Trump family-backed World Liberty Financial (WLFI) is facing a steep price crash today. According to CoinGecko data, WLFI’s price has dipped 17.7% in the daily charts, 21.5% in the weekly charts, 25% in the 14-day charts, and 38.6% over the previous month. Let’s look at why WLFI is facing a price dip today, and what you should know about the latest developments around the project.
What’s Going On With Trump Family’s World Liberty Financial?
World Liberty Financial (WLFI) has been caught up with some controversy over the last few weeks. Firstly, it was reported that the cryptocurrency company backed by the US First Family engaged in a Southeast Asian blockchain project, AB DAO (or AB Network), which is associated with individuals sanctioned by the US. The revelation brought substantial scrutiny to WLFI.
Secondly, World Liberty Financial was recently sued by TRON (TRX) founder Justin Sun. Sun claims that the company allegedly froze his WLFI holdings and threatened to burn them. Although World Liberty Financial has dismissed the allegations, calling it “meritless”, it has brought some negative light to the project.
Additionally, several US policymakers are calling for an ethics language in the upcoming Clarity Act. Even Republican Senator Thom Tillis has stated that he would not support the legislation without an ethics provision. The move was to question President Trump’s family’s crypto empire.
Also Read: Senators Seek Ethics In Clarity Act, Eye Trump’s Crypto Empire
It is possible that World Liberty Financial (WLFI) is facing the consequences of the above mentioned factors. It should be noted that WLFI’s price dip comes amid the project nearing a token unlock. The proposal to unlock 62 billion WLFI tokens has 99.5% support and may go through very soon. The dip may even be related to the token unlock, with investors booking profits before more coins enter the market.