World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
World Liberty Financial (WLFI), the newly launched decentralized finance (DeFi) platform backed by the Trump household, is dealing with important worth challenges following its WLFI token debut final Monday.
The platform has leveled critical accusations towards an unnamed crypto change, claiming it has been manipulating person tokens to drive down costs. This state of affairs has drawn specific consideration in direction of crypto billionaire and Tron founder Justin Sun.
World Liberty Financial Claims Manipulative Practices
After the WLFI token launched, its worth surged to a formidable $0.47 on September 1. However, the joy was short-lived, because the token subsequently plummeted to a weekly low of $0.18, reflecting a staggering 61% lower in worth.
World Liberty Financial has alleged that this decline is linked to manipulative practices by an change, together with questionable actions from Justin Sun’s pockets, which has resulted in a big quantity of his fortune changing into inaccessible.
Notably, the platform has blacklisted Sun’s pockets, which incorporates $540 million value of unlocked WLFI tokens that are actually frozen, and a pair of.4 billion locked tokens that stay out of attain.
Sun Responds To Allegations
In response to the allegations, Justin Sun took to social media web site X to refute the claims. He stated that his deal with had solely carried out “minor change deposit checks” with minimal quantities and had created deal with dispersion with out participating in any shopping for or promoting actions, asserting that these actions couldn’t have influenced the WLFI worth.
The relationship between Justin Sun and World Liberty Financial dates again to November 2024, when Sun made a considerable investment of $30 million in WLFI tokens, making him the platform’s largest investor.
His assist got here with reward for President Donald Trump’s imaginative and prescient of creating a brand new regulatory framework for digital property, a transfer that has seemingly fostered elevated curiosity in cryptocurrency adoption amongst main monetary entities on Wall Street.
Featured picture from DALL-E, chart from TradingView.com
