Investment Details
Sun’s purchase includes a staggering 2 billion World Liberty Financial tokens, each priced at $0.015. This transaction can be traced back to a wallet linked to HTX, the crypto exchange formerly known as Huobi, which is under Sun’s purview. This investment comes at a challenging time, as sales of WLFI tokens have slowed significantly. Restrictions on sales to U.S. residents and the stipulation that only accredited investors can participate have hampered interest. Additionally, since the tokens are non-transferable, this has further complicated their marketability. Before Sun’s substantial investment, total sales for WLFI had barely reached $20 million. His financial backing has now elevated this total to $52 million, a mere 17% of the ambitious $300 million goal set for the sale of these tokens.Project Vision and Leadership
According to the project’s “gold paper,” which outlines its vision, DT Marks DEFI LLC—Trump’s company—will receive a considerable share of net revenues once sales hit the $30 million mark, a threshold that has now been crossed. Co-founder of World Liberty Financial, Zak Folkman, has lauded Sun’s investment as a strong launchpad for the project. He expressed optimism about the future, emphasizing their mission to build a platform that promotes financial freedom and equity. In this initiative, Donald Trump takes on the role of “chief crypto advocate,” while his sons—Eric, Barron, and Donald Trump Jr.—are named as “Web3 ambassadors.” The new administration aims to position the United States as a frontrunner in cryptocurrency while promoting the reduction of regulatory burdens on the industry.Regulatory Challenges
However, Sun and the TRON network are facing their own set of hurdles with U.S. regulatory authorities. This follows a lawsuit filed by the Securities and Exchange Commission (SEC) in March 2023, which accused them of conducting unregistered sales of securities and manipulating the market for the TRON (TRX) token. Sun has firmly denied these allegations. In a separate, unrelated transaction, Sun recently revealed his purchase of a controversial artwork—a banana attached to a wall, which he bought for $6.2 million—mentioning that he plans to eat it. Turning to TRX, the token has experienced a downturn, plunging 5.5% to drop below the $0.20 mark in just a day. Despite seeing an impressive 84% increase throughout this year, it still lingers about 15% below its January 2018 peak of $0.23. The TRON organization has yet to comment on these recent events. “`htmlSource: Cointelegraph.com
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