From Wrapped Bitcoin To Justin Sun: Trump’s Crypto Platform Executes Major $10 Million Swap
World Liberty Financial (WL) has exchanged approximately $10 million worth of wrapped Bitcoin (WBTC) for tokens linked to Justin Sun, founder of the TRON blockchain. A digital wallet associated with WL swapped its entire holding of 103 cbBTC tokens for WBTC. Wrapped Bitcoin facilitates Bitcoin holders' participation in decentralized finance (DeFi) on the Ethereum blockchain. Although marketed as a DeFi lending platform, WL is still in early development stages and presales of its WLF token. Sun invested $30 million in WL in November, potentially allowing Trump to profit from the venture. WL has made prior cryptocurrency acquisitions, including investments in Aave and Chainlink, and received around $250,000 in ONDO tokens. Controversy surrounds WL due to a partnership between Sun’s BiT Global and BitGo, leading Coinbase to seek WBTC delisting. A federal judge ruled in favor of Coinbase against BiT Global's lawsuit. WL has struggled in the market, with sales falling 93% short of projections, raising concerns about its viability amidst a declining crypto market capitalization of $3.3 trillion.
