Justin Sun Becomes Largest Investor in Trump's Crypto Project
Tron founder purchases $30 million worth of tokens
Announcing the investment on X, Sun said, “TRON is committed to making America great again and leading innovation.” His wallet, linked to the HTX exchange, formerly Huobi, acquired 2 billion WLFI tokens at $0.015 each.
World Liberty Financial has faced a sluggish start since its October launch, with just $20 million raised before Sun’s purchase, which pushed total sales to $52 million—still far from its $300 million target. The project's restrictions, barring non-U.S. persons and accredited U.S. investors from trading the nontransferable tokens, have deterred wider participation.
Sun’s investment, however, marks a turning point for the project. According to its “gold paper,” Trump’s DT Marks DEFI LLC is entitled to 75% of net revenues after hitting $30 million, unlocking payments for the former president’s company. Co-founder Zak Folkman expressed optimism, stating, “This sizable purchase underscores the early success of this project.”
Donald Trump, named the platform’s “chief crypto advocate,” ran on a pro-crypto agenda, pledging to establish the U.S. as a global crypto hub. His sons Eric, Barron, and Donald Trump Jr. serve as “Web3 ambassadors.”
Meanwhile, Sun continues to face scrutiny from U.S. regulators. In March 2023, the SEC accused him of selling unregistered securities and wash trading TRX tokens, claims he denies. Despite this, TRX has surged 84% this year but remains below its all-time high.
Sun’s latest investment underscores his willingness to gamble big, even in controversial waters. Whether his $30 million bet will pay off for Trump’s crypto ambitions remains to be seen.