Newsletter: Crypto billionaire Justin Sun, who escaped fraud allegations after investing hundreds of millions of dollars into the Trump family’s crypto projects, is now accusing the Trumps’ project of fraud.

[somevegancheeseisok@mastodon.social]

@molly0xfff omg too funny. Like crabs in a bucket.

Also - I love your work beyond reason. You are spectacular.

[molly0xfff@hachyderm.io]

Last year, the Trump family’s World Liberty Financial project froze the $​WLFI tokens belonging to crypto billionaire Justin Sun, their largest token investor, with little explanation. Now he’s suing them for contract violations and fraud, and they’re suing him for defamation.

#crypto #cryptocurrency #USpol #USpolitics #citationNeededNewsletter

[bschorr@infosec.exchange]

@molly0xfff It's possible Mr. Sun didn't understand what he was actually investing in. He was investing in his freedom, not in any real financial return (though the greater fool principle may still apply).

Bribes are just a different kind of investment.

[molly0xfff@hachyderm.io]

It’s a little rich that Sun is alleging that World Liberty is engaged in fraud, manipulating markets, and potentially violating securities laws after himself only just escaping those very allegations after investing more than $200 million into the president’s family’s crypto projects.

But he also has something of a point: after World Liberty Financial promised they were a solution to “debanking” and that “no one’s ever going to tell you that your account is shut down”, they proceeded to do exactly that to Sun.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[snorristurluson@social.tchncs.de]

@molly0xfff Wait, how were they able to "freeze" anything?

[molly0xfff@hachyderm.io]

Sun is also attempting a delicate balancing act: accusing the Trump family’s World Liberty Financial of fraud while simultaneously maintaining he is still an “ardent” supporter of Trump and his family. His strategy is to pin the whole thing on WLF co-founder Chase Herro.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

In World Liberty’s defamation suit against Sun, they claim that their ability to freeze his tokens was well known to him, and that claiming they installed a secret “backdoor” is defamatory. They also object to him describing WLF’s governance as a sham, and accusing them of treating the crypto community as “a personal ATM”.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

In short: the two sides are suing one another despite likely knowing the true nature of the deal they agreed to. Sun admits the tokens he bought are unregistered securities, World Liberty admits they’re not decentralized and Sun shouldn’t have taken their claims to be seriously.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

Senior GOP officials reportedly phoned up Commerce Secretary Howard Lutnick to get him to pressure a pro-crypto super PAC funded by the company he “divested” from to nix a planned ad spend in favor of Texas Senate candidate Ken Paxton.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

The crypto industry is ramping up polling to try to (once again) convince legislators who are up for re-election that they need to support the industry’s legislative agenda in order to win over voters. But two massively different poll results illustrate the dubiousness of these polls.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

The DOJ and CFTC are going after a US soldier who allegedly used his access to confidential military information to profit more than $400,000 on Polymarket bets. They are not going after Polymarket, which is supposed to prohibit US bettors, and whose advisory board includes Donald Trump Jr.

“The whole world, unfortunately, has become somewhat of a casino,” said former casino tycoon and current President Trump.

“I don’t like it,” said the man whose own social media platform has announced plans to launch a crypto-based prediction market feature.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

Defunct crypto exchange Bittrex is trying a strategy we’ve seen (unsuccessfully) modeled by Ripple and Gemini: asking the SEC to repay past penalties now that the SEC under Trump has decided the laws they broke no longer apply to crypto.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

[molly0xfff@hachyderm.io]

Also in this issue: Trump holds his second event for holders of his memecoin, the CFTC says they’re going to use AI to review registration applications, and Congress claims they’ve reached a compromise between the bank and crypto lobbies (though the banking lobby doesn’t view it that way).

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[molly0xfff@hachyderm.io]

@SnorriSturluson there is a function on the $WLFI smart contract that enables World Liberty to prevent any holder from transferring their tokens. They also subsequently added a feature that allows them to move any holder’s tokens to another wallet (or the “burn” address, meaning they could destroy the tokens — which Sun alleges they threatened to do to him)

[rooneymcnibnug@mastodon.social]

@molly0xfff [taps the sign]

[xerz@soc.masfloss.net]

@molly0xfff 'No Way to Prevent This,' Says Politician At Fault From Only Nation Where This Regularly Happens

[snorristurluson@social.tchncs.de]

@molly0xfff ok, i.e. everything a crypto contract or coin shouldn't do, the whole idea of crypto was that nobody should be able to do that - The question really is, are people that stupid?

[ee@mastodon.nl]

@molly0xfff what a shitshow

[nf3xn@mastodon.social]

@molly0xfff Those pesky Boyars!!!

[maccruiskeen@social.linux.pizza]

@molly0xfff What part of "Donald Trump" did he not understand?