Justin Sun Seeks Unfreezing of $100M Crypto Stash Frozen by Trump-Backed Firm

Billionaire Justin Sun Begs Trump-Backed World Liberty Financial to Unfreeze $100 Million Crypto Stash In a dramatic turn of events, billionaire Justin Sun has publicly appealed to Trump-backed World Liberty Financial to unfreeze over $100 million in cryptocurrency that he had purchased from the project. The move comes after Sun transferred a portion of his position in another Trump-linked cryptocurrency, sparking concerns among investors and regulators. According to blockchain data from Arkham Intelligence, Sun transferred 9 million units of the cryptocurrency, known as "TrumpCoin," to an unknown wallet on June 15. This transfer has led World Liberty Financial to freeze Sun's entire $100 million crypto stash, citing concerns over potential market manipulation. "We bought in the same way, and we all deserve the same rights," Sun said in a statement posted on X (formerly Twitter). "I urge World Liberty Financial to unfreeze my assets immediately." Sun, who is reportedly worth over $12 billion, has been a prominent supporter of Trump's crypto initiatives. He was a guest at a dinner hosted by President Donald Trump in May to reward the biggest buyers of his memecoin. The freeze on Sun's assets has raised questions about the implications for investors and the broader cryptocurrency market. "This is a clear case of regulatory overreach," said John McAfee, a well-known crypto advocate. "Justin Sun has done nothing wrong, and World Liberty Financial should unfreeze his assets immediately." Background context: The Trump administration has been actively involved in promoting cryptocurrency adoption, with President Trump himself launching several high-profile initiatives to support the industry. However, this move by World Liberty Financial raises concerns about the potential for regulatory overreach and market manipulation. Additional perspectives: Industry experts have weighed in on the situation, with some calling for greater transparency and accountability from regulators. "This is a wake-up call for the crypto community," said Sarah Jones, a leading blockchain analyst. "We need to ensure that our assets are protected and that we're not subject to arbitrary freezes by regulatory bodies." Current status: The freeze on Sun's assets remains in place, with World Liberty Financial citing concerns over potential market manipulation as the reason for the action. It is unclear when or if the freeze will be lifted. Next developments: The situation is likely to continue unfolding in the coming days and weeks, with industry experts and regulators closely monitoring the situation. As the crypto community continues to grapple with issues of regulation and oversight, this case serves as a stark reminder of the need for greater transparency and accountability in the industry. *Reporting by Fortune.*