Trump’s Crypto Business Called Out by One of Its Biggest Investors

Since the launch of the Trump family crypto company World Liberty Financial (WLFI) in 2024, there’s been a lot of speculation about how safe and legitimate the company is. Despite its practices being called into question, WLFI, founded by Donald Trump, his son, and other partners, has continued operations and still does.

But in April 2026, one of the company’s biggest investors, Justin Sun, the billionaire behind Tron, a Singapore-based company that operates its own blockchain and has its own cryptocurrency, “TRX,” called out Trump’s crypto business. Among the allegations, Sun is claiming the company is freezing accounts and even restricting them without notice, and because of it, he’s reportedly losing millions.

Here’s the extent of the allegations being lodged against Trump’s crypto biz.

Justin Sun took to X (formerly Twitter) on April 12, 2026, with some pretty serious allegations against Trump’s crypto company WLFI.

While he clarified that he has “always been an ardent supporter of President Trump and his crypto-friendly policy,” he claims the company “embedded a backdoor blacklisting function in the smart contract used to deploy WLFI tokens.”

He says that by doing this, the company holds “unilateral power to freeze, restrict, and effectively confiscate the property rights of any token holder, without notice, without cause, and without recourse.”

He explained that what he thought was an open door is more of a “trap door.”

Sun claims he is the “first and single largest victim” of this “wrongful blacklisting” and believes his rights as an investor are being violated. According to blockchain tracking group Bubblemaps, per NBC News, Sun hasn’t been able to move his holdings, and he’s lost more than $80 million, bringing them down to around $43 million.

The blockchain owner claims Trump’s company is “[treating] the crypto community as a personal ATM” and called the company’s actions “illegitimate and were never authorized by any fair, transparent, or good-faith community governance process.”

He ended his message by demanding that “WLFI unlock the tokens and uphold transparency for the community.”

Hours after Sun posted his complaints against WLFI, the company took to its own X page and posted a response. It asked users, “Does anyone still believe @justinsuntron?” and claimed, “Justin’s favorite move is playing the victim while making baseless allegations to cover up his own misconduct.”

Furthermore, WLFI said Sun is following the “same playbook, different target,” adding that “WLFI isn't the first.”

The company also insisted, “We have the contracts. We have the evidence. We have the truth,” and appeared to threaten court action, ending its message with, “See you in court pal.” Sun then responded, demanding that whoever is posting on WLFI’s X account reveal themselves rather than “hiding in the shadows.”

Perhaps the reason WLFI responded the way it did has something to do with Sun’s own history of alleged fraud. He has faced allegations of financial misconduct since 2021, per a letter written by Congressman Sean Casten to the SEC. He was also sued by the SEC in 2023 for allegedly “generating $31 million in alleged illegal proceeds,” according to the letter.

But after Sun invested $75 million into Trump’s crypto business in tokens following Trump’s re-election in November 2024, Sun and Trump also sent a letter to the judge handling the 2023 SEC case asking to pause proceedings, which the court granted.

Given both parties’ pasts, many aren’t surprised by Sun’s allegations, nor are they showing him much sympathy if any of it happens to be true.