Trump family crypto project WLFI is exchanging stablecoins for ETH, with current holdings worth over $50 million

On-chain data shows that the Trump family crypto project World Liberty Financial (WLFI) bought $5 million worth of ETH on Wednesday. This brings the project's total ETH balance to more than $50 million, mainly accumulated in the past few weeks. Its wallet made three separate transactions about four hours ago, receiving 1,285 ETH from CoW Swap. The wallet appears to be using profits from the ongoing WLFI token sale to buy these ETH, mainly through its large stablecoin holdings. The company also appears to have sent funds from the World Liberty contract address starting with 0xe217e15b directly to the wallet starting with 0x5be9a495, which has no outflow transactions. Analysis points out that the exchange of stablecoins for ETH indicates that World Liberty Financial is seeking to participate in a deeper crypto economy. This may also indicate that the team believes that ETH is a better reserve asset than the US dollar. Eric Conner, a well-known Ethereum investor and consultant, first noticed the transactions, saying in a private message: "They exchanged all the stablecoins they got for ETH." World Liberty's terms and conditions stipulate that the limited liability company established by the Trump family to manage the project will receive 75% of the proceeds from the WLFI token sale and can manage the funds as they wish. Arkham Research data shows that the 0x5be9a495 World Liberty wallet holds nearly $73 million worth of cryptocurrency. This includes more than $50 million worth of ETH, $10 million worth of Coinbase wrapped Bitcoin token cbBTC, as well as $8 million worth of USDC and $3 million worth of USDT, as well as a small amount of various altcoins. (The Block)