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Justin Sun denies selling WLFI tokens after wallet blacklisting
World Liberty Financial (WLFI) has frozen several wallets belonging to crypto billionaire Justin Sun, despite his claims that he had no intention of selling his WLFI tokens.
The WLFI token has plunged 60% since September 1, sparking speculation within the crypto community about strained relations between the project and one of its key backers, Justin Sun.
Dynamics of WLFI price since September 1. Source: CoinMarketCap
Reports suggest that ahead of WLFI’s listing, Sun had pledged to hold his tokens and continue supporting the project. However, blockchain data revealed a transaction that resulted in two of Sun’s wallets being blacklisted, later confirmed by Arkham Intelligence.
The freeze was reportedly linked to Sun’s attempted transfer of 9 million WLFI tokens to his affiliated exchange, HTX.
Sun denied any intention to sell, posting on X that the transfers were part of testing features for HTX’s planned WLFI staking vault, which would offer yields of up to 20% annually.
“Our address only ran small deposit tests on the exchange, created address dispersions, and made no purchases or sales, which had no market impact,” Sun said.
A billionaire under suspicion?
Despite Sun’s explanation, WLFI’s administrators apparently suspected him of attempting to sell and blocked Tron’s founder’s wallets.
This move suggests that part of Sun’s unlocked WLFI assets may now be blacklisted. Sun may have also lost access to 540 million unlocked tokens and an additional reserve of 2.4 billion WLFI tokens under his control — worth over $500 million at current prices.
As we wrote, Why is WLFI down today (September 4)?
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