Global Freedom Organizations Rank Wallet Associated with Justin Sun as Undesirable
In a significant turn of events, World Liberty Financial (WLFI) has blacklisted a wallet linked to the Tron founder, Justin Sun. The decision comes after Arkham Intelligence flagged the wallet for transferring $9 million worth of WLFI's native token.
Before the blacklisting, Sun's total holdings in WLFI were valued at nearly $900 million, making him the project's largest individual investor with a total investment of $75 million. As the CEO of World Liberty Financial, Sun was one of the project's most vocal advocates. He even secured an advisory position due to his investment.
However, the transfer raised fears of a potential large token dump, leading to concerns about market manipulation. In response, Sun wrote on a Thursday X post that the transactions carried out by his address involved only a few general exchange deposit tests with small amounts and address dispersion, and no buying or selling was involved.
The blacklisting has resulted in the freezing of over 540 million unlocked tokens and 2.4 billion locked WLFI tokens held by Sun. This is significant because it involves a large amount of WLFI tokens, and the event is mentioned in the Unchained Daily newsletter.
The incident highlights potential risks associated with large token transfers and market manipulation in the cryptocurrency market. In the same period as the transfer and blacklisting, the price of WLFI dropped over 16%.
World Liberty Financial suspected market manipulation as the reason for the blacklisting. This move underscores the importance of transparency and accountability in the cryptocurrency industry. As the industry continues to grow, such incidents serve as a reminder of the potential risks and the need for robust regulations.
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