Justin Sun’s $500M Drama: A Tale of Crypto, Chaos, and Confusion

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In a move that could only be described as “boldly baffling,” stablecoin issuer First Digital Trust claims it transferred over $500 million in TUSD reserves to the Dubai-based ARIA Fund, all because Techteryx asked nicely. 🏦💸

Funds Transferred in Multiple Transactions

First Digital Trust (FDT), currently locked in a spat with Tron blockchain founder Justin Sun that’s juicier than a ripe mango, revealed it transferred the aforementioned sum to ARIA Fund at Techteryx’s behest. FDT, with the air of a man explaining why he bought a pet ostrich, said the transfers were made over multiple transactions and were, in fact, “investments in ARIA commodities.” Because, of course, nothing says “sound financial decision” like dumping half a billion into something called “ARIA commodities.” 🤷‍♂️

To back up this claim, FDT shared a letter from Techteryx, which, in a tone reminiscent of a polite but slightly passive-aggressive dinner invitation, instructed FDT CEO Vincent Chok to invest up to $200 million into ARIA commodities. The letter, dated March 14, 2022, featured Techteryx’s Alex de Lorraine urging Chok to “reach out if he had any questions.” Because, naturally, when you’re about to drop $200 million, you want to make sure you’ve got the right address. 📜💼

This letter adds yet another layer of intrigue to the saga, which began when Justin Sun, an adviser to Techteryx, accused FDT of transferring $456 million from TUSD’s custodial funds without permission. Sun, not one to sit idly by, offered a $50 million bounty to recover the funds, because nothing says “I’m serious” like turning your financial dispute into a treasure hunt. 🏴‍☠️💰

However, in an April 7 X post, FDT dismissed the allegations as “false” and shared screenshots explaining its relationship with Techteryx since 2021. It also defended its actions, stating that its custody agreement required it to follow Techteryx’s instructions. Because, apparently, “just following orders” is a valid defense in the world of crypto. 🤖📜

“Our custody agreement states ‘we will take no view on the efficacy or soundness of any investment decisions made by the Client,’” FDT’s X post declared, in a tone that suggested they were reading from a script written by someone who’s never heard of irony. 🎭

After the dispute broke out, the stablecoin FUSD briefly depegged, dropping to $0.91 on April 2. But by April 4, it had recovered to near parity with the USD, despite Sun’s insolvency claims. Because, in the world of crypto, even chaos has a way of sorting itself out—eventually. 🌪️🔄

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2025-04-09 09:59