Undisclosed sales of tokens tied to the Trump family-backed World Liberty Financial decentralized finance project have boosted the first family’s wealth by $660 million, Bloomberg reported Tuesday.
Including the estimated $660 million from the undisclosed token sales, World Liberty Financial has added $1.55 billion to the Trump family’s net worth, making it the biggest contributor to the family’s wealth, according to Bloomberg.
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World Liberty Financial quietly sold 5.9 billion tokens to private investors after its two public fundraising rounds, Bloomberg reported earlier this month, citing an analysis of the project’s governance statements with the help of Tokenomist.ai after noticing changes in its tokenomics.
World Liberty Financial reportedly confirmed the token sales, labeling them “white glove” transactions without disclosing any details.
The “white glove” sales generated $660 million in revenue for Trump family members, Bloomberg Billionaire Index estimated on Tuesday, assuming the tokens were sold for $0.15 each, the price participants in World Liberty Financial’s second fundraising round paid. Trump family-controlled DT Marks DeFi LLC receives 75% of proceeds from the project’s token sales, according to its so-called gold paper.
World Liberty Financial did not immediately respond to a request for comment from Benzinga.
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Bloomberg’s reporting is the latest detailing how the Trump family is profiting from cryptocurrency ventures even as the Trump administration pushes for pro-cryptocurrency legislation and regulations.
However, while the Trump family appears to be cashing out massively, their investors are not doing so well. The WLFI token was most recently trading near $0.07, down 80% from its record price of $0.33 in September.
World Liberty Financial is also locked in a legal battle with its one-time biggest investor, cryptocurrency billionaire Justin Sun. The Tron blockchain founder last month sued World Liberty Financial for allegedly freezing his tokens unfairly. World Liberty Financial earlier this month countersued accusing Sun of defamation.
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