Justin Sun is an adviser to World Liberty Financial, a cryptocurrency project co-founded by President Donald Trump; however, his WLFI tokens have been losing value since the project decided to blacklist them.
In September of last year, the World Liberty team blacklisted 0x5AB26169051d0D96217949ADb91E86e51a5FDA74, a Sun-affiliated address that was labeled as “TRON DAO” on Etherscan.
World Liberty claimed it was blacklisting one address, believed to be Sun’s, because it was “suspected of misappropriation of other holders’ funds.”
Read more: Justin Sun clashes with World Liberty Financial over frozen WLFI
Sun, at the time, took to X to claim that his “address only carried out a few general exchange deposit tests with very small amounts, followed by an address dispersion. No buying or selling was involved” and called on World Liberty to “unlock my tokens.”
In total, Sun had approximately 544 million tokens frozen by this action.
At the time, the WLFI token was trading for $0.22 per token, making Sun’s stake worth approximately $119 million.
Now, the WLFI token trades for approximately $0.09, a fall of approximately 59%.
Sun’s blacklisted stake is currently worth approximately $49 million, a loss of $70 million.
Despite the fact that World Liberty has frozen millions of dollars’ worth of Sun’s wealth, it hasn’t soured his overall relationship with the greater Trump cryptocurrency ecosystem.
The $TRUMP memecoin team recently posted an image that showed that Sun was still at the top of the leaderboard for the upcoming memecoin conference that Trump is planning on hosting/attending/endorsing/profiting from.
This is despite the fact that those tokens aren’t held in a personal account of Sun’s but in an HTX exchange address.
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Source: https://protos.com/justin-suns-blacklisted-wlfi-has-lost-70m/
