Trump’s World Liberty Financial venture sues crypto entrepreneur for defamation
Summary
World Liberty Financial, a crypto company co-founded by President Donald Trump and his sons, sued crypto entrepreneur Justin Sun for defamation in a Florida court. The lawsuit accuses Sun of damaging the company’s reputation and trying to lower the value of its token through unfair actions, while Sun denies the claims and calls the suit a publicity stunt.Key Facts
- World Liberty Financial is a crypto venture co-founded by President Donald Trump and his sons.
- The company filed a defamation lawsuit against Justin Sun, a crypto entrepreneur based in Hong Kong.
- World Liberty claims Sun moved his tokens improperly to Binance and bet on the token’s price dropping (short selling).
- Sun responded by calling the lawsuit baseless and said he will defend himself in court.
- In April, Sun had sued World Liberty for freezing his tokens, which the company said was allowed under sale terms.
- World Liberty’s token price went up about 12% after the lawsuit news but is still down about 72% since trading started in September.
- Sun owns 4 billion World Liberty tokens, worth approximately $264 million.
- The Trump family has earned over $1 billion from World Liberty, with most token sale revenue going to them.
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