The Trump family’s crypto venture is suing billionaire Justin Sun

In the background of the conflict is also the drop in the price of the WLFI token, which has lost about 80% of its value since the peak, despite the venture’s public connection to the Trump family. In addition, Sun purchased a Trump meme token for more than $100 million, a purchase that earned him a seat at an exclusive dinner with the president.

The lawsuit filed by World Liberty claims that Sun launched a “scorched earth pressure campaign” on social media, which damaged the company’s reputation in the crypto community and cost it real business opportunities. The company even claims that Sun hired influencers and operated fake accounts to “amplify his lies.”

“His actions were coordinated, deliberate and designed to burn World Liberty to the ground,” the lawsuit states. A spokesman for the Sun referred in response to his posting on the X network, in which he called the lawsuit “no more than a baseless public relations exercise.” On the other hand, World Liberty claims that this is a necessary step designed to protect the company from continued damage to its name and operations.

The affair fits into a broader trend of rapprochement between the second Trump administration and the crypto industry. US securities regulators previously reached a settlement in a fraud case against Sun and even dismissed some of the charges against it – a move seen as one of several friendly steps towards the industry during Trump’s current term.