icon
icon
icon
icon
Upgrade
Upgrade

News /

Articles /

Tron and Movement Labs Deny Trump-Backed Token Swap Deal

Coin WorldTuesday, Feb 4, 2025 1:33 am ET
1min read

Tron and Movement Labs have both denied involvement in a proposed token swap deal with World Liberty Financial Inclusion (WLFI), a cryptocurrency project backed by former U.S. President Donald Trump and his family. The denial comes in response to a report from Blockworks alleging that WLFI representatives had pitched protocol teams on a deal to get included in the project's treasury.

A spokesperson from Tron told CoinDesk that there is no token swap agreement in place. Tron's TRX is the second-largest holding in WLFI's wallet, according to on-chain data curated by Arkham. The WLFI wallet currently holds 40.7 million TRX worth $9.3 million.

Movement Labs, whose MOVE token saw a significant jump in late January when WLFI purchased $2 million of it, also denied the existence of a swap agreement. Rushi Manche, co-founder of Movement Labs, told CoinDesk that they did not send tokens to anyone, including WLFI. "There weren't any deals — any backdoor deals. It was purely just market buying," Manche said.

The denials from Tron and Movement Labs underscore the importance of due diligence within the cryptocurrency sector, particularly concerning emerging token agreements. As the market continues to evolve, stakeholders are reminded to ascertain the legitimacy of such claims, particularly those linked to high-profile names, in order to mitigate risks associated with speculative ventures.

Comments

Add a public comment...
Post
Refresh
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App