Trump-backed DeFi venture World Liberty Monetary has blacklisted an handle linked to Justin Solar after it reportedly transferred a few of its WLFI tokens, sparking allegations of market manipulation.
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World Liberty Monetary Blacklists Justin Solar
On Thursday, World Liberty Monetary reportedly blacklisted the Tron founder’s handle following his latest actions of his WLFI holdings and a number of on-line accusations that he was promoting.
In line with Arkham knowledge, Solar claimed 600 million WLFI tokens on the Token Era Occasion (TGE), valued at $200 million on the time, as 20% of the 100 billion tokens had been unlocked.
The Tron founder was one of many earliest buyers in World Liberty Monetary in 2024 and was acknowledged as the highest holder of US President Donald Trump’s official memecoin, TRUMP, earlier this yr.
On September 1, he shared his conviction on the token, affirming that WLFI “shall be one of many greatest and most necessary initiatives in crypto.” He additionally acknowledged that he had “no plans to promote our unlocked tokens anytime quickly. The long-term imaginative and prescient right here is simply too highly effective, and I’m absolutely aligned with the mission.”
Nonetheless, a number of on-chain evaluation platforms revealed that Solar had began to maneuver his unlocked tokens, sparking rumors that he was promoting. On-chain knowledge confirmed that he had despatched 4.9 million WLFI to crypto trade HTX, owned by the Tron Founder, over the previous two days.
Solar reportedly transferred 50 million tokens, price $9.12 million, to a brand new pockets on Thursday morning, “more likely to be deposited into HTX.” In the meantime, Wu Blockchain famous that over the previous 32 hours, HTX handle “HTX 48” transferred roughly 60,000,000 WLFI tokens to Binance deposit handle 0xf387D7…29FcB5.
Solar Denies WLFI Promoting Accusations
Following the $9 million transfer, “World Liberty Monetary’s controlling handle 0x407F…5178 referred to as the guardianSetBlacklistStatus perform on the WLFI Token contract, blacklisting the handle 0x5AB2…DA74, which is related to Justin Solar,” Wu Blockchain defined.
The motion froze Solar’s unlocked and a couple of.4 billion locked WLFI tokens. Tron’s founder responded to the accusations on X, stating that his handle simply carried out “a couple of check deposits on exchanges with very low quantities, adopted by an handle distribution.”
He added that these exams “didn’t contain any buying and selling actions and couldn’t have impacted the market in any method,” however didn’t touch upon the blacklist. On the time of writing, World Liberty Monetary has not addressed the scenario.
WLFI’s Value Hits New Low
The information comes as WLFI’s value struggles simply three days after launching. Earlier as we speak, the token hit an all-time low (ATL) of $0.16 earlier than bouncing to the $0.18 mark. This efficiency represents a 20% decline over the previous 24 hours and a virtually 45% drop from its all-time excessive (ATH) of $0.33.
Market watcher Daan Crypto Trades famous that the cryptocurrency has damaged down from a triangle formation, the place the value was compressing for the previous two days. In line with the dealer, WLFI noticed a “fast acceleration as anticipated” and “even gave a pleasant retest earlier than the continuation down.”
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In the meantime, analyst Ali Martinez instructed that te backside may not be in, highlighting that the token now dangers a 25%-50% drop after dropping the $0.20 space as assist.
Featured Picture from Unsplash.com, Chart from TradingView.com
