World Liberty Financial, a fast-growing DeFi project backed by U.S. President Donald Trump, has blacklisted one of its whale investors to reverse the WLFI market crash. According to on-chain data, World Liberty Financial blacklisted Justin Sun, the founder of Tron (TRX), after making a transfer of $9 million in WLFI.
As a result, Sun’s WLFI trove, consisting of $540 million in unlocked and $2.4 billion in locked assets, was frozen. The World Liberty Financial team noted that they believe Sun and his exchanges have been manipulating the WLFI price action, possibly to buy low.
Previously, Sun had pledged to hold his WLFI tokens for a long time in addition to his support for the USD1 stablecoins. At the time of this writing, Sun had not issued a statement regarding his frozen WLFI holdings.
Following the news of Sun’s account blacklist, WLFI price rebounded from a range low of about $0.167 to trade about $0.18 on Thursday during the mid North American session. The mid-cap altcoin, with a fully diluted valuation of about $18 billion and a market cap of around $4.9 billion, has dropped over 40% in the past few days, signaling a potential capitulation akin to the Official Trump (TRUMP) meme.
Earlier on Thursday, crypto analyst Ali Martinez had cautioned WLFI buyers that the altcoin has lost a crucial support level around 20 cents, thus likely to fall towards 10 cents soon. Meanwhile, worth noting that ALT5 Sigma announced on Thursday that it holds 7.28 billion WLFI valued at around $1.31 billion.
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