The founder of Blockchain Tron, Justin Sun, has become the largest investor in Donald Trump's cryptocurrency project, World Liberty Financial, after purchasing $30 million worth of the project's Tokens.
"We are delighted to invest $30 million in World Liberty Financial as the largest investor," Sun wrote in a post on X on November 25. "TRON is committed to restoring greatness to America and leading innovation."
Prior to Sun's post, a wallet that Etherscan labeled as belonging to the cryptocurrency exchange HTX, previously Huobi, which is controlled by Sun, was found to have purchased 2 billion World Liberty Financial (WLFI) Tokens, each Token valued at $0.015.
Source: Justin Sun
WLFI Token sales have been sluggish since its launch in mid-October, with many investors wary due to the project being restricted to non-US and accredited US investors, along with the Tokens being made non-transferable — meaning they cannot be sold. Only $20 million worth of WLFI was presold when Sun purchased, pushing the total sales to $52 million, reaching only 17% of World Liberty's $300 million Token sale goal.
However, this means that Trump and his family will start receiving the money. The project's "golden" document — the Whitepaper — states that the company of the President-elect, DT Marks DEFI LLC, has the right to receive 75% of the net revenue after the project reaches $30 million, which the project has now achieved.
Donald Trump is listed as the "primary crypto supporter" of the platform, while his sons, Eric, Barron, and Donald Trump Jr., are all "Web3 ambassadors." The incoming President has run a campaign promising to turn America into the "crypto capital" of the world and reduce regulatory oversight of the industry.
Meanwhile, Sun and Tron are facing their own troubles with US regulators, being sued by the Securities and Exchange Commission in March 2023, accused of selling unregistered Tron (TRX) Tokens and wash trading to inflate its value, allegations that Sun denies.
Just last week, on November 21, Sun shared that he had spent $6.2 million at an auction for a piece of art, a banana duct-taped to a wall, and plans to eat it.
TRX has dropped 5.5% over the past day to below $0.2. While it has risen around 84% this year, it remains about 15% below the $0.23 peak it reached in January 2018.
World Liberty Financial and Tron did not immediately respond to requests for comment.
