In October 2025, the Celsius property filed a lawsuit towards Archblock, TrueCoin, and TrustToken, which all operated TrueUSD (TUSD) in addition to different “True” stablecoins earlier than Justin Solar-connected Techteryx took over.
The grievance alleges that the corporations that function the varied stablecoins “gambled their customers’ deposits on risky offshore investments with partners who disclaimed any fiduciary duties.”
In its November response, Archblock denied the allegations.
Nevertheless, Techteryx, the Solar-affiliated agency that now operates TrueUSD, has filed lawsuits towards First Digital, which allege that First Digital had misappropriated the funds that had been positioned with it and invested them in speculative belongings.
This accusation was echoed within the SEC lawsuit towards TrueUSD that claimed that TUSD’s greenback backing had been despatched to “a speculative and risky offshore commodity fund.”
The SEC grievance additionally claims that two of the corporations talked about on this grievance, TrueCoin and TrustToken, “became aware of redemption problems at the commodity fund” in 2022.
Solar has reportedly stepped in with further liquidity to forestall the stablecoin’s failure.
Nevertheless, regardless of this Solar-provided liquidity — which can be restricted to solely TrueUSD — Celsius nonetheless claims that it “has been unable to redeem stablecoins issued by defendants worth approximately USD $12.92 million.”
There was then, apparently, “nearly a month” wait till “Archblock responded.”
Subsequently, in July 2023, “Archblock informed Celsius that GBP, CAD and AUD funds were inaccessible for redemption because Prime Trust…had been placed into receivership in Nevada.”
De Lorraine added that Archblock “suspects a potential default by an underlying investment fund.”
Celsius claims that is proof that “collateral for TGBP held by Celsius were invested with an investment fund and not in cash, cash equivalents or short-term government securities.”
Archblock, in its response, claims to disclaim that allegation, although it’s unclear how Celsius could be misrepresenting its capacity to redeem these tokens.
The TrueCoin web site at the moment contains a number of paragraphs detailing its authorized maneuvers with the Prime Belief chapter associated to “foreign currency held by Prime” which TrueCoin claims “were held for the benefit of TrueCoin token holders.”
Protos reached out to Archblock and TrueCoin for touch upon this ongoing lawsuit, however neither responded earlier than publication.
