- Justin Sun pledges $20 million to buy crypto assets linked to Donald Trump after his wallet was blocked.
- World Liberty Financial froze Sun’s wallet on Thursday, restricting him from transferring WLFI tokens.
- Sun says he will purchase $10 million in ALTS and $10 million in WLFI tokens.
- WLFI tokens have dropped 40% since their recent trading debut, raising concerns about insider selling.
- Sun is among the largest investors in the Trump-backed crypto project, with $75 million in WLFI purchased during its public sale.
Justin Sun, the founder of Tron, announced plans to invest $20 million in Trump-affiliated crypto assets after World Liberty Financial blocked his wallet from making WLFI token transfers late Thursday. Sun said on Friday that he intends to purchase $10 million worth of ALTS and $10 million worth of WLFI tokens.
According to on-chain records, Sun transferred about $9 million in WLFI tokens from one personal wallet to a wallet tagged to the HTX exchange, which he owns. Shortly after this transfer, World Liberty Financial executed a transaction that blocked Sun’s wallet, preventing further WLFI movements. Sun called this action “unreasonable” in a recent X post and asked for the freeze to be lifted.
ALTS is the ticker symbol for ALT5 Sigma, a company focused on buying World Liberty Financial’s WLFI token. Sun stated on social media, “We believe U.S.-listed crypto stocks are an undervalued opportunity. I will market buy $10 million worth of ALTS and $10 million worth of WLFI.” World Liberty Financial has not publicly explained the reason for blocking Sun’s wallet. Neither the project nor Sun responded to requests for comment.
Sun purchased $75 million in WLFI tokens during the project’s public sale between October and January, making him one of its biggest investors. World Liberty Financial opened WLFI trading on Monday at a market value of $8.6 billion. The price has dropped 40% since launch, fueling speculation of insider and early investor sell-offs.
When the WLFI token launched, former President Donald Trump received 22.5 billion WLFI tokens through one of his companies. The token’s debut reportedly added $4.1 billion to Trump’s paper wealth.
Some observers speculate that World Liberty Financial froze Sun’s wallet because he might have been selling WLFI, impacting the token’s price. Sun denied this, saying in a statement that “no buying or selling was involved” when moving WLFI tokens to HTX. He described these actions as “general exchange deposit tests with very small amounts, followed by an address dispersion.”
Trading restrictions by project creators are unusual and can undermine investor confidence. World Liberty Financial has not offered further details on the situation.
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