One of the rich backers of the Trump family’s cryptocurrency business, World Liberty Financial, is suing it for alleged extortion. World Liberty has been accused by Justin Sun of a “illegal scheme” to confiscate his WLFI tokens, a cryptocurrency that the corporation has generated.
Sun claims that the company, which was co-founded by US President Donald Trump and his son Eric Trump, has “frozen” all of his tokens and taken away his ability to cast a vote on matters of governance. Sun has been accused of “playing the victim while making baseless allegations to cover up his own misconduct” by World Liberty, which has denied any wrongdoing.
Although Sun is a fervent backer of Trump and his position on cryptocurrencies, he has accused “certain individuals” connected to World Liberty of behaving contrary to the president’s principles.In a social media post announcing the case, he stated, “They wrongfully froze all of my tokens, took away my ability to vote on governance proposals, and have threatened to permanently destroy my tokens by ‘burning’ them all without any proper justification.”
Sun is the creator of TRON, a different cryptocurrency project worth billions of dollars. His first investment in World Liberty was $45 million (£33 million), and he claimed that his WLFI tokens have occasionally been worth over $1 billion.
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