Meet The Crypto Billionaire Who Helped The Trumps Make $400 Million
By Forbes
Key Concepts
- Justin Sun: Chinese blockchain entrepreneur, founder of Tron, BitTorrent owner.
- Donald Trump: Former US President, involved with World Liberty Financial (WLF) and memecoin Dollar Sign Trump.
- World Liberty Financial (WLF): Crypto venture associated with the Trump family.
- Dollar Sign Trump: Memecoin launched by Donald Trump.
- Securities and Exchange Commission (SEC): US regulatory agency that filed a lawsuit against Justin Sun.
- Market Manipulation: Alleged fraudulent activity by Justin Sun.
- Unregistered Securities: Securities sold without proper registration with the SEC.
- Opportunism: Taking advantage of opportunities, often without regard for ethics or principles.
Justin Sun's Admiration for Donald Trump
Justin Sun's fascination with Donald Trump began in middle school in China, where he watched reruns of "The Apprentice" to learn English. He was captivated by Trump's cutthroat competition, showmanship, and ego, which contrasted with Confucianism and Chinese socialism. The reforms initiated by Deng Xiaoping had opened China to capitalism, making "The Apprentice" popular.
World Liberty Financial (WLF) and Sun's Investment
Sun saw an opportunity when the Trump family's crypto venture, World Liberty Financial (WLF), faltered. WLF was a decentralized finance platform lacking equity, credible management, and liquid tokens. The Trumps didn't self-finance the $30 million needed, indicating a lack of confidence. Sun, facing an SEC lawsuit since March 2023 for alleged market manipulation and selling unregistered securities, saw a chance to enrich Trump.
Sun's Financial Contributions and Their Impact
In late November, Sun invested $30 million into WLF, ostensibly to cover operating expenses. This investment triggered a buying frenzy that primarily benefited the Trump family. He later invested an additional $45 million, with 75% going directly to Trump, based on an agreement that the Trump family would receive 3/4 of everything raised above the initial $30 million. When Trump launched his memecoin Dollar Sign Trump in January, Sun invested a few million more.
Financial Outcomes and Senator Murphy's Criticism
Sun's actions generated an estimated $400 million windfall for the Trumps, while Sun's return was minimal, and his WLF position was locked up indefinitely. Senator Chris Murphy criticized this arrangement, stating, "This is essentially Trump posting his Venmo for anyone to secretly wire him as much money as they want."
Alleged Quid Pro Quo and SEC Actions
Sun was named an advisor to World Liberty. After Trump took office in early 2025, the SEC dropped virtually all of its lawsuits and investigations against alleged crypto violators, including Coinbase, Kraken, and Robin Hood. The SEC also "paused" its lawsuit against Sun and his firms.
Sun's Net Worth and Business Practices
Sun is described as a pure opportunist with limited computer programming skills. His entities have copied the business models of other first movers. He covets Forbes' assessment of his net worth, claiming it exceeds $40 billion, including cryptocurrencies, fine art (Picasso, Warhol), and an Airbus 330 jet. Forbes estimates Sun's net worth at $8.5 billion, acknowledging it could be higher. He uses a complex network of wallets and keeps some assets in other people's names.
Conclusion
Justin Sun's investments in the Trump family's crypto ventures resulted in significant financial gains for the Trumps and a potential reprieve from SEC scrutiny for Sun. The situation highlights the intersection of cryptocurrency, politics, and regulatory oversight, raising questions about potential conflicts of interest and the influence of financial contributions on government actions.
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