Justin Sun's TRON purchased $30 million worth of World Liberty Financial tokens earlier this week, an investment that will reward President-elect Donald Trump and his sons Eric, Don Jr. and Barron. I was able to do that.
World Liberty named Mr. Trump the “Chief Cryptocurrency Advocate'' and his sons “Web3 Ambassadors.'' Trump and his family have been promoting World Liberty Financial for months, claiming it can “make finance great again.”
World Liberty began selling $300 million worth of tokens to raise funds, but Sun's investment fell through. Before Sun came up with the plan, the company had sold just $21 million worth of tokens, reaching only 7% of its goal.
Now that the $30 million threshold has been crossed, the Trumps stand to receive at least $15 million in total, according to World Liberty's Gold Paper.
Despite World Liberty's poor reputation across the crypto community, Trump's company DT Marks DEFI LLC will receive 75% of all proceeds, according to the terms set out in the gold paper.
Following Mr. Sun's investment, World Liberty Financial appointed Mr. Sun as an advisor, paving the way for business with Mr. Trump. Sun's latest investment appears to be a move to curry favor with the next U.S. president, who has promised to replace SEC Commissioner Gary Gensler with a crypto-friendly candidate.
Jeff Hauser, executive director of the Revolving Door Project, a nonprofit that monitors executive branch appointees, told Bloomberg:
“We never would have thought that foreign countries and rogue businessmen would be so cocky in developing an American president as we are witnessing in the trajectory surrounding President Trump.”
Sun has not met any of the Trumps, but he is scheduled to meet with Eric Trump at a Bitcoin conference in Abu Dhabi next month. Sun said he did not expect any favors from President Trump in exchange for the investment.
Authors mentioned in this article
Monika Ghosh CryptoSlate Reporter
In 2020, Monica immersed herself in cryptocurrencies, and while she remained skeptical, she strongly believed that blockchain could address important issues such as fiscal inequality and transparency. She is a bookworm and a passionate foodie.
editor
CryptoSlate News Desk Editor
CryptoSlate is a comprehensive and contextual source of cryptocurrency news, insights, and data. Focused on Bitcoin, Macro, DeFi, and AI.
