Justin Sun wants World Liberty Financial to unmask its X admin

Billionaire Tron founder Justin Sun has demanded that Donald Trump-affiliated World Liberty Financial (WLFI) reveal who is running its X account after it threatened to take him to court.

WLFI made the threat this weekend during a heated back and forth with Sun, who invested $75 million into WLFI tokens last year.  

Trump’s project has come under intense scrutiny after it deposited 3 billion of its WLFI tokens into lending protocol Dolomite in return for a $75 million loan in stablecoins. This was ahead of it unlocking 80% of its investors’ tokens, raising doubts about whether it’ll sell its positions before the unlock event. 

Sun’s 544 million WLFI tokens, worth $119 million at the time, were frozen by the firm last September. They’re now worth roughly $43.5 million after WLFI’s price dropped to $0.08. 

WLFI said Sun’s address was “suspected of misappropriation of other holders’ funds.” Sun downplayed these transactions. 

However, he took to X on Saturday to “denounce the ongoing token scandals by the bad actors at WLFI.”

Read more: Justin Sun nears $10M deal to settle SEC’s Tron lawsuit

He said, “Every action taken by the WLFI team to extract fees from users, to secretly implant backdoor controls over user assets, to freeze investor funds without disclosure or due process, and to treat the crypto community as a personal ATM — all of these actions are illegitimate and were never authorized by any fair, transparent, or good-faith community governance process.”

In response, WLFI claimed on Sunday that Sun is “playing the victim while making baseless allegations to cover up his own misconduct.”

It said, “We have the contracts. We have the evidence. We have the truth,” before adding, “See you in court pal.”

Read more: Justin Sun clashes with World Liberty Financial over frozen WLFI

Now, Sun is calling for WLFI to reveal who is running the account and who owns the powers that facilitated the freezing of his token. 

Specifically, he wants to know who blacklisted him acting as a “single guardian EOA,” and which individuals control the three-of-five multisig vote that can further seize his assets. 

He said, “A project that claims to stand for decentralization and financial freedom cannot concentrate this level of power in a single anonymous address. If the WLFI team has nothing to hide, they should have no difficulty identifying who controls these keys.” 

Across the same weekend as all this, the WLFI removed its team page that listed members of the Trump family as web3 ambassadors.

Sun’s Mar-a-Lago dinner might be awkward

Despite Sun’s attacks against WLFI, he still remains the top holder of Donald Trump’s memecoin and, in the process, holds the top spot for a luncheon with the president at his Mar-a-lago resort. 

It’s not a one-to-one dinner however, and depending on the ongoing US/Israel war against Iran, there’s a chance Trump may skip it entirely to attend to more pressing matters.

Fortune also reports that his attendance isn’t confirmed, and that the White House correspondents’ dinner takes place on the same day and Trump is confirmed to attend.

Read more: Donald Trump is suing the New York Times for harming his memecoin

Sun participated in the Trump memecoin competition last year and held $19 million worth of the token. He’s top of the leaderboard for this year’s dinner with 2.2 billion “Trump points.” Assuming he’s using the same wallet address, he currently holds $9.3 million worth of Trump’s memecoin.  

This year’s conference will feature Tether CEO Paolo Ardoino, Ark Invest’s Cathie Wood, UpBit founder Chi-Hyung Song, and even boxer Mike Tyson, as speakers at the event. 

WLFI CEO wasn’t happy with viral criticism

Another X thread that criticised WLFI this weekend managed to stir up WLFI CEO, Zach Witkoff.

The thread posted by cybersecurity researcher Peter Girnus went over the various connections between the Trump family, its crypto firms, its partners, legal cases, presidential pardons, and the billions of dollars in play. 

It also highlighted Sun’s own relation with the SEC. Girnus, while writing as if he were an ambassador to WLFI, said “Justin Sun invested $75 million. He was facing SEC fraud charges. The SEC dropped the case. He is now our advisor. These events are unrelated.”

Read more: ANALYSIS: Mapping Donald Trump’s growing crypto empire

He added, “The memecoin funds the family. The family funds the platform. The platform funds the stablecoin. The stablecoin funds the deals. The deals require the pardons. The pardons free the partners. The partners fund the platform. The president signs the executive orders. The executive orders inflate the assets. The assets fund the family. I am the reason these events are unrelated.”

Witkoff argued that Girnus misunderstands the facts, and claimed WLFI and Trump’s memecoin are unrelated. He also claimed that WLFI has “zero association” with the entities Fight Fight Fight LLC or CIC Digital LLC.

Girnus, however, pointed out the glaringly obvious aspect that Trump’s family is connected to both of these firms. 

WLFI defends $75 million loan

The $75 million loan was one of the more recent factors that caused much of the discontent currently being voiced. 

When the WLFI unlocks, it’ll likely push the price of the token further down. This loan gives WLFI a position to sell its tokens before the event, and avoid any price depreciation. 

WLFI has rejected this notion outright. Spokesperson David Wachsman said on Friday, “It would be completely false to suggest that World Liberty is ‘exiting’ any positions: instead, we’re doubling down based on our roadmap.”

Read more: World Liberty investors clash over WLFI token unlocks

He said, “We are committed to sound risk management and continuously evaluate our positions and collateral structure, which is why we have already paid back 33%.” That’s $25 million repaid.

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