Unusual Development Surrounding Cryptocurrency Tycoon Justin Sun and Former President Donald Trump
World Liberty Financial's crypto token, WLFI, began trading on exchanges on Monday, creating billions in wealth for the Trump family (on paper). The Trump family holds a reported 22.5 billion tokens of WLFI, according to sources.
Justin Sun, a pro-Trump crypto billionaire, reportedly bought about $75 million of the token WLFI. Sun, an investor in Trump's memecoin and attendee of a dinner hosted by Trump for crypto investors, also holds a significant stake in WLFI.
However, Sun's wallets have been frozen, and the reason is unclear. In response, Sun acknowledged moving tokens on Thursday, claiming they were tests of small amounts and no buying or selling occurred. Sun's claims that tokens are "sacred and inviolable" and believes his wallets should not be blacklisted.
World Liberty, a crypto firm in which a company controlled by the Trumps owns about 60%, didn't immediately respond to a request for comment. Over 270 wallets were flagged by World Liberty in the past week.
Donald Trump has spent his first eight months in office doing everything he can to benefit the crypto industry. In addition to his own memecoin, the First Lady Melania Trump also has her own memecoin.
Justin Sun's involvement with World Liberty isn't his only connection to the crypto world. The Securities and Exchange Commission investigation into Sun was paused after Trump took office. Sun invested heavily in Trump's memecoin and attended a dinner hosted by Trump for crypto investors.
Gizmodo will update the article if they hear back from World Liberty or Justin Sun. The search results do not contain information about which authority has stopped the investigation of Justin Sun, the billionaire and advisor to World Liberty Financial.
As of now, the WLFI token is currently trading at $0.18, up 4% on the day but down 20% on the week. About 80% of Sun's tokens are supposed to be locked up based on rules for early investors.
Sun tried to transfer about 50 million WLFI ($9 million worth) on Thursday, but World Liberty blacklisted him 6 hours later. The move of WLFI trading created billions in wealth for the Trump family (on paper).
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