ETH has fallen nearly 50% since Eric Trump’s promotional tweet
Trump-linked crypto project World Liberty Financial (WLFI) has denied reports that it is selling off its ether (ETH) with the currency down 46% since Eric Trump recommended buying it.
This week, crypto analytics firm Arkham showed that a wallet, possibly linked to WLFI, sold 5,471 ETH, worth roughly $8 million, when the currency’s price fell to $1,465.
However, WLFI denies this. A spokesperson told CoinDesk today, “The claims that World Liberty Financial has sold any of its holdings are wholly inaccurate. WLFI has not sold any positions as currently reported. Speculation to the contrary is false.”
WLFI’s ETH investments are also reportedly suffering from roughly $125 million worth of unrealized losses as of Wednesday.
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Eric Trump is WLFI’s “web3 ambassador” and posted in early February, “In my opinion, it’s a great time to add $ETH. You can thank me later.” This last “thank you” was deleted shortly afterward. ETH was trading around $2,877 at the time and is now worth $1,557, according to CoinGecko.
Eric’s father, Donald Trump, also recently said, “THIS IS A GREAT TIME TO BUY!!! DJT” hours before he U-turned on his harsh tariff policies. This sparked debate over whether or not the US president was insider trading as DJT is the ticker for his media stock.
All this is happening in the midst of a global trade war that Trump started, which has now escalated to China imposing 125% tariffs on the US.
In addition to ETH’s falling prices, the value of the ETH to bitcoin (BTC) pair has also fallen back down to 2020 levels, and one ETH is now worth 0.01895 BTC.
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