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CoinDesk 2025-02-04 05:18:16

TRON, Movement Labs Deny ‘Token Swap’ Deal for World Liberty Financial Inclusion

TRON, Movement Labs Deny ‘Token Swap’ Deal for World Liberty Financial Inclusion

Representatives from two protocols that have tokens held by the treasury of World Liberty Financial (WLFI), a crypto project backed by President Donald Trump and his family, are denying the existence of a token swap agreement that required a $10 million - $15 million buy-in to get included in the project. A report from Blockworks on Monday alleged that representatives from WLFI had pitched protocol teams on a deal to get included in the project’s treasury. The deal was they could buy $10 million WLFI tokens plus a 10 percent fee, and WLFI will purchase the same amount of their protocol’s tokens. “There is no token swap agreement,” a spokesperson from TRON told CoinDesk. 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. WLFI made these buys in tranches throughout January . Movement Labs, which saw its MOVE token jump in late January when WLFI purchased $2 million of it, and rumors swirled that the team was in discussion with Elon Musk-led Department of Government Efficiency, also denied that there was a swap agreement in place. Rushi Manche, co-founder of Movement Labs, told CoinDesk earlier that they did not send tokens to anyone including WLFI. "There weren't any deals — any back door deals. It was purely just market buying," Manche told CoinDesk.

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