Crypto Entrepreneur Justin Sun Invests $30 Million in Trump-Backed World Liberty Financial
Crypto company World Liberty Financial, which is backed by President-Elect Donald Trump, has received a $30 million investment from crypto entrepreneur Justin Sun.
The investment makes Sun the largest investor in the crypto project, Bloomberg reported Monday (Nov. 25).
“The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonald Trump!” Sun said in a Monday post on X. “TRON is committed to making America great again and leading innovation.”
We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let’s go! pic.twitter.com/cISTsVYP1f
— H.E. Justin Sun ? (@justinsuntron) November 25, 2024
Sun’s companies include Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry (formerly BitTorrent), PYMNTS reported in March 2023.
“We’re honored to have the support of @justinsuntron and @trondao!” World Liberty Financial said in a reply to Sun’s post. “Together, we’re driving innovation, aligning on a vision for a stronger blockchain future, and contributing to the growing ecosystem. Exciting times ahead!”
Trump got into the crypto business in September when he hosted a livestream promoting World Liberty Financial. He was joined in the business by his eldest sons, Donald Jr. and Eric.
“Crypto is one of those things we have to do,” Trump said during the livestream. “Whether we like it or not, I have to do it.”
In another crypto-related venture, it was reported Thursday (Nov. 21) that Trump’s social media company, Trump Media & Technology (TMTG), filed a trademark application on Nov. 18 for a service called TruthFi that would be a platform for cryptocurrency payments, financial custody services and trading in digital assets. The application did not give details about when the project might be launched.
Sun and his companies were charged with fraud and other securities law violation by the Securities and Exchange Commission (SEC) in March 2023.
The SEC’s complaint alleges that Sun and his companies violated Section 5 of the Securities Act by making unregistered sales and offers of the cryptocurrencies Tronix (TRX) and BitTorrent (BTT) and that they violated the antifraud and market manipulation provisions of the federal securities laws by artificially inflating the apparent trading volume of TRX, the regulator said at the time in a press release.
Sun has said in the past that he believes the SEC’s court filing “lacks merit,” according to Monday’s Bloomberg report.
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