Maybe somewhat explained (reference to thread title)? I know little to nothing about transactions like this but someone explain to me how this is all legit.
Crypto mogul who ate a $6.2 million banana gives Trump an $18 million payday
A Chinese
cryptocurrency entrepreneur who paid more than $6 million for a banana duct-taped to a wall has purchased $30 million in
crypto tokens from a
Donald Trump-backed venture.
TRON founder Justin Sun, who ate his
$6 million conceptual-art banana after buying it at auction, said his company was committed to “making America great again” after buying into World Liberty Financial for $30 million.
The purchase stands to directly
benefit the president-elect.
Prior to Sun’s involvement, World Liberty Financial had only sold roughly $24 million in tokens, falling short of a $30 million threshold that would allow a
Trump-owned company to begin collecting “75 percent of net protocol revenues,” according to filings
reviewed by Popular Information.
With Sun’s new stake in World Liberty Financial, Trump can reap massive profits — to the tune of $18 million.
Last year, Sun and three of his companies were
charged by the Securities and Exchange Commission for the unregistered offer and sale of crypto assets and for “fraudulently manipulating the secondary market” with a crypto token “through extensive wash trading,” or the manufacturing of interest and sales around tokens to “make it appear actively traded without an actual change in beneficial ownership.”
Sun is accused of “orchestrating a scheme to pay celebrities” to promote his crypto tokens without disclosing they were being paid to do so. Those celebrities included Akon, Lindsay Lohan, Lil Yachty, Jake Paul and Soulja Boy.
Sun is also joining World Liberty Financial as an adviser, effectively making him business partners with the incoming president.
The president-elect serves as World Liberty Financial’s “Chief Crypto Advocate,” while his oldest sons Donald Jr. and Eric are the company’s “Web 3 Ambassadors.” Trump’s 18-year-old son Barron Trump is the company’s “DeFi Visionary.”
Through Sun’s purchase, Trump’s company was awarded more than 22 billion World Liberty Financial tokens, which are worth more than $300 million at its current sale price. But the tokens are effectively worthless because they cannot be transferred, circumventing securities law with a disclaimer the tokens are “locked indefinitely in a wallet or smart contract until such time, if ever, [the tokens] are unlocked through protocol governance procedures in a manner that does not contravene applicable law.”