HONG KONG — In a tale of crypto camaraderie, World Liberty Financial, the Donald Trump-backed crypto project, has Justin Sun to thank for its early success. The Chinese-born crypto billionaire, who became an official advisor to the project after purchasing $30 million worth of its token, WLFI, has been hailed as the project’s knight in shining armor.
World Liberty co-founder Zak Folkman remarked that, “the goal of the project is being able to create progress to actually merge traditional financial institutions with decentralized finance,” in a panel at CoinDesk’s Consensus Hong Kong conference. But it was Sun’s timely intervention that truly turned the tide for the Trump-endorsed WLFI.
For several weeks, the token faced lackluster sales, failing to reach its $30 million fundraising target. But when Sun stepped in, everything changed. “This guy,” Folkman said with a gesture towards Sun, “saw that regardless of the outcome, this project is a monumental move forward for the entire crypto community.”
Today, World Liberty Financial is known for WLFI, the governance token that it put up for sale mere days after the project was unveiled. After Sun’s 10-figure endorsement, “everything kind of snowballed from there,” said Folkman. World Liberty not only oversold its fundraising target, but it eventually set a new one. Should it meet its new goal — which it seems poised to do soon — Folkman noted that WLFI will become the fourth-largest initial coin offering (ICO) of all time.
Folkman claims WLFI’s success came despite “no VC backing and no special treatment to anybody who purchased the token.” Sun, however, was elevated to an official World Liberty investor after his WLFI purchase. World Liberty also bought $10 million worth of TRX tokens — the native token of Sun’s TRON blockchain — and WBTC, a Sun-linked bitcoin derivative.
Earlier in Feb., Blockworks reported that World Liberty has been shopping a deal to crypto teams: If a company purchases WLFI tokens and pays an additional fee, World Liberty will add that company’s tokens to its portfolio — a powerful marketing instrument for up-and-coming crypto tokens. But Folkman was quick to distance the company from the report, stating that the person who was going out and purporting to represent them was not connected with their company.
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2025-02-19 10:56