Trump Backs WLFI, Which Has Spent $100 Million on Cryptocurrencies
Date: 2025-01-21 Author: Oliver Abernathy Categories: BUSINESS
WLFI, which is backed by the 47th US president and his team, has significantly expanded its portfolio of digital assets. According to Arkham Intelligence, the platform's address received $47 million in Ethereum, $4.4 million in Aave tokens, and $4.5 million in Tron, a cryptocurrency created by Justin Sun.
In addition, WLFI purchased Wrapped Bitcoin for $47 million, Chainlink for $5.5 million, and Ethena Labs tokens for $4.5 million.
The official WLFI website lists Trump's sons, Eric Trump and Donald Trump Jr., as "Web3 ambassadors." Donald Trump himself is presented as the project's "chief crypto advocate," while his youngest son, Barron Trump, is described as a "DeFi visionary."
The WLFI team also includes seasoned decentralized finance specialists Chase Herro and Zachary Volkman. They previously worked at Dough Finance, which was hacked last July and lost $2 million in cryptocurrency.
The January 20 digital asset investment coincided with a surge in WLFI token sales ahead of the inauguration in Washington. According to the platform, 85% of the total 25 billion token supply has been sold since October last year. That's equivalent to 21.7 billion tokens worth more than $1 billion.
