Celsius bankruptcy liquidation party accuses TrueUSD issuer of misappropriating customer funds for speculation

In October 2025, Celsius's bankruptcy liquidation party filed a lawsuit against Archblock, TrueCoin, and TrustToken, accusing these companies of investing customer deposits in high-risk offshore investments during the operation of TrueUSD and other "True" series stablecoins, and denying any fiduciary responsibility for the funds. In November, Archblock denied the allegations. Techeryx, currently responsible for operating TrueUSD, has also filed a lawsuit against First Digital, accusing it of misappropriating custodial funds for speculative assets. According to lawsuit documents from the US Securities and Exchange Commission (SEC), TUSD's US dollar reserves were previously transferred to a high-risk offshore commodity fund, and TrueCoin and TrustToken were aware of the fund's redemption issues in 2022.