Justin Sun, founder of the Tron blockchain network, announced a $30 million investment in World Liberty Financial (WLF), a project backed by US President-elect Donald Trump.
In a social media post on X, Justin Sun expressed his enthusiasm for the partnership, stating: “We are excited about the $30 million investment in World Liberty Financial @worldlibertyfi as its largest investor.”
The WLF project aims to integrate blockchain technology with traditional financial services. Details about its products or services are limited. However, the project is gaining popularity due to its ties to Trump.
In October, Trump announced that the KYC (Know Your Customer) verification of the WLF project is open for sale of the WLFI management token. WLF also plans to eventually launch its token. The whitelist is open to accredited US and non-US investors.
Sun’s controversial past with the SEC
Sun’s investment comes despite its ongoing legal troubles with the US Securities and Exchange Commission (SEC). The SEC has filed a lawsuit against Sun, alleging fraud, market manipulation and unregistered sales of securities through its Tronix (TRX) and BitTorrent (BTT) projects.
The suit accuses Sun and its affiliates of violating federal law by offering unregistered securities and engaging in manipulative trading practices to inflate trading volumes.
In updated court documents, the SEC also alleges that Sun traveled frequently to the United States while working for the Tron Foundation and other related entities, contradicting claims of minimal ties to the country. Despite these allegations, Sun remains undeterred, continuing to invest heavily.
Sun often makes headlines for its extravagant purchases. Last week it acquired Maurizio Cattelan ‘s viral 2019 work. “Comedian” – a banana stuck to the wall with duct tape – for $6.24 million at a Sotheby’s auction. The Sun described the work as “a cultural phenomeno that unites the world of art, memes and the cryptocurrency community.”
