In December, I wrote about Chinese billionaire Justin Sun’s role in Trump’s plan to use the White House as his personal ATM. One of those payouts had already arrived from Sun, to the tune of up to $22 million for Trump’s family in the form of an investment in Trump’s World Liberty Financial cryptocurrency platform. It got Sun a role as an advisory position in the Trump venture, essentially making him business partners with the president-elect, The New York Times reported at the time.
Popular Information noted that Sun’s “investment” was a purchase of $30 million in WLF tokens that are “essentially worthless for Sun, as they are non-transferable and locked indefinitely.”
Since then, Sun has invested $45 million more and showered Trump with praise on Twitter, Popular Information also reported.
By wild coincidence, I’m sure, it just so happens that Sun was under investigation by the Biden SEC at the time he decided to go into business with Trump. According to The Times, Sun had been accused of having “fraudulently manipulated the price of his own cryptocurrency by rapidly buying and selling it to make it appear as if it was being actively traded."
Also by wild coincidence, the SEC just dropped its prosecution of Sun.
Popular Information explains:
On Wednesday, the Securities and Exchange Commission (SEC) and Sun sent a joint letter to a federal judge, asking for a stay of Sun's case. Today [February 27], the judge granted the SEC's request.
…
Now, the SEC seems poised to negotiate a favorable settlement with Sun or drop the case entirely. Yesterday, the SEC and Sun filed a joint request for a 60-day stay in the case against Sun to “allow the Parties to explore a potential resolution.” Sun seems pleased. He responded to news of the request for a stay on X, posting three handshake emojis.
Oh, and a similar SEC dismissal just happened with Trump benefactor Coinbase, as per Political Information.
You may recall that Sun is also the guy who spent $6.2 million to buy, then eat the banana that had been taped to the wall at a Sotheby’s art auction.
Sun’s antics with Trump are far more consequential.
