Justin Sun Boosts Trump’s World Liberty Financial with $30M Investment!
In a bold move that’s turning heads across the crypto landscape, controversial entrepreneur Justin Sun, known for his roots in China, has thrown a staggering $30 million into President-elect Donald Trump’s World Liberty Financial. This investment catapults him to the position of the largest backer of this groundbreaking decentralized finance project.
“The U.S. is morphing into the blockchain capital of the world, and Bitcoin has @realDonaldTrump to thank for it!” Sun, the visionary behind the cryptocurrency platform Tron, proclaimed in a fiery tweet on X on Monday. “TRON is dedicated to reviving America and spearheading innovation.” A representative for Sun was unavailable for comment.
“We’re thrilled about the momentum surrounding World Liberty Financial, and Justin’s hefty investment in WLF tokens highlights our early successes,” a spokesperson for World Liberty expressed. “We’ve seen multiple significant purchases recently, and we’re optimistic about building a platform that paves the way for freer and fairer financial interactions. Stay tuned for more exciting developments in the near future!”
However, it hasn’t all been smooth sailing for Sun. Back in March 2023, the U.S. Securities and Exchange Commission slapped him with a lawsuit, alleging he breached securities regulations. The suit, lodged in New York federal court, accuses Sun of orchestrating the sale of unregistered securities through his businesses and engaging in market manipulation. Sun has staunchly defended himself, asserting that the SEC’s claims are without merit.
This year, Circle, the issuer of the USDC stablecoin, cut ties with the Tron blockchain, citing a “risk management framework” that continually evaluates the suitability of all blockchains for their stablecoin operations.
Read More: Stablecoin USDC Cuts Ties with Tron Network, Citing Risk Management
Trump’s World Liberty Financial, which launched just after the former president faced what appeared to be a second assassination attempt, is being championed by Trump and his sons as part of the decentralized finance movement aimed at democratizing access to financial services by eliminating middlemen. Initially, World Liberty aimed to raise $300 million at a whopping $1.5 billion valuation but has recently revealed that its token offering is largely being marketed offshore.
World Liberty has notified American regulators of its token offering, indicating it “currently only plans” to sell $30 million of tokens within the U.S. Once that threshold is met, they’ll cease U.S. sales, despite having around $288.5 million worth of tokens still available for purchase, according to official documents.
Recently, Trump has emerged as an ardent supporter of digital assets, including Bitcoin. Just last week, Bloomberg News reported that Trump Media & Technology Group Corp. is in discussions to acquire the digital-asset marketplace Bakkt Holdings Inc., based on information from sources wishing to remain anonymous. Trump holds over 50% of TMTG, the parent company of Truth Social, a social media platform.
In World Liberty Financial, Trump has taken on the role of chief crypto advocate, while his sons, Eric, Donald Jr., and Barron Trump, serve as web3 ambassadors. The project also features Paxos co-founder Rich Teo as the lead for stablecoin and payment initiatives, alongside Luke Pearson, a senior research cryptographer for Polychain.
Read More: Trump’s World Liberty to Primarily Market Digital Tokens Outside the U.S.
Just a couple of days ago, Sun made headlines again by splurging on a sensational art piece, paying $6.2 million for a banana duct-taped to a wall, part of an artwork by Italian artist Maurizio Cattelan.
Meanwhile, the price of Tron’s TRX token dipped about 5% to roughly 20 cents on Monday, although it has skyrocketed by around 87% this year.
