- TRON and Movement Labs certify that $TRX and $MOVE originated from market trades.
- WLFI has $373M in crypto, which includes Ethereum, TRON, and AAVE.
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. Rather, the firms clarified that their hold on $TRX and $MOVE came from open market purchases, not from private transactions.
According to on-chain data, WLFI has 40.7 million $TRX worth around 9.3 million, and 2 million dollars worth in $MOVE tokens, both of them directly bought from the market. This directly negates the claims of the believed token swap deal.
TRON and Movement Labs Deny WLFI Token Swap
WLFI issued a public denial through the claims, saying it wasn’t selling or swapping tokens but just reallocating the assets for purposes related to the business. There was a clarification on X, the former Twitter.
WLFI has more than enough reserve in cryptocurrencies including Ethereum (ETH), USDC, Chainlink (LINK), AAVE, TRON (TRX), and Uniswap (UNI) totaling about $373 million, on-chain data suggests. In January 2023, WLFI bought $10 million worth of Ethereum. From then on, the wallet was extremely active on DeFi protocols. They even created their very own DeFi protocol that succeeded in some extremely impressive feats like selling 20 billion WLFI tokens by January 2024, which amounts to $300 million.
Though WLFI has found support from people like Justin Sun, it is not controversy-free, more so in the mouths of Mark Cuban and Anthony Scaramucci, who have named several reservations against the association and the way this platform has been operating. The DeFi application offered by WLFI has continued to come under the limelight as these events happen especially in the wake of the U.S. presidential elections approaching 2024.
