The crypto project connected to the Trump family has invested about $347 million in altcoins, but according to blockchain data, it is currently losing money on all of them.
According to blockchain data, the crypto project supported by the Trump family, called World Liberty Financial (WLFI), has bought 4.89 million SEI tokens worth $775,000 for its holdings.
According to the data from blockchain expert firm Arkham Intelligence mentioned that the investment was made on April 12 by one of WLFI’s crypto trading wallets using USDC transaction mode from the main account of the project. It is the same wallet WLFI used before to buy other altcoins.
WLFI has a broad range of investments, including Bitcoin (BTC), Ether (ETH), and a big number of altcoins, such as Tron (TRX), Ondo Finance (ONDO), Avalanche (AVAX) and presently Sei (SEI).
Based on the blockchain investigator Lookonchain, WLFI has invested a total of around $346.8 million in collecting 11 unique tokens, but since April 12, it has not made any profit from any of them yet. The project’s investments in Ethereum alone have lost over $114 million.
Across the board, Lookonchain said that WLFI’s portfolio had lost value by around $145.8 million.
Just two months ago, on February 3, Eric Trump, Donald Trump’s son, posted on X, telling his followers to invest in Ether. He said, “In my opinion, it’s a great time to add $ETH.” The original post also included “you can thank me later,” but those five words were later removed.
At the time of reporting, data from CoinGecko indicated ETH’s price had dropped 55% after Eric Trump’s tweet, presently trading at $1,611, which is lower than the $2,879 close on February 3.
WLFI’s USD1 Logo Featured on Major Exchanges
At the same time, the icon for WLFI’s stablecoin, USD1, has shown up on Coinbase, Binance, and the crypto site CoinMarketCap, seeming like the coin’s unofficial logo reveal.
WLFI has not provided an official declaration about USD1’s logo.
Trump’s connection with USD1 has provoked criticism from politicians on both ends of US politics. On the 2nd of April, at a US House Financial Services Committee hearing regarding stablecoin policies, Democratic Representative Maxine Waters mentioned that President Trump might intend to use USD1 to substitute the US dollar.
“Trump probably wants the government to use stablecoins for everything, like paying for housing, Social Security, and taxes. And which coin do you think Trump would use instead of the dollar? His own, of course.”
The Republican leader of the committee, French Hill, shared the same problems.
Read also:- ETH Eyes $2,000 Breakout Amid Record Stablecoin Movement
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
