A wallet address tied to Tron (CRYPTO: TRX) founder and cryptocurrency billionaire Justin Sun was blacklisted on Thursday after $9 million worth of World Liberty Financial (WLFI) tokens were moved out of the address.
Is Sun Selling WLFI?
On-chain analytics firm Arkham revealed the news on X, alongside evidence from Etherscan that World Liberty Financial blocked the address from transferring tokens.
The restriction came after the Sun-linked wallet moved 50 million WLFI tokens, worth $9.11 million at current prices, to an undisclosed address.
Sun said on X that the address carried out "few general exchange deposit tests" with small amounts followed by address dispersion.
"No buying or selling was involved, so it could not possibly have any impact on the market," Sun added.
The World Liberty Financial team didn't immediately respond to Benzinga's request for comment.
See Also: Trump Will Put Together A ‘Pure Grifter Bailout’ If Family-Backed Crypto Ventures Fail, Says Economist: ‘Privatize The Gains And Socialize The Losses’
Sun Said He’s ‘Fully Aligned’
Sun is one of the biggest investors in the token, holding roughly 545.10 million WLFI, valued at over $100 million, according to Arkham Intelligence.
He said previously that he's "fully aligned" with the WLFI mission and has no intention of selling the tokens "anytime soon."
WLFI Continues To Tumble
The drama unfolds as the high-profile token, backed by the Trump family, loses its footing after gaining initial traction.
WLFI has dived over 40% from its opening price, and nearly 60% from the highs set immediately after its trading debut. Concerns have been raised about the Trump family's reported $5 billion paper fortune from the token.
Price Action: At the time of writing, WLFI was exchanging hands at $0.1839, down 15% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: T. Schneider on Shutterstock.com
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