Trump family’s World Liberty Financial sues crypto billionaire Justin Sun for defamation
World Liberty Financial, a cryptocurrency venture co-founded by President Donald Trump and his sons, has taken legal action against Justin Sun for defamation. The lawsuit, filed in the Eleventh Judicial Circuit Court for Miami-Dade County, Florida, accuses Sun of conducting a “public smear campaign” against the business. The lawsuit seeks unspecified damages and a public retraction of statements made by Sun on social media that allegedly tarnished the reputation of World Liberty Financial.
This legal battle represents a significant escalation in the ongoing conflict between World Liberty Financial and Sun, who is a major investor in the venture. Earlier this year, Sun filed a lawsuit against the startup, alleging fraud and claiming that he was prevented from selling digital tokens valued at up to $1 billion. World Liberty Financial, founded in 2024 by Donald Trump Jr., Eric Trump, Zachary Folkman, and Chase Herro, has faced challenges in the market with its tokens losing 81% of their value over the past year.
The lawsuit filed by World Liberty Financial alleges that Sun engaged in deceptive practices by betting against the company’s crypto tokens and using third parties to make straw purchases to conceal his involvement. The company also claimed to have frozen tokens owned by one of Sun’s companies to protect the interests of $WLFI token holders. Despite attempts to address the misconduct, World Liberty Financial asserts that Sun resorted to aggressive tactics and launched a smear campaign against the company when his demands were not met.
Sun, through his attorneys, has denied the allegations and dismissed the lawsuit as a “meritless PR stunt.” He maintains that he stands by his actions and is prepared to defend himself in court. World Liberty Financial’s lawsuit specifically accuses Sun of spreading false claims on social media, including accusations that the company exploits the crypto community for financial gain and engages in improper governance practices. The company also alleges that Sun utilized online influencers and fake social media accounts to amplify his defamatory statements.
The impact of Sun’s actions on World Liberty Financial has been severe, according to the lawsuit, as his influential position in the crypto industry has amplified the harmful effects of his false claims. Sun, known for founding the Tron blockchain platform in 2017 and possessing a net wealth of nearly $12 billion, has been a prominent figure in the industry. In 2024, he made headlines for his controversial purchase of a piece of conceptual art featuring a banana duct-taped to a wall.
As the legal battle between World Liberty Financial and Justin Sun unfolds, the cryptocurrency community will be closely watching the outcome of this high-profile dispute. The implications of this case on the reputation and future of both parties remain to be seen. Stay tuned for updates on this developing story.
