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Justin Sun Invests $30 Million in Trump-Backed World Liberty Financial (WLFI) 25 Nov 2024

Justin Sun Invests $30 Million in Trump-Backed World Liberty Financial (WLFI) 🌐

Justin Sun, the founder of Tron, has invested $30 million in World Liberty Financial (WLFI), a DeFi platform endorsed by Donald Trump. Sun's investment aims to boost the struggling project, which had initially failed to reach its funding goals.

World Liberty Financial began operations in September 2024, offering decentralized borrowing and lending services. The platform's governance relies on the WLFI token, available to non-US investors and accredited US investors only. However, the token's non-transferable nature led to slow sales, managing to raise just $21 million, far below its $300 million target.

The Tron founder confirmed his investment on November 25. Blockchain data showed that Sun bought $30 million worth of WLFI tokens through his wallet via HTX (previously known as Huobi). Sun stated that the US is becoming a blockchain hub, crediting Trump for driving the innovation.

The proceeds from the token sale partly benefit a Trump-owned company, generating profits only after exceeding $30 million, a milestone achieved post-Sun’s investment. World Liberty Financial is led by Trump associates, cryptocurrency entrepreneurs, and financial experts, strengthening its association with the Trump brand.

Justin Sun’s investment is another unconventional move in his portfolio, following his recent $6.2 million purchase of a viral art piece that spiked the price of the unrelated Banana Gun token by 16%. Earlier this year, Sun also transferred his EIGEN tokens from the EigenLayer protocol to the HTX exchange, indicating his bold investment strategies.

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