Trump family's crypto firm sued over alleged 'extortion'
Summary
The Trump family's crypto company, World Liberty, is being sued by billionaire investor Justin Sun. Sun claims the company froze his cryptocurrency tokens, stopped him from voting on decisions, and threatened to destroy his tokens without a proper reason.Key Facts
- Justin Sun, a billionaire and founder of another crypto project called TRON, sued World Liberty in a U.S. federal court.
- Sun invested $45 million in World Liberty and his tokens were once valued over $1 billion.
- World Liberty was co-founded by President Donald Trump and his son Eric Trump.
- Sun says the company blocked him from selling his tokens and threatened to "burn" (delete) them.
- Sun accuses some people running World Liberty of using the Trump name for fraud.
- World Liberty denies any wrongdoing and says Sun is making false claims to hide his own bad actions.
- The price of World Liberty’s tokens dropped sharply from 31 cents to under 8 cents since September.
- The U.S. Securities and Exchange Commission ended its investigation into Sun, who had been accused of secretly paying influencers to promote his crypto projects.
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