Crypto mogul Justin Sun has promised to spend $20 million on tokens linked to Donald Trump after World Liberty Financial blocked his wallet on Thursday night.
The Chinese-born billionaire called the freeze “unreasonable” and said on X that tokens are “sacred and inviolable.” Sun added, “I call on the team to respect these principles, unlock my tokens, and let’s move forward together toward the success of World Liberty Financials.”
How It all Started
The clash started on Thursday when Justin Sun reportedly transferred $9 million worth of WLFI tokens to HTX, the crypto exchange he owns.
Hours later, World Liberty Financial carried out a transaction that blocked his wallet from transferring more tokens. The block affected 540 million unlocked WLFI and another 2.4 billion locked WLFI, valued at more than $3 billion. The project has not explained why it froze his wallet, and both sides did not respond to media questions.
On Friday, Sun doubled down on his support by promising to market buy $10 million worth of WLFI and another $10 million of ALTS, the ticker for Nasdaq-listed Alt5 Sigma.
“We believe U.S.-listed crypto stocks are an undervalued opportunity,” he wrote in another X post. Alt5 had earlier announced a $1.5 billion plan to build a WLFI token treasury strategy, tying the assets closer together.
Trump’s Tokens and Market Drop and Controversy
World Liberty Financial launched its WLFI token in October last year, with President Donald Trump receiving 22.5 billion tokens through one of his companies. The debut was eye-catching, and instantly added $4.1 billion to Trump’s paper wealth.
The token began public trading on Monday at an $8.6 billion market value, but prices have since dropped 40% amid fear that insiders and early investors were selling.
Sun had previously insisted he had “no plans” to sell his WLFI holdings. After the wallet freeze, he rejected speculation that his transfers caused the price fall.
“No buying or selling was involved, so it could not possibly have any impact on the market,” he said on X. “Our address only carried out a few general exchange deposit tests with very small amounts, followed by an address dispersion.”
Also Read: MARA’s Bitcoin Hoard Hits 52,477 BTC, Worth Nearly $6 Billion
