- Tron founder Justin Sun pledges to buy Trump-affiliated assets.
- It comes after World Liberty Financial blocked his wallet on Thursday, preventing him from transferring his WLFI tokens.
Crypto mogul Justin Sun has pledged to spend $20 million on Trump-affiliated assets after World Liberty Financial, the Trump-backed crypto project, blocked his wallet Thursday evening.
“We believe U.S.-listed crypto stocks are an undervalued opportunity,” Sun said in a Friday X post. “I will market buy $10 million worth of ALTS and $10 million worth of WLFI.”
Sun, a Chinese-born crypto billionaire, founded the Tron blockchain in 2017. He’s a controversial figure, known for engaging in high-profile publicity stunts, the latest of which includes paying $6.2 million for Comedian, an artwork of a Banana taped to a wall, which he ate at a press conference in November.
ALTS is the ticker symbol for ALT5 Sigma corporation, a crypto treasury company dedicated to buying World Liberty Financial’s WLFI token.
Sun’s post comes amid what appears to be a serious falling out between the Tron founder and the Trump-backed crypto project.
On Thursday, Sun sent $9 million worth of WLFI tokens from one of his personal wallets to a wallet tagged by Arkham Intelligence as belonging to the HTX crypto exchange that he owns, onchain records show.
Hours later, World Liberty Financial executed a transaction that blocked that wallet from transferring any more WLFI, according to onchain records.
Such behaviour is highly unusual. Project creators don’t usually block token holders from transferring as it can shake investor confidence.
World Liberty Financial hasn’t said publicly why it blocked Sun’s wallet. The project or Sun didn’t respond to DL News’ request for comment.
Cashing out?
Sun’s pledge comes after an earlier X post on Friday, where he complained that his WLFI tokens had been “unreasonably frozen” and called on World Liberty Financial to unfreeze them.
Sun is among World Liberty Financial’s biggest investors, having purchased $75 million worth of WLFI during the project’s public token sale between October and January.
On Monday, World Liberty Financial unleashed trading for WLFI. The token began trading at a $8.6 billion market value.
WLFI has fallen 40% since then amid concerns that the project’s insiders and early investors were cashing out.
When World Liberty launched its token in October, President Donald Trump was given 22.5 billion WLFI tokens through one of his companies.
The WLFI trading debut added a whopping $4.1 billion to Trump’s paper wealth, more than the value of his entire property portfolio.
Shortly after WLFI began trading, Sun said on X that he had “no plans” to sell his WLFI tokens.
Some speculate that the World Liberty Financial wallet block was in response to Sun allegedly selling some of his WLFI, contributing to the token’s price drop.
Sun seems to believe this too.
“No buying or selling was involved, so it could not possibly have any impact on the market,” he said on X shortly after he transferred some of his WLFI tokens to HTX and his wallet was blocked.
“Our address only carried out a few general exchange deposit tests with very small amounts, followed by an address dispersion,” he said.
Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.
