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Tron blockchain founder Justin Sun has become the largest investor in Donald Trump’s crypto project, World Liberty Financial, after purchasing $30 million worth of tokens.
In a post on X on November 25, Sun wrote, “We are thrilled to invest $30 million in World Liberty Financial as its largest investor. TRON is committed to making America great again and leading innovation.”
Before Sun’s post, a wallet identified by Etherscan as belonging to the crypto exchange HTX, controlled by Sun, was seen purchasing 2 billion World Liberty Financial (WLFI) tokens for $0.015 each.
WLFI sales have been sluggish since its launch in mid-October, with investors turned off by the project’s restrictions, limiting sales to non-US persons and US-accredited investors, and making the tokens non-transferable—meaning they cannot be sold.
Before Sun’s purchase, only $20 million worth of WLFI had been sold, but after his buy, the total sales reached $52 million, still just 17% of World Liberty’s ambitious $300 million token sale goal.
However, this now means that Trump and his family will begin receiving payments. According to the project’s “gold paper” (its white paper), the President-elect’s company, DT Marks DEFI LLC, is entitled to 75% of the net revenues after the project hits $30 million, which it has now done.
World Liberty Financial co-founder Zak Folkman told “This sizable purchase of WLF tokens underscores the early success of this project. 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.”
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Donald Trump is listed as the platform’s “chief crypto advocate,” while his sons Eric, Barron, and Donald Trump Jr. are all “Web3 ambassadors.” The incoming president had campaigned on making the U.S. the world’s “crypto capital” and easing regulatory oversight of the industry.
Meanwhile, Sun and Tron face their own troubles with U.S. regulators. They were sued by the Securities and Exchange Commission (SEC) in March 2023, accused of selling the TRX token as an unregistered security and wash-trading it to boost its price, allegations Sun denies.
Last week, on November 21, Sun shared that he paid $6.2 million at auction for an artwork of a banana taped to a wall and planned to eat it.
TRX has dropped 5.5% in the past day to below 20 cents, but it’s up about 84% this year, still 15% below its peak of 23 cents reached in January 2018.
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