Is TRON CEO Justin Sun Siding with Team Trump?

2024-12-01 13:34

트론 CEO 저스틴 선, 친트럼프 줄에 합류?

Image source: Unblock Media

- Justin Sun Announces $30 Million Investment in the World Liberty Financial Project - Trump's Initial Revenue Goals Fall Short by 93% Before Rebound [Unblock Media] Donald Trump's cryptocurrency project, World Liberty Financial, initially failed to achieve significant success. Despite Trump and his sons promoting the cryptocurrency for weeks with claims of "making finance great again," they fell 93% short of their revenue targets. However, the situation took a dramatic turn when Justin Sun announced a $30 million investment. Justin Sun is a somewhat controversial figure in the cryptocurrency world, best known as the founder of Tron. Tron is a decentralized content-sharing platform primarily focused on decentralized content distribution and application development. The platform is particularly popular in Asia and raised $70 million during its ICO in 2017. Sun recently purchased a conceptual art piece called Barney Banana for $6.2 million at a Sotheby's auction and is currently facing fraud charges from the U.S. Securities and Exchange Commission (SEC). The SEC alleges that he manipulated the price of Tron through false transactions, charges which Sun denies. With Justin Sun's investment, World Liberty Financial will be able to pay Trump at least $15 million. This provides Trump’s publicly traded company, Trump Media & Technology Group Corp., with new opportunities for wealthy individuals to align themselves with Trump. Compared to the millions spent by foreign governments at his Washington, D.C. hotel during his first term, this new relationship appears even bolder. The founders of World Liberty Financial, Chase Harrow and Zachary Fokman, are relatively unknown in the cryptocurrency industry. Fokman previously offered classes on how to seduce women, and Harrow has lectured on colon cleansing and get-rich-quick schemes, referring to himself as "the trash of the internet." However, they have established good relations with Trump's sons, and Trump changed his stance on Bitcoin from calling it a "scam" once wealthy cryptocurrency investors began donating to his campaign. This led to the launch of the cryptocurrency project under the slogan "making finance great again," aiming to expand Trump's political influence and solidify his business empire. World Liberty Financial's tokens do not promise a share of profits and are non-resellable unless the project's rules are changed. These tokens serve as an effective means of channeling funds to Trump. Should the project exceed $30 million in funds, 75% of the earnings will go to Trump's company, DT Marks DEFI LLC. The Tron blockchain, founded by Justin Sun, gained popularity in Asia, raising about $70 million in 2017. Yet, the SEC lawsuit claims Sun manipulated the value of TRX and another token through sham transactions. Tron has been criticized for facilitating illegal activities, reportedly hosting 45% of all illicit transactions last year. World Liberty Financial plans to launch its own stablecoin, with Sun hoping it will strengthen connections between Tron and U.S. financial institutions. In conclusion, Trump's cryptocurrency project has found new momentum with Sun's investment. However, ongoing legal challenges like the SEC's regulatory pressure and involvement from controversial figures like Justin Sun could undermine the project's credibility. Additionally, criticisms that World Liberty Financial’s revenue structure is excessively advantageous to Trump remain.
telegram

Get real-time crypto breaking news on Unblock Media Telegram! (Click)

Article Info
Category
People
Published
2024-12-01 13:34
NFT ID
News NFT detail
Get the latest news in your inbox!

Recommended News

Chat with AI agents

unblock media floating buttonunblock media floating buttonunblock media floating buttonunblock media floating buttonunblock media floating button