It's fun watching Trump's Latest Scam flush down the toilet

Billionaire backer (of Trump family crypto firm) sues Trump family /
their crypto firm over alleged extortion


The Trump family's World Liberty Financial crypto venture is being sued by one of its billionaire backers over allegations of extortion.

Justin Sun has accused World Liberty of an "illegal scheme" to seize his WLFI tokens, a cryptocurrency issued by the company.

Sun alleges the firm, co-founded by US President Donald Trump and his son Eric Trump, has "frozen"
all of his tokens and stripped him of his right to vote on governance issues.

 

Eric Trump’s Crypto Company Is Falling Into Total Disaster

A shady Las Vegas-based financial firm called Alt5 Sigma Corp, which has been stockpiling tokens from the Trump family’s World Liberty Financial venture, has quietly scrubbed Eric Trump’s name from its public leadership following major legal and financial turmoil, as the Daily Beast reports.

The news comes after major World Liberty Financial investor and crypto billionaire Justin Sun filed a lawsuit against the company earlier this month, accusing it of illegally freezing his tokens and profiting off fraud.

The president’s son was originally envisioned to become a board director of Alt5, but was quickly downgraded to “board observer,” a far more hands-off role.

To call Alt5 a car wreck of a company would be a vast understatement. The company of just 16 employees burned through a staggering $341 million in its latest fiscal year, warning investors it had “substantial doubts” about its ability to keep going for another year, per the Beast.
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The decision to scrub Eric Trump from its leadership highlights only the latest highly questionable crypto venture tied
to the Trump clan. Donald Trump’s crypto token, $TRUMP, which launched ahead of his second inauguration,
has turned out to be a spectacular failure. Its value has lost a staggering percentage of its value over the last year,
circling the drain at just over $2.30.

Trump’s disastrous Truth Social company, Trump Media & Technology Group, which similarly stockpiled a Bitcoin reserve,
has seen its shares plummet to record lows earlier this year amid hundreds of millions in losses.​