Trade finance fund in tussle with crypto tycoon Sun over US$456mn stablecoin investment
A company linked to crypto tycoon Justin Sun is locked in a feud with a commodity trade finance fund over the soured investment of almost half a billion dollars in stablecoin reserves.
Techteryx, which operates the stablecoin TrueUSD, invested US$456mn of the cryptocurrency’s reserves in the Aria Commodity Finance Fund (ACFF) between 2020 and 2022, court judgments show.
In a series of legal battles, the crypto company claims it has been unable to redeem almost all of its investment, 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…
