- Trending
- Comments
- Latest
Tron founder Justin Sun accused TrueUSD’s custodial partners of diverting $456 million in stablecoin reserves into high-risk commodity and mining investments, alleging the mismanagement created a liquidity crisis that left the stablecoin unable to process redemptions.
Speaking at a Hong Kong media briefing Wednesday, Sun named First Digital Trust and Aria Commodities as “central actors” in what he described as a multiyear scheme that exploited loopholes in trust frameworks. Legal investigations are now underway in Hong Kong, Singapore, and the UAE.
In his Nov. 27 address themed “Truth Unveiled, Justice Revealed,” Sun intensified his claims surrounding the Tusd reserve gap, spotlighting what he alleges to be irresponsible and unauthorized fund deployment by key custodial partners.
He stated that between 2021 and 2022, millions backing the TrueUSD stablecoin were quietly diverted into high-risk commodity financing and mining ventures.
“These findings show a blatant misuse of user-backed funds and a direct betrayal of trust,” Sun declared during the briefing.
According to him, the heart of the Tusd reserve gap lies in the decision to funnel reserves into ventures that could not be liquidated when the market demanded stability and transparency.
Industry analysts say Sun’s public escalation signals a new phase in the fight for clarity.
“This is the most aggressive stance we’ve seen from Sun in years,” said Angela Yuen, a Hong Kong-based digital asset compliance expert. “If his claims hold up, the Tusd reserve may trigger a domino effect across global regulatory bodies.”
Sun identified First Digital Trust and Aria Commodities as central players in the saga, alleging that their handling of TUSD’s backing assets directly fed the Tusd reserve gap that has since ballooned into a $456 million dispute.
According to Sun, shortcomings in Hong Kong’s trust oversight created loopholes that, in his words, “were exploited to the detriment of stablecoin users.”
He argued that the Tusd reserve gap could have been avoided if custodial partners adhered to conservative, liquid-backed asset management practices.
“Stablecoins cannot operate on hopeful bets and risky commodity speculation,” said blockchain researcher Marcus Lu of CryptoQuant.
“Sun’s accusations, whether proven or not, highlight a serious governance challenge. The Tusd reserve gapis now a case study in what happens when transparency breaks down.”
The dispute surrounding the Tusd reserve gap has already spilled into multiple jurisdictions, with legal teams in Hong Kong, Singapore, and the United States preparing filings and disclosure demands.
Sun suggested that international cooperation may be necessary to trace the full flow of the diverted funds. “This isn’t just a Hong Kong issue—it’s a global financial accountability issue,” he said.
Regulators have yet to issue formal comments, but market watchers believe the Tusd reserve may accelerate ongoing efforts to enforce stricter, audit-driven stablecoin rules worldwide.
As Sun steps further into the spotlight, the Tusd reserve continues to rattle the stablecoin sector.
The briefing made clear that the battle is far from over—and the next chapter may reshape the global regulatory landscape.
“The world is watching,” said fintech policy advisor Daniel Aronson. “The Tusd reserve gap is not just about missing reserves. It’s about rebuilding trust in a market that relies on credibility above all else.”
Ultimately, the escalating battle over the Tusd reserve gap has become more than a high-stakes financial dispute—it now stands as a defining test of transparency, accountability, and trust in the global stablecoin market.
As investigations deepen and pressure mounts, the Tusd reserve may force a long-overdue reckoning that reshapes how digital assets are governed and safeguarded.
