Trump's Sluggish DeFi Project Gets a Big Boost From Justin Sun's $30M Token Purchase

2024-11-26 22:00

The Donald Trump-backed cryptocurrency platform World Liberty Financial got off to a sluggish start, with investors buying far fewer of its WLFI tokens than the project hoped for.

But now, Chinese-born crypto billionaire Justin Sun has just given it a significant boost, buying $30 million worth of WLFI.

World Liberty is a decentralized finance (DeFi) platform backed by the incoming U.S. president and all three of his sons. The project is run by a circle of Trump world insiders, crypto entrepreneurs and financial figures.

Sun, meanwhile, is best known for establishing TRON, a blockchain platform mostly popular in Asia. He is also affiliated with HTX, a popular crypto exchange formerly known as Huobi.

On Nov. 25, $30 million of WLFI tokens were purchased by a wallet tagged to Huobi by Etherscan, the Ethereum blockchain data service. A spokesperson for TRON declined to directly comment on whether the sale was tied to Sun, but sources familiar with the matter told CoinDesk that he was behind the purchase.

And Sun confirmed this in a tweet.

World Liberty Financial was launched in September 2024, aiming to provide decentralized borrowing and lending services, with governance managed through the native WLFI token. Sales of the WLFI token went live in September, but only non-U.S. investors and accredited U.S. investors were allowed to participate.

The purchase restrictions — combined with the fact that WLFI tokens are non-transferable — appeared to make the token a tough sell for most crypto investors. Although the project set a target of selling $300 million worth of tokens, it had only sold $21 million worth before Sun's purchase on Monday.

According to the WLFI "gold paper" outlining the project's plans and details of the WLFI token, a portion of the WLFI sale proceeds will go to a company controlled by Donald Trump.

Trump's company, however, would only profit once the sale proceeds exceeded $30 million, which they hadn't before Monday's sale to Sun.

origin »

Bitcoin (BTC) на Currencies.ru

$ 95220.27 (-0.02%)
Объем 24H $46.905b
Изменеия 24h: -3.39 %, 7d: -2.49 %
Cегодня L: $95220.27 - H: $99468.43
Капитализация $1887.966b Rank 1
Цена в час новости $ 94358.7 (0.91%)

btc gains eth observers weakest level noted

btc gains → Результатов: 126


BTC is in A ‘Bullish Consolidation’ While Whales Are in ‘Solid Accumulation Mode’

After the success of April, which Bitcoin ended with 34% gains, the digital asset has been fairly flat so far this month. Currently, BTC/USD is trading over $9,300. These price gains came while the major central banks have been busy printing money and total assets on the Federal Reserve's balance sheet increased by nearly 55% […]

2020-5-7 19:07


Geopolitical Risk Is Back & It’s Bullish for BTC; Bulls Going Parabolic Now Is Not Healthy

For now, Bitcoin is keeping just under $9,000 after jumping to nearly $9,500 during this recent rally. These gains also have the world’s leading cryptocurrency outperforming other assets in 2020. While bitcoin is up 20% YTD and gold about 12%, equities are down -9% YTD with oil in the lead with -80%. As the crypto […]

2020-5-1 16:58


Фото:

“Simple Geometry” Shows Bitcoin is Bound to Drop Despite Healthy Consolidation

Bitcoin has stabilized above $7,500 following yesterday’s upswing Analysts are now noting that a confluence of factors suggest BTC will decline slightly before finding enough support to catalyze continuance of this uptrend This comes after a period that some traders have described as “healthy consolidation” Bitcoin has been able to maintain all of its recent gains overnight, as the benchmark cryptocurrency has begun stabilizing above the $7,500 region even in spite of the strength of […]

2020-4-26 21:00


Bitcoin Explodes to $6,800 as S&P 500 Rallies 10% On Back of ‘QE Infinity’ & Coronavirus Bill

Bitcoin has continued to strengthen over the past few hours, rallying as high as $6,850 on Tuesday morning and now trading at $6,790 as of the time of this article’s writing. According to data from TradingView, the cryptocurrency has gained 4% since the trading session started, marking yet another day of gains. BTC remains below...

2020-3-25 02:30