The Trump family's crypto project WLFI is converting stablecoins into ETH, with current holdings valued at over 50 million dollars

2024-12-12 09:38:49

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ChainCatcher news, according to The Block, on-chain data shows that the Trump family's crypto project World Liberty Financial (WLFI) purchased $5 million worth of ETH on Wednesday. This brings the project's total ETH balance to over $50 million, primarily accumulated in the past few weeks.

The wallet conducted three separate transactions about four hours ago, receiving 1,285 ETH from CoW Swap. The wallet appears to be using profits from the ongoing WLFI token sale to purchase these ETH, mainly through its large stablecoin holdings. The company also seems to have sent funds directly from the World Liberty contract address starting with 0xe217e15b to a wallet starting with 0x5be9a495, which has no outgoing transactions.

Analysis indicates that converting stablecoins to ETH suggests that World Liberty Financial is seeking to engage more deeply in the crypto economy. This may also indicate that the team believes ETH is a better reserve asset than the dollar. Notable Ethereum investor and advisor Eric Conner first noticed these transactions, stating in a private message: "They converted all the stablecoins they received into ETH."

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