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Jesse Coghlan
1 hour ago


JUSTIN SUN HAS JUST BECOME TRUMP CRYPTO PROJECT’S BIGGEST INVESTOR

Justin Sun has purchased $30 million worth of tokens from Donald Trump’s World
Liberty Financial, making him the largest investor to date.

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The founder of the Tron blockchain, Justin Sun, has become the largest investor
in Donald Trump’s crypto project, World Liberty Financial, after buying up $30
million worth of its token.

“We are thrilled to invest $30 million in World Liberty Financial as its largest
investor,” Sun wrote in a Nov. 25 X post. “TRON is committed to making America
great again and leading innovation.”

Before Sun’s post, a wallet that Etherscan tagged as owned by the Sun-controlled
crypto exchange HTX, formerly Huobi, was seen purchasing 2 billion World Liberty
Financial (WLFI) tokens worth $0.015 apiece.

Source: Justin Sun

WLFI sales have been sluggish since it launched in mid-October, with investors
turned off by the project restricting sales to non-US persons and US-accredited
investors, along with making the tokens nontransferable — meaning they can’t be
sold.

Just $20 million worth of WLFI had been sold before Sun’s buy, which then pushed
total sales to $52 million, still just 17% of World Liberty’s lofty $300 million
token sale goal.

But it does now mean that Trump and his family will start to get paid. The
project’s “gold paper” — what it called its white paper — says the
President-elect’s company, DT Marks DEFI LLC, is entitled to 75% of net revenues
after the project makes $30 million, which it now has.

“This sizable purchase of WLF tokens underscores the early success of this
project,” World Liberty Financial co-founder Zak Folkman told Cointelegraph.
“There have been several significant purchases in recent weeks, and we are
confident in our future success as we build a platform that promotes freer and
fairer finance.”

Donald Trump is listed as the platform’s “chief crypto advocate,” while his sons
Eric, Barron and Donald Trump Jr. are all “Web3 ambassadors.” The incoming
president ran a campaign promising to make the US the world’s “crypto capital”
and reel in regulatory oversight of the industry.

Related: What role did crypto voters play in the 2024 US election?

Meanwhile, Sun and Tron have their own troubles with US regulators, having been
sued by the Securities and Exchange Commission in March 2023, accused of selling
the Tron TRX $0.1985 token as an unregistered security and wash-trading it to
raise its price, allegations that Sun denies.

Just last week, on Nov. 21, Sun shared that he paid $6.2 million at auction for
an artwork of a banana taped to a wall and planned to eat it. 

TRX has dropped 5.5% in the past day to under 20 cents. It’s up around 84% this
year but is still around 15% off from its 23 cents peak it hit in January 2018.

Tron did not immediately respond to a request for comment.

Magazine: Legal issues surround the FBI’s creation of fake crypto tokens 

Update (Nov. 26, 1:50 am UTC): This article has been updated to add a response
from World Liberty Financial.

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 * #Business
 * #Donald Trump
 * #Tron
 * #Justin Sun


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