Digital Economy Court’s First Worldwide Freezing Order: Al Tamimi & Company secures landmark relief to protect digital asset reserves

Al Tamimi & Company has secured the first Worldwide Freezing Order issued by the DIFC Courts’ Digital Economy Court, acting for the successful applicant, Techteryx Ltd., in DEC-001-2025 (Techteryx Ltd v Aria Commodities DMCC & Ors). The order preserves up to USD 456 million and marks a significant advance in the region’s cross‑border asset protection toolkit for digital asset stakeholders.

The factual background in brief

The underlying claim concerns reserves backing a US‑dollar‑pegged stablecoin. Those reserves were custodied in Hong Kong and, between May 2021 and March 2022, approximately USD 468 million was purportedly invested into the Aria Commodity Finance Fund, a Cayman Islands fund. In practice, USD 456 million of those sums were remitted directly to Aria Commodities DMCC in Dubai, rather than to the Cayman fund, giving rise to proprietary and personal claims including breach of trust and knowing receipt.

What the Court Decided

Head of the Digital Economy Court, H.E. Justice Michael Black KC, confirmed the continuation of both a proprietary injunction and a Worldwide Freezing Order against Aria Commodities DMCC. The Court found a serious issue to be tried that USD 456 million remitted from stablecoin reserves was held on constructive trust for Techteryx and had been diverted in breach of trust. The Court also accepted compelling evidence of a real risk of dissipation, including concerns around a proposed securitisation intended to convert illiquid holdings into tradable notes, and ordered enhanced disclosure under a penal notice to trace the onward flow of funds and identify ultimate beneficiaries.

The Court set out, for the first time in the Digital Economy Court, how Article 15(4) of the revised DIFC Court Law operates to support foreign proceedings with interim measures in Dubai where a judgment would be enforceable through the DIFC Court’s processes. In doing so, the Court aligned the Digital Economy Court with leading common law authority on cross‑border freezing relief and confirmed the availability of worldwide measures where justified on the evidence.

Why it matters

For businesses with exposure to digital assets and fiat‑backed token reserves, the judgment demonstrates that the Digital Economy Court will move swiftly to protect assets, police proposed restructurings that could frustrate enforcement, and compel rigorous tracing disclosure. The Court’s approach to ancillary relief—continuing the proprietary injunction and Worldwide Freezing Order, restraining steps toward securitisation, and directing detailed affidavits and bank‑level documentation—provides a practical roadmap for preserving value pending the outcome of related foreign proceedings.

The decision is also instructive for parties operating across jurisdictions. The Court addressed the interaction between DIFC relief and proceedings in Hong Kong, underscoring that the Digital Economy Court will act to prevent the thwarting of a primary court’s jurisdiction where assets or proceeds are—or may be—within reach of enforcement in Dubai.

Our role

Al Tamimi & Company acted for Techteryx, the successful applicant, and implemented the strategy to obtain and sustain the injunctions through contested hearings and extensive evidential challenges.

David Holloway (Partner and Head of Advocacy) was lead counsel on the case acting alongside Daniel McCarthy (Senior Associate and member of the specialist advocacy unit). David and Daniel conducted all of the written and oral advocacy on the case from the initial ex parte hearing to the final 3 day return date hearing and contested hearings about privacy and costs.

The wider Al Tamimi & Company Team, was led by Rita Jaballah (Partner and Head of the international litigation group), and included Max Davis (Senior Counsel and Digital Assets Disputes specialist) and Malavika Vijayan (Associate).

The team achieved:

• The Digital Economy Court’s first Worldwide Freezing Order in a digital asset dispute, complemented by a proprietary injunction preserving traceable proceeds up to USD 456 million.
• An order restraining steps toward a proposed securitisation deemed inconsistent with preserving the enforcement landscape.
• Robust disclosure orders, under a penal notice, to trace onward flows and ultimate beneficiaries across multiple financial institutions and jurisdictions.
• A costs order in Techteryx’s favour on the indemnity basis.

The Al Tamimi & Company team worked closely with the Techteryx’s legal teams in Hong Kong and the Cayman Islands as part of the wider strategy to prosecute its claims and secure recoveries.

The bigger picture for digital asset stakeholders

This outcome reinforces the DIFC’s position as a sophisticated forum for urgent, cross‑border asset preservation in cases involving crypto‑native structures, fiat‑backed tokens, custodial arrangements, and complex investment flows. For enterprises whose assets move quickly across borders—and for foreign litigants seeking to secure assets that have been misappropriated and routed into Dubai—the Digital Economy Court now offers tested, decisive remedies to trace, ring‑fence, and protect value pending final determination abroad.

Al Tamimi & Company continues to lead in digital asset disputes across the Middle East, combining financial services expertise, deep local court experience, and a proven track record in complex cross‑border enforcement to secure outcomes that protect clients’ balance sheets and future recoveries. It is the only firm offering a specialist digital assets disputes team (led by Max Davis and Partner Hussain Almatrood), capable of acting for clients in civil and criminal matters, in the common and civil law courts of the UAE, and with members with rights of audience who are fluent in Arabic and in English.