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Trump’s World Liberty Financial countersues crypto billionaire Justin Sun for defamation in response to allegations of fraud | Fortune
One of the Trump family’s biggest early crypto backers is now a foe. In response to claims of fraud by billionaire Justin Sun, the Trump-backed crypto firm World Liberty Financial filed a countersuit for defamation on Monday in Florida State court, claiming its former ally engaged in “a scorched-earth pressure campaign” against the crypto project as Sun pushed World Liberty Financial to release hundreds of millions of cryptocurrency he owned. Sun is a crypto entrepreneur reportedly worth around $11 billion, and he’s funneled nearly $200 million into the Trump family’s digital assets projects. That includes the $75 million Sun spent on a cryptocurrency issued by World Liberty Financial and another $100 million on acquiring a store of President Donald Trump’s $TRUMP memecoin. The crypto mogul also attended a dinner Trump spoke at that was exclusively for top memecoin holders. But Sun’s love affair with the Trumps turned into a bitter breakup in September after World Liberty Financial froze Sun’s tokens, preventing him from selling his tranche, which is now worth around $240 million at current market prices. The new lawsuit from World Liberty Financial claims Sun violated contractual obligations by buying tokens on behalf of other investors as well as
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The crypto industry is obsessed with conferences. The vibe at them is changing | Fortune
The never-ending cycle of crypto conferences continues this week with the latest installment of Consensus getting underway in Miami. You can argue the industry would be better off if its biggest players spent more time building and shipping than palavering on stage, but, if nothing else, the conference scene is useful as a vibe check. At one extreme, I can recall the 2018 edition of Consensus. That was the year promoters parked Lamborghinis on New York City’s 6th Avenue, making “Lambos” a permanent part of crypto culture. Inside the venue, fly-by-night law firms manned “ICO in a box” booths, while hucksters stalked the hallways with white papers in hopes of unloading shitcoins on industry newcomers. The scene was one of excess but also unbridled optimism. Contrast that to the mood of depression and dread that pervaded the conference circuit in early 2023, following the Sam Bankman-Fried crackup and the exposure of rampant fraud across the industry. Some longtime crypto veterans correctly assessed the situation as a temporary setback, but the more common response was dark mutterings about who on stage the previous year would be arrested next, or how to pivot to AI. Based on the handful of crypto events
L 0% / C 100% / R 0%4 hr ago
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Trump’s World Liberty Financial countersues crypto billionaire Justin Sun for defamation in response to allegations of fraud | Fortune
One of the Trump family’s biggest early crypto backers is now a foe. In response to claims of fraud by billionaire Justin Sun, the Trump-backed crypto firm World Liberty Financial filed a countersuit for defamation on Monday in Florida State court, claiming its former ally engaged in “a scorched-earth pressure campaign” against the crypto project as Sun pushed World Liberty Financial to release hundreds of millions of cryptocurrency he owned. Sun is a crypto entrepreneur reportedly worth around $11 billion, and he’s funneled nearly $200 million into the Trump family’s digital assets projects. That includes the $75 million Sun spent on a cryptocurrency issued by World Liberty Financial and another $100 million on acquiring a store of President Donald Trump’s $TRUMP memecoin. The crypto mogul also attended a dinner Trump spoke at that was exclusively for top memecoin holders. But Sun’s love affair with the Trumps turned into a bitter breakup in September after World Liberty Financial froze Sun’s tokens, preventing him from selling his tranche, which is now worth around $240 million at current market prices. The new lawsuit from World Liberty Financial claims Sun violated contractual obligations by buying tokens on behalf of other investors as well as
2 hr ago
The crypto industry is obsessed with conferences. The vibe at them is changing | Fortune
The never-ending cycle of crypto conferences continues this week with the latest installment of Consensus getting underway in Miami. You can argue the industry would be better off if its biggest players spent more time building and shipping than palavering on stage, but, if nothing else, the conference scene is useful as a vibe check. At one extreme, I can recall the 2018 edition of Consensus. That was the year promoters parked Lamborghinis on New York City’s 6th Avenue, making “Lambos” a permanent part of crypto culture. Inside the venue, fly-by-night law firms manned “ICO in a box” booths, while hucksters stalked the hallways with white papers in hopes of unloading shitcoins on industry newcomers. The scene was one of excess but also unbridled optimism. Contrast that to the mood of depression and dread that pervaded the conference circuit in early 2023, following the Sam Bankman-Fried crackup and the exposure of rampant fraud across the industry. Some longtime crypto veterans correctly assessed the situation as a temporary setback, but the more common response was dark mutterings about who on stage the previous year would be arrested next, or how to pivot to AI. Based on the handful of crypto events
4 hr ago