TRON and Movement Labs Deny WLFI Token Swap

TRON and Movement Labs denied accusations of a rumored, private token swap agreement worth $10 million with the cryptocurrency project affiliated with the family of President Donald Trump, WLFI.

Cryptocurrency project WLFI has denied claims that it engaged in a $10 million private token swap agreement with the cryptocurrency project affiliated with the family of President Donald Trump, according to a report by local news station WLFI.

Instead, the firms said that their holdings of $TRX and $MOVE came from open market purchases, not from private transactions.

According to on-chain data, WLFI holds 40.7 million $TRX, worth around $9.3 million, and $2 million in $MOVE tokens, both of which were purchased directly from the market, negating the claims of a token swap deal.

TRON, Movement Labs Deny WLFI Token Swap

In a statement to WLFI, a representative of the project said that it “was not selling or swapping any tokens, but rather simply reallocating assets for purposes related to [our] business.توضيح حول X، تويتر سابقًا

According to on-chain data, WLFI had a large reserve in cryptocurrencies, including Ethereum (ETH), USDC, Chainlink (LINK), AAVE, TRON (TRX), and Uniswap (UNI), totaling around $373 million.

In January 2023, WLFI purchased $10 million worth of Ethereum, and the wallet was very active on DeFi protocols afterward. They even launched their own DeFi protocol, which achieved some impressive milestones, such as selling 20 billion WLFI tokens by January 2024, generating around $300 million.

While WLFI has garnered support from figures like Justin Sun, it has also faced scrutiny, particularly from Mark Cuban and Anthony Scaramucci, who have expressed reservations about the project and its operations.

The DeFi application offered by WLFI has continued to attract attention, especially in the lead-up to the 2024 U.S. presidential elections.