The controversial China-born crypto entrepreneur Justin Sun has invested $30 million in President-elect Donald Trump’s World Liberty Financial, making him the largest investor in the decentralized finance project.
“The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump!,” Sun, the founder of the cryptocurrency firm Tron, announced in a post on X Monday. “TRON is committed to making America great again and leading innovation.” A spokesperson for Sun didn’t immediately respond to a request for comment.
“We’re excited about the momentum experienced by World Liberty Financial, and this sizable purchase of WLF tokens underscores the early success of this project,” a spokesperson for World Liberty said in a statement. “Indeed, there have been several significant purchases in recent weeks, and we are confident in our future success as we build a platform that promotes freer and fairer finance. We expect more such developments to happen in the coming weeks and months.”
The US Securities and Exchange Commission sued Sun in March 2023 for allegedly violating securities rules. The lawsuit, filed in federal court in New York, claims that Sun worked with companies he owns and controls to engineer the offer and sale of the unregistered securities. It also accuses the crypto entrepreneur of breaking antifraud and market manipulation rules. Sun has said in the past that he believes that an SEC court filing accusing him and several of his firms of violating securities rules “lacks merit.”
Earlier this year, USDC stablecoin issuer Circle axed their support for the Tron blockchain — attributing the decision to a “risk management framework” that “continually assesses the suitability of all blockchains” for the stablecoin.
