Influential figure Donald Trump associates World Liberty Financial Transfer $212 million worth of Ethereum to Coinbase Prime platform
Fresh Take:
Decentralized Finance Project, World Liberty Financial, Makes Large Ethereum Transfer to Coinbase Prime
It's spilling the tea in the crypto world as World Liberty Financial, a decentralized finance project backed by none other than President Donald Trump, has moved a hefty chunk of their Ethereum holdings to Coinbase Prime. The blockchain data unveils that this move consisted of eight different assets across 13 transactions.
In a whopping transfer on February 4, World Liberty Financial offloaded an impressive $307.4 million worth of various assets. The Ethereum made up the largest portion of this transfer, amounting to 73,783 ETH worth around $212 million. Other assets included in the transfer were 552 Wrapped Bitcoin (WBTC), 219,149 Chainlink (LINK), 16,585 Aave (AAVE), 4.9 million Ethena (ENA), 2.0 million Movement (MOVE), 114,754 Ondo (ONDO), and USDC worth $27.86 million.
This transfer sparked curiosity within the crypto community, with speculations that the Trump family might be diving into the creation of a stablecoin similar to MIM but featuring an Aave fork. One user on X (formerly Twitter) wrote, "I think Trump family is building a stablecoin like MIM but with Aave fork instead of what we did with isolated market. That's my opinion. This is why they have so much ETH as collateral for that."
Hold on to your hats, because things just got even more interesting! While these transfers were happening, Eric Trump took to X, tempting the crypto community with a call to buy Ethereum, stating, "In my opinion, its a great time to add ETH. You can thank me later." His post escalated ETH's price, pushing it close to $2,900. Keep in mind, ETH had already rebounded to approximately $2,700 before Eric Trump's post, thanks to Trump's decision to temporarily delay proposed tariffs on Canada and Mexico amid ongoing negotiations.
The price of ETH adjusted to $2,703 at press time, reflecting an impressive 8.3% increase over the previous day.
But here's a fun twist - after executing these transfers, World Liberty Financial made a swift about-face and bought ETH for itself! The project unstaked 19,423 stETH and converted it into ETH. They also dropped 5 million USDC to snatch up 1,826 ETH when the price was $2,738 per token.
Currently, World Liberty Financial holds approximately $33.1 million in various crypto assets. The largest holding being USDC, totaling $15.09 million, followed by 40.72 million WTRX valued at $9.2 million. The portfolio also includes 1,828 stETH worth $5.15 million, $3.1 million in USDT, and 84.08 ETH valued at $237,620.
However, rumors of World Liberty Financial selling their assets were quickly denied. In a statement on X, the project explained that the recent transfers were just part of its regular treasury management, not asset sales. They emphasized that these actions were standard practice for maintaining a secure and efficient treasury, urging the public to abstain from speculation.
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Side Note:
World Liberty Financial (WLFI) is currently pressing ahead with its initiative for a stablecoin named USD1. The stablecoin aims for a 1:1 peg with the U.S. dollar, backed by short-term U.S. government treasuries, USD deposits, and other liquid assets. Initially, the stablecoin will be launched on Ethereum and Binance Smart Chain, with plans to expand to additional blockchains later.
WLFI recently secured a substantial $25 million investment from DWF Labs, a crypto market maker that's also establishing a new office in New York City. This investment will support the launch of USD1 and the broader DeFi growth strategy of WLFI. DWF Labs will provide liquidity for the USD1 ecosystem and will have a governance role via WLFI tokens. Their presence in the U.S. aims to build stronger relationships with traditional finance and regulatory bodies while fostering crypto education in American universities.
In addition to these developments, WLFI is collaborating with the Pakistan Crypto Council to foster blockchain, stablecoin, and DeFi advancements. The project is also under regulatory scrutiny due to the Trump family's involvement, with concerns over potential conflicts of interest. Nevertheless, WLFI's active activity on Ethereum and Binance Smart Chain is evident thanks to the stablecoin launch and liquidity activities.
Stay tuned for updates on WLFI and its exciting stablecoin venture!
Disclaimer:
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- Besides Ethereum, World Liberty Financial moved a significant amount of Wrapped Bitcoin (WBTC), Chainlink (LINK), Aave (AAVE), Ethena (ENA), Movement (MOVE), Ondo (ONDO), and USDC during the transfer.
- The Trump family's potential involvement in creating a stablecoin similar to MIM with an Aave fork is a topic of speculation among members in the crypto community.
- Eric Trump's call to buy Ethereum on X, combined with its rebound in price due to Trump's tariff delay announcement, pushed ETH's price close to $2,900.
- After the transfers, World Liberty Financial bought more ETH and converted stETH to ETH, also purchasing ETH directly using USDC.
- With a total value of around $33.1 million, USDC is the largest holding in World Liberty Financial's portfolio, followed by 40.72 million WTRX.
- Initially, World Liberty Financial's stablecoin, USD1, will be launched on Ethereum and Binance Smart Chain, with plans to expand to additional blockchains later.
- DWF Labs has invested $25 million in World Liberty Financial to support the launch of USD1 and its broader DeFi growth strategy.
- In addition to its collaboration with the Pakistan Crypto Council, World Liberty Financial is under regulatory scrutiny due to the Trump family's involvement.
- Trading services like Uphold, eToro, Plus500, Coinbase, and Moonacy provide coin and token trading opportunities for those looking to invest in cryptocurrencies.
- BeInCrypto emphasizes the importance of independent verification of facts and seeking professional advice before making any investment decisions based on its content, following the Trust Project guidelines for unbiased reporting.
