TRON and Movement Labs Deny Alleged $15 Million Token Swap with WLFI
Representatives from TRON and Movement Labs are denying claims of a token swap agreement with World Liberty Financial (WLFI), a cryptocurrency initiative backed by Donald Trump and his family. A report by Blockworks on Monday suggested that representatives from WLFI had pitched projects on an alleged deal requiring a $10 million to $15 million buy-in for participation in WLFI’s treasury. According to the report, the deal would involve purchasing WLFI tokens, with WLFI then agreeing to buy an equivalent amount of the protocol’s tokens, plus a 10% fee.
TRON’s spokesperson refuted the report, stating, “There is no token swap agreement.”
On-chain data from Arkham reveals that TRON’s TRX is the second-largest holding in WLFI’s wallet, with 40.7 million TRX worth approximately $9.3 million. These purchases were made in several transactions throughout January.
Similarly, Movement Labs, which saw its MOVE token surge following WLFI’s $2 million purchase, has also dismissed the idea of a token swap. Rushi Manche, Movement Labs co-founder, explained to CoinDesk, “There were no deals, no secret arrangements. Everything was purely driven by market activity.”
Both firms emphasized that their interactions with WLFI were conducted openly and were based on standard market purchases, without any hidden agreements or special arrangements.
