What to Know
- Justin Sun says TUSD’s $500M loss came from a global fraud network involving ARIA, FDT, and others.
- Sun has pledged a personal $500M bailout to fully protect all TUSD holders affected by the liquidity shortfall.
- Dubai court has issued a worldwide freezing order as legal action expands across multiple countries to recover stolen funds.
TRON founder Justin Sun held an important press conference today to update the public on the ongoing crisis involving the stablecoin TUSD. Speaking to reporters and members of the crypto community, Sun said the situation has moved from confusion and fear toward “recovery, accountability, and justice.”
Sun began by reminding everyone that he has always supported a transparent and secure future for blockchain. However, the issues around TUSD have shown how dangerous bad actors can be when they misuse trust and financial power. According to Sun, the stablecoin’s troubles did not come from normal business mistakes, but from a large and coordinated global scam.
Global Fraud Network Behind TUSD
Sun said the main groups behind the fraud are ARIA, First Digital Trust (FDT), Lexi Trust, Finacorp and several individuals connected to them. He described them as a “global scam group” that moved money across Hong Kong, Dubai, Singapore, the United States, and other regions to avoid detection.
After Ted Harris acquired TUSD earlier this year, he found evidence that the reserve assets meant to back TUSD were being misused. Instead of keeping the funds safe, the accused groups allegedly diverted nearly $500 million into risky and suspicious projects. These included failing manufacturing ventures in the UAE, questionable coal mines in Africa, strange crypto transactions, commodity deals in the U.S. and Ukraine, deposits for unfinished quartz projects and renewable energy projects in Australia, Lithuania, and Norway. Sun said the scammers lied by claiming these were low-risk investments, when in reality they were not recoverable at all. Some of these details even appeared in a complaint filed by U.S. regulators.
Sun’s $500 Million Bailout
To protect the public, Sun repeated his promise to personally cover the liquidity shortfall of TUSD. The bailout, worth about $500 million will ensure that every TUSD holder is made whole. Sun first announced this rescue plan in April, saying it was the only fair way to protect users who trusted the stablecoin. “This is not just about saving a stablecoin,” Sun explained. “It is about protecting the public and restoring confidence.”
Sun also shared major progress on the legal front. On October 17, 2025, the Dubai International Financial Centre (DIFC) Court confirmed a worldwide freezing order against RER Commodity TMCC and all related assets. This ruling prevents the accused parties from moving or hiding the remaining funds.
Sun called it a “landmark decision,” noting that it is the DIFC Court’s first ever global freezing order. He said the ruling shows that the evidence of fraud is serious and that courts are taking action.
Investigations also found that trust companies such as FDT and Lexi Trust violated their duties by diverting client money without permission. One Hong Kong company, Glassdoor Ltd., reportedly received nearly $14 million in secret payments to bring in new victims. Courts found signs of bribery, backdated documents, and large remittances made without approval.
Looking Ahead
Sun directly called out several individuals, including Winston Park and Vincent Sharp, accusing them of playing key roles in the wrongdoing. He said their actions damage Hong Kong’s reputation as a trusted financial center. Sun urged regulators everywhere to carefully review applications from companies linked to these individuals, warning that approving them could allow even more public money to be stolen. “You can run, but you cannot hide,” Sun warned. “We will pursue the criminals across borders until the funds are recovered and justice is served.”
Sun ended the press conference by thanking TUSD holders for their patience. He promised that the team will continue to fight for full recovery of all assets and will work closely with courts and regulators around the world. “The crypto space is growing fast, and trust is everything,” Sun said. “Together, we will build a safer and more responsible future.”
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