1. Justin Sun, a Chinese national being prosecuted for fraud by the SEC, just sent Donald Trump $18 MILLION
Sun made the payment by purchasing tokens from a Trump-backed crypto company
THIS IS A MAJOR SCANDAL
Follow this thread for details
Sun made the payment by purchasing tokens from a Trump-backed crypto company
THIS IS A MAJOR SCANDAL
Follow this thread for details
2. On November 25, Sun purchased $30 million in crypto tokens from World Liberty Financial, a new crypto venture backed by Trump.
Sun said his company, TRON, was committed to "making America great again.
Sun said his company, TRON, was committed to "making America great again.
3. World Liberty Financial planned to sell $300 million worth of crypto tokens, known as WLF, which would value the new company at $1.5 billion. But, before Sun's $30 million purchase, it appeared to be a bust, with only $22 million in tokens sold. Sun now owns more than 55% of purchased tokens.
4. Sun's $30M purchase of WLF tokens has big financial benefits for Trump. A company filing reveals that "$30M of initial net protocol revenues" will be "held in a reserve… to cover operating expenses." After the reserve is met, a company owned by Trump recieves "75% of the net protocol revenues."
Before Sun's purchase, Trump was entitled to nothing.
Before Sun's purchase, Trump was entitled to nothing.
5. Sun's purchase covered the entire reserve, so now Trump is entitled to 75% of the revenues from all other tokens purchased. As of December 1, there have been $24 million WLF tokens sold, netting Trump $18 million.
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6. While Trump has the cash, Sun's tokens are effectively worthless. To comply with federal law, WLF tokens are "non-transferable... until such time, if ever, [WLF tokens] are unlocked through protocol governance procedures in a fashion that does not contravene applicable law."
On March 22, 2023, the SEC charged Sun and three companies he owns. The SEC accused Sun of marketing unregistered securities and "fraudulently manipulating the secondary market" for a crypto token "through extensive wash trading."
Wash trading involves "the simultaneous... purchase and sale of a security to make it appear actively traded w/o an actual change in beneficial ownership." In other words, Sun made it seem like there was a lot of interest in crypto tokens he issued when much of the trading was manufactured by Sun
On March 22, 2023, the SEC charged Sun and three companies he owns. The SEC accused Sun of marketing unregistered securities and "fraudulently manipulating the secondary market" for a crypto token "through extensive wash trading."
Wash trading involves "the simultaneous... purchase and sale of a security to make it appear actively traded w/o an actual change in beneficial ownership." In other words, Sun made it seem like there was a lot of interest in crypto tokens he issued when much of the trading was manufactured by Sun
7. The SEC also charged Sun with "orchestrating a scheme to pay celebrities to tout" his crypto tokens "without disclosing their compensation."
The celebrities involved included Lindsay Lohan, Jake Paul, and Soulja Boy.
The celebrities involved included Lindsay Lohan, Jake Paul, and Soulja Boy.
8. Pausing here to say this is a toxic platform that suppresses content from people who do not conform to Musk's right-wing ideology.
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10. The current SEC Chairman, Gary Gensler, who announced the charges against Sun, will step down when Trump takes office in January. A new SEC commissioner appointed by Trump could settle or dismiss the charges against Sun.
11. In addition to his 75% share of revenues over $30 million, Trump's company was also awarded 22.5 billion WLF tokens. At the current sale price, these tokens are worth more than $300 million. That is more than 20 billion tokens being offered for sale publicly.
Right now, Trump's tokens — like those purchased by Sun — are worthless because they cannot be transferred. But Trump could appoint a new SEC chairman who is friendly to the crypto industry and who would create new rules allowing the WLF tokens and similar crypto assets to be legally traded. This could be worth billions to Trump
Right now, Trump's tokens — like those purchased by Sun — are worthless because they cannot be transferred. But Trump could appoint a new SEC chairman who is friendly to the crypto industry and who would create new rules allowing the WLF tokens and similar crypto assets to be legally traded. This could be worth billions to Trump
12. A foreign national under federal fraud prosecution making a purchase that results in $18 million cash payment to the president-elect has all the makings of a major scandal. But it has been virtually ignored by several major media outlets.
Instead, news outlets are been focused on Sun's purchase of a banana (a work of conceptual art) for $6.2 million.
Instead, news outlets are been focused on Sun's purchase of a banana (a work of conceptual art) for $6.2 million.
13. Want to share the facts about Sun's corrupt scheme? It's all right here, with links to primary sources.
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