Trump-Backed WLFI Dumps ETH at a Loss as Crypto Market Tanks

World Liberty Financial Sells 5,471 ETH for $8 Million Amid Plummeting Prices

Holy crypto crash, Batman! Trump's darling, World Liberty Financial (WLFI), is feeling the heat as Ethereum nosedives below $1,500. In a desperate move, they've been offloading their ETH stash, trying to cut their losses before it's too late!

Get this: on April 9th, a wallet tied to WLFI dumped a whopping 5,471 ETH, raking in around $8 million at a measly $1,465 per coin. Talk about a fire sale!

But here's the kicker - WLFI is taking a massive hit. They shelled out a cool $210 million to scoop up 67,498 ETH at an average price of $3,259. Now, with ETH prices in the gutter, they're staring down the barrel of a $125 million unrealized loss. Ouch!

Is Trump's World Liberty (@worldlibertyfi) really selling $ETH at a loss? You bet your crypto they are! Just 30 minutes ago, a wallet possibly linked to #WorldLiberty unloaded 5,471 $ETH for $8.01M at $1,465. And get this - they spent a staggering $210M to buy 67,498 $ETH at an average price of $3,259. Talk about a crypto rollercoaster!

WLFI Launches USD1 Stablecoin Amidst ETH Sell-Off

But wait, there's more! Despite bleeding ETH, WLFI is still pushing forward with their grand plans. On March 25th, they dropped a bombshell - the launch of USD1, a stablecoin backed by cold, hard cash, short-term U.S. Treasuries, and the like. It's live on Ethereum and BNB Chain, with more networks on the horizon.

WLFI is hyping USD1 as the holy grail for institutions craving transparency and compliance. They've got third-party audits on their reserves and BitGo handling custody. It's their answer to those sketchy algorithmic or undercollateralized tokens out there.

Trump Family Gains Majority Control of WLFI

Now, let's talk about the elephant in the room - the Trump connection. WLFI burst onto the scene in 2024, promising to revolutionize DeFi with their blockchain-based financial tools. They raked in a cool $550 million in their token sale, with $75 million coming from none other than Tron founder Justin Sun, who later joined as an advisor.

But here's where it gets juicy - the Trump family swooped in and grabbed a 60% stake in January through their new holding company, WLF Holdco LLC. That means they'll be pocketing 60% of the operating profits once WLFI is up and running, plus a whopping 75% of the token sales revenue. Talk about a power move!

But with great power comes great scrutiny. WLFI has been facing heat over governance concerns and political influence, thanks to their Trump ties. It's a wild ride in the world of crypto, and WLFI is at the center of the storm!