World Liberty Financial (WLFI), the decentralized finance platform linked to Donald Trump and his family, purchased millions of dollars of cryptocurrencies in a buying frenzy on Monday hours before Trump’s inauguration ceremony.
The protocol’s wallet address bought over $23.5 million of wrapped bitcoin (BTC), $29 million of Ethereum’s ETH, $4.4 million of AAVE and $4.5 million of Tron’s TRX, blockchain data by Arkham Intelligence shows. The address also purchased $4.5 million of Ethena and $5.5 million of Chainlink’s LINK in over a dozen transactions through decentralized exchange CoW.
The transactions happened as sales of the protocol’s governance token WLFI picked up over the past few days after a lackluster launch last October. Over 21.7 billion of tokens ($1.08 billion) have been sold as of Monday morning, over 85% of the total 25 billion supply.
World Liberty Financial is spearheaded by Zachary Folkman and Chase Herro, who worked previously on DeFi platform Dough Finance, which saw $2 million of crypto assets drained through a July exploit. Members of the Trump family, including Donald Trump, publicly championed the project on social media, with the former president being titled as “Chief Crypto Advocate.” for the platform. Two of his sons, Eric Trump and Donald Trump Jr., are involved as “Web3 Ambassadors,” while his other son Barron Trump is listed as “DeFi Visionary.”
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Arthur Hayes, the chief investment officer of cryptocurrency venture capital firm Maelstrom, says he doubts…
A crypto analyst who accurately forecasted the Bitcoin price crash to $99,000 has now made…
A possible U.S. strategic bitcoin reserve will have to wait at least a bit longer…
Bitcoin’s recent rise above $100,000 has kept the market on edge as bullish momentum attempts…
Donald Trump’s pro-crypto stance has cooked up a storm in the crypto market. Ever since…
If there’s one thrilling narrative to study and revisit in 2024, it’s Ripple’s XRP. For…