Trump-Backed World Liberty Financial Begins Selling ETH as Losses Top $125M
World Liberty Financial, the Donald Trump family-backed DeFi project, reportedly started to sell its ether (ETH) stash at $1,465 a token despite purchasing the asset for $3,259 at the start of the year.
On-chain data from Arkham shows that a wallet closely tied to World Liberty Financial sold 5,471 ETH for around $8 million on Wednesday after racking up a $125 million loss.
The sale comes just two months after Eric Trump, the U.S. president's son, said it was a great time to buy ETH, which was trading at $2,880.
The main World Liberty Financial wallet still holds $98 million worth of crypto, $11.7 million of which is in ether.
Donald Trump wrote on Wednesday that it is a "great time to buy" on Truth Social while global markets tumbled on the escalating risks of a trade war.
Since Trump was inaugurated on Jan. 20 the Nasdaq is down by 20%, S&P 500 by 17% and bitcoin (BTC) by 24%.
The TRUMP and MELANIA memecoins have fared worse, losing 83% and 95%, respectively, since Trump's Jan. 20 inauguration.
World Liberty Financial did not immediately respond to CoinDesk's request for comment.
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