This week was expensive for one of the most controversial crypto bosses in the world, with Justin Sun pledging to buy $30 million worth of World Liberty Financial (WLFI) tokens from Donald Trump and his sons. Recently, World Liberty Financial has been struggling after failing to meet its minimum sales by almost entirely, but this pledge from Sun is set to bring a payday for its owners.
Moreover, Sun also made headlines because of his recent egregious purchase of a banana duct taped to a wall from Sotheby's auction, and after buying it, ate the $6.2 million fruit-transformed into an artwork.
Justin Sun Buys $30M Worth of Trump's World Liberty Tokens
Earlier this week, Justin Sun announced via X that he is buying $30 million worth of World Liberty tokens from Donald J. Trump, Eric Trump, Donald Trump Jr., and Barron Trump's decentralized finance (DeFi) platform. Here, the controversial Chinese executive praised President-elect Trump for his actions to transform the United States as a "blockchain hub," and also said that Bitcoin's rally is thanks to him.
Additionally, Sun claimed that his crypto project in the market, the TRON Network, is also sharing his support for the Trump administration's significant move towards America's renowned focus on the blockchain.
In his post, Sun also mentioned Trump's famed slogan during his first term and recent campaign, leveraging TRON to "make America great again." However, this investment announcement remains unclear if the Chinese executive already made the purchase.
Justin Sun Still Faces SEC Probe on Tron Cryptocurrency
According to a report by Bloomberg, Sun is currently facing an SEC probe that centers on allegedly manipulating the market via endorsements which helped pump TRX coins significantly, through the help of celebrities.
It was revealed by Bloomberg that Sun said that he is not asking or expecting anything in return with his $30 million investment to WLFI, but this timely investment also comes during the upcoming restructuring of the SEC, with Trump axing Commissioner Gary Gensler from his post.
Additionally, Sun has not yet met with the President-elect or any of the Trump family but looks forward to meeting with one of them come next month's Bitcoin conference in Abu Dhabi.
The Controversies Behind Justin Sun
The Chinese businessman, Justin Sun, has been one of the most prolific names in crypto history over the past years, but he is infamously known for the many controversies surrounding his name. Last year, the SEC charged Justin Sun and eight celebrity endorsers affiliated with his three companies including Tron for fraud and securities violations involving market manipulation.
Moreover, a recently acquired crypto exchange platform by Sun, the Seychelles-based Huobi Exchange, was served with a lawsuit in Singapore because of allegedly dishonoring previous listing agreements. Sun acquired Huobi back in 2021 from its original founder, Leon Li, and has since operated the platform before it faced the said complaint last year.
Cryptocurrency platforms linked to Sun also faced a massive attack last year, with the infamous theft by unknown threat actors on HTX and the Heco Chain which led to it losing $115 million in total. Now, Sun is back to being the talk of the town for pledging $30 million to Trump and his sons' World Liberty Financial, amidst his massive SEC lawsuit that may or may not be linked to his purchase.
