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Justin Sun is now the largest investor in Donald Trump's crypto project, World Liberty Financial (WLFI), after purchasing $30 million worth of its tokens.
Announcing the move on X, Sun declared, "We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let's go!"
We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let's go! pic.twitter.com/cISTsVYP1f
— H.E. Justin Sun 🍌 (@justinsuntron) November 25, 2024
A wallet linked to Sun-controlled HTX reportedly acquired 2 billion WLFI tokens at $0.015 each.
World Liberty Financial describes itself as "a movement to help secure the future of the US dollar in a digital world, without succumbing to the centralized control of CBDCs."
Trump is listed as the “chief crypto associate." Eric Trump and Donald Trump Jr are listed as Web3 Ambassadors.
Blockhead
The project drew in $220 million in sales of its WLFI token within the first hour of its launch. At the time of writing, 3.48 billion WLIF tokens have been sold with 16.525 billion remaining.
Before Sun’s investment, only $20 million worth of WLFI tokens had been sold, far below the project’s ambitious $300 million goal. Sun’s purchase pushed the total to $52 million, meeting a significant threshold outlined in the project’s “gold paper.”
This milestone means Trump and his family will begin receiving payments, with the President-elect’s company, DT Marks DEFI LLC, entitled to 75% of net revenues after the project raises $30 million.
“This sizable purchase of WLF tokens underscores the early success of this project,” World Liberty Financial co-founder Zak Folkman told Cointelegraph. “There have been several significant purchases in recent weeks, and we are confident in our future success as we build a platform that promotes freer and fairer finance.”
Last month, the project revealed it plans to launch its own stablecoin. The project has reportedly raised $14 million to develop and launch the US dollar-pegged token. World Liberty Financial is currently working on how to make the product safe for the market.
Blockhead
World Liberty Financial announced that Paxos co-founder Rich Teo would lead the project’s stablecoin. Paxos powers the stablecoins Pax Dollar (USDP) and PayPal USD (PYUSD).
