WLFI, the governance token of Trump family-backed cryptocurrency platform World Liberty Financial, fell sharply on Sunday, ending a week plagued by crashes and controversy.
WLFI In Free Fall After Trading Debut
WLFI plunged over 10% over the last 24 hours, while trading volume dipped by 16%, indicating lower liquidity and trader preference.
The coin, currently available on Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and BNB Chain (CRYPTO: BNB), is now down 31% from its opening price, and over 53% from its all-time high. Roughly $6.25 billion worth of investors’ wealth has been wiped out since the coin peaked at $0.46.
See Also: Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
The Justin Sun Controversy
Aside from the ups and downs, World Liberty Financial created a flutter by blacklisting the wallet of Justin Sun, one of the coin’s major investors.
Blockchain data showed outbound WLFI transfers linked to Sun's wallet, sparking rumors that he was dumping them. Sun said that the movement was due to "deposit tests" and had no effect on trading activity.
He later accused the firm of freezing his holdings "unreasonably," adding that such "unilateral actions" violate the rights of investors.
In response, the WLFI team said that they blacklisted a total of 272 wallets, the majority of which it claimed were to avoid security breaches, while one wallet was “suspected of misappropriation.”
The Trump family, including President Donald Trump, owns about 22.5 billion WLFI tokens, according to the project’s official website. At the current price, this values their stake at $4.71 billion.
Price Action: At the time of writing, WLFI was exchanging hands at $0.2097, down 11.64% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: T. Schneider on Shutterstock.com
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