"The Trump family's crypto operation has blacklisted one of its biggest supporters. On Friday, billionaire Justin Sun-who until recently had been tight with the Trumps-posted on X that Trump-backed World Liberty Financial had frozen more than $100 million in cryptocurrency he had purchased from the project. "As one of the early investors, I joined together with everyone-we bought in the same way, and we all deserve the same rights," he said."
"Sun is a controversial crypto tycoon who is reportedly worth more than $12 billion and was a prominent guest at a dinner President Donald Trump hosted in May to reward the biggest buyers of his memecoin. Now, Sun appears to have incurred the wrath of the President's allies after moving a portion of his position in a different Trump-linked cryptocurrency. According to blockchain data from Arkham Intelligence, Sun transferred $9 million worth of the token WLFI on Thursday."
"While acknowledging that he had transferred some of the tokens, Sun pleaded that he wasn't responsible for the price drop. "No buying or selling was involved, so it could not possibly have any impact on the market," he said on X, in a post translated from Chinese. "I am innocent." A spokesperson for World Liberty Financial did not immediately respond to a request for comment."
World Liberty Financial froze more than $100 million in cryptocurrency purchased by billionaire Justin Sun after blacklisting his wallet. Sun transferred approximately $9 million worth of WLFI tokens following a 40% price decline to about $0.19 since trading began, according to Arkham Intelligence and Binance data. Sun said he was an early investor who bought alongside others and insisted that moving tokens did not involve buying or selling and therefore could not have impacted the market, calling himself innocent. Sun attended a May dinner hosted by President Trump and had been a prominent buyer of Trump-backed memecoins. World Liberty Financial did not immediately comment.
Read at Fortune Crypto
Unable to calculate read time
Collection
[
|
...
]