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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

From Wrapped Bitcoin To Justin Sun: Trump’s Crypto Platform Executes Major $10 Million Swap

Ronaldo Marquez
Ronaldo Marquez
8 months ago
3 mins read
Crypto

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In a notable development for Donald Trump’s crypto initiative, World Liberty Financial (WL), has reportedly exchanged approximately $10 million worth of wrapped Bitcoin (WBTC) for tokens associated with project adviser Justin Sun, founder of the TRON blockchain. 

World Liberty Financial Links With Justin Sun In Major Token Swap

According to blockchain data analytics firm Nansen, a digital wallet linked to President-elect’s World Liberty Financial swapped its entire holding of 103 cbBTC tokens for WBTC on a Wednesday operation. 

Wrapped Bitcoin serves as a bridge for Bitcoin (BTC) holders to engage in decentralized finance (DeFi) activities on the Ethereum (ETH) blockchain, enabling broader participation in the DeFi ecosystem. 

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Although World Liberty has been marketed as a decentralized finance lending platform, it has yet to become operational as it is still in early stages of development and presales of its WLF token.

Sun, a cryptocurrency entrepreneur known for his high-profile investments and attention-grabbing antics—including purchasing a banana duct-taped to a wall for $6.2 million—invested $30 million in World Liberty Financial in November, becoming an adviser to the project. 

His involvement appears to have pushed World Liberty past a financial threshold that could allow Trump to profit from the enterprise, potentially securing at least $15 million for the Trump family based on terms outlined in World Liberty’s “gold paper.”

Trump’s Crypto Initiative Struggles

The recent token swap follows World Liberty’s earlier cryptocurrency acquisitions, including significant investments in Aave (AAVE) and Chainlink (LINK). Additionally, Nansen’s data indicates that the project’s wallets received around $250,000 in ONDO, a token from Ondo Finance, which specializes in tokenization.

The backdrop of these transactions is marked by controversy, particularly following a backlash triggered by a strategic partnership between Sun’s BiT Global and crypto custody firm BitGo, the operator of Wrapped Bitcoin.

This partnership prompted US-based crypto exchange Coinbase to seek a delisting of WBTC from its exchange due to concerns over Sun’s potential influence and control. 

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Earlier this month, BiT Global filed a lawsuit against Coinbase in response to the delisting, but a federal judge in California ruled in favor of Coinbase, denying BiT Global’s request for a temporary restraining order.

Despite the promotional efforts by Trump and his sons, World Liberty Financial has faced challenges in the market, with sales reportedly falling 93% short of projections. This lack of traction raises questions about the project’s viability and its ability to fulfill its ambitious promises of transforming the financial landscape.

Crypto
The daily chart shows the total crypto market capitalization drop. Source: TOTAL on TradingView.com

At the time of writing, the total crypto market capitalization has fallen to the $3.3 trillion mark, after hitting an all-time high of $3.73 trillion on Tuesday, which also pushed the price of Bitcoin to a new record above $108,000. 

Featured image from RFI, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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