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- Trump’s crypto platform, World Liberty Financial, swapped $10 million of cbBTC tokens for Justin Sun-associated WBTC.
- Justin Sun invested $30 million in the project and serves as an adviser, pushing it to profitability for Trump.
- Coinbase delisted WBTC, citing risks tied to Sun, starting a legal battle with BiT Global, which Coinbase won.
Donald Trump’s crypto venture, World Liberty Financial, swapped $10 million worth of wrapped Bitcoin (cbBTC) for tokens tied to its project adviser, Justin Sun.
On-chain data from Nansen confirms that yesterday, the project’s wallet exchanged all 103 cbBTC tokens for WBTC, the first major wrapped Bitcoin token.
Promoted as a decentralized finance (DeFi) lending platform, World Liberty isn’t even fully operational yet. Wrapped Bitcoin like cbBTC and WBTC allows Bitcoin holders to access DeFi applications on Ethereum.
Justin, meanwhile, responded to the speculations, saying, “This is their own financial choice. I have nothing to do with it.”
Justin Sun’s role and financial involvement
Justin, a controversial crypto billionaire, joined the World Liberty project in November after investing $30 million. His investment reportedly pushed the venture to a stage where Trump could begin to profit from the business.
Known for stunts like spending $6.2 million on a banana duct-taped to a wall, Justin has faced both praise and criticism in the blockchain space. But his involvement in World Liberty isn’t his only tie to wrapped Bitcoin.
In August, BitGo, the custody firm behind WBTC, partnered with BiT Global, a Hong Kong-based firm with connections to Sun. This collaboration stirred controversy. Coinbase reacted by delisting WBTC and launching its own wrapped Bitcoin version, cbBTC.
BiT Global sued Coinbase earlier this month over the delisting, arguing the move hurt its business. Coinbase defended its decision, citing risks from Sun’s “potential control” over WBTC. A federal judge sided with Coinbase, rejecting BiT Global’s request to reverse the delisting.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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