DIFC orders Brittain to disclose TrueUSD $456M funding sources

A Dubai International Financial Centre court ordered Matthew William Brittain to file and serve a sworn affidavit by 4 p.m. Gulf Standard Time on Sept. 7 detailing the sources of legal and advisory payments linked to $456 million the court says was transferred from reserves backing the TrueUSD stablecoin. The order requires him to act “to the best of his ability.”

The order follows a proprietary injunction and a worldwide freeze the court granted to claimant Techteryx against Aria Commodities DMCC covering $456 million moved from Legacy Trust and First Digital Trust. The DIFC court said the transfers are traceable to the reserves that backed TrueUSD but has not decided who owns the funds.

For payments made to Quinn Emanuel, Horizons, Gall, Campbells and FTI Consulting, Brittain must list the amounts paid, the payment dates and the bank accounts used. He must identify the original sources of those funds, the ultimate beneficial owners, explain how the accounts were funded and provide supporting documents.

The order also requires an explanation of a $1,083,912.49 payment made by Aria Bio Industries FZE on Oct. 31, 2025 toward Aria Commodities’ legal costs. Brittain must disclose any further legal advice or representation costs incurred since a May 13 remedy application.

If Brittain fails to comply with the affidavit requirement, Techteryx may apply to the DIFC court for sanctions. Any penalty would require a further application and judicial consideration rather than being automatic.

The court set a committal hearing for Oct. 26, estimated to run four days. The hearing, the third adjournment, will be held in person at the DIFC Courts with remote attendance allowed for Techteryx’s lead counsel. Justice Michael Black wrote that another adjournment would require “the most extreme circumstances” supported by strong evidence.

The DIFC proceedings are linked to separate litigation in Hong Kong, where Techteryx alleges the transfers formed part of a fraud and that Aria holds the money or its proceeds on constructive trust. The interim order in Dubai is intended to preserve assets while those questions are litigated elsewhere and does not resolve ownership or the merits of the underlying claims.