $456M in Techteryx Scandal – Justin Sun Implicated

Dubai authorities just dropped the hammer—$456 million frozen in a high-stakes crypto crackdown. The Techteryx case just got spicy with Justin Sun's name swirling in the mix.

Subheader: The Money Trail Goes Cold

Regulators slammed the brakes on half a billion dollars, citing 'suspicious activity.' Because in crypto, that could mean anything from money laundering to just another Tuesday.

Subheader: Sun's Shadow Over Dubai

While Sun hasn't been formally charged, his rumored involvement adds fuel to the fire. The Tron founder knows a thing or two about nine-figure deals—and regulatory headaches.

Closing jab: Another day, another crypto 'misunderstanding.' At least Dubai's luxury prisons have good WiFi.

Techteryx questions the legality of operations: dozens of companies involved

Techteryx claims that there are connections between Finaport, FDT, Crossbridge and Legacy that indicate fraudulent collusion. The main question is why $456 million was transferred specifically to the accounts of DMCC, and not directly to the Aria fund, as expected.

Matthew Britten, managing director of Aria DMCC and also CEO of Aria Fund, previously stated that the transfer was made by order of FDT, specifically — Vincent Chok. Chok himself denies this. Britten has also repeatedly claimed that the transfers were arranged as loans from FDT to DMCC and investments in the company itself.

Nevertheless, Judge Black drew attention to irregularities in the documents related to these payments. DMCC could not clearly explain where the money went, what assets were acquired, and where they are now. Company representatives explained this by saying that too much time had passed since the transactions.

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At the same time, Britten stated that DMCC returned the money to FDT by transferring assets to the Aria fund, and called this process «porting». However, Techteryx insists that the concept of «Porting» was invented during the hearings to explain contradictions in the documentation.

Techteryx also believes that statements about owning assets in Tanzania, in particular coal reserves and mining projects, were used as a way to divert Aria fund assets from possible recovery.

Judge Black explained why the freeze will be indefinite

Judge Michael Black stated that the Supreme Court has full authority to issue asset freezing orders, even if it concerns decisions of foreign courts that have not yet been made. He explained that when the decision in the Hong Kong case is made, it can be registered in the UAE under the law on recognition of foreign judicial acts.

In the judge’s opinion, the current freeze is necessary to ensure the enforcement of a possible future decision and the restoration of justice. The same logic, he said, applies to the jurisdiction of the Dubai International Financial Centre (DIFC) court, which also has the right to recognize and enforce foreign court decisions.

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Techteryx agrees with this. The company stated that there is no reason why an English court could not intervene if the management or members of the company act in bad faith and to the detriment of creditors. In this case, Techteryx believes, the guilty should not escape responsibility.

At the same time, Judge Black himself admitted that cases where DIFC courts issue such measures in support of foreign proceedings against a defendant outside the jurisdiction are quite rare. However, the powers of his court to enforce foreign financial decisions are described in detail in the Memorandum he referred to in paragraph 6.4.