Amidst the intense volatility in the cryptocurrency market, DeFi protocol World Liberty Financial (WLFI), backed by the family of U.S. President Donald Trump, has unexpectedly announced that it was forced to sell Bitcoin to repay debts due to liquidation pressures from lending platforms, drawing significant market attention.
According to on-chain data platform Arkham Intelligence, the official wallet of World Liberty Financial sold over 170 Bitcoins on Wednesday at an approximate price of $67,000 each, cashing out about $11 million. The funds were immediately transferred to leading lending protocol Aave to repay loans and avoid liquidation.
While being forced to sell assets to cover debts, WLFI token prices also continued to come under pressure. CoinGecko data shows that WLFI tokens dropped more than 15% today, performing even worse than Bitcoin and Ethereum, which declined about 10%.
In fact, since the token was officially launched in September last year, WLFI’s price has been on a downward trend. The initial price on launch day was around $0.23, with a market cap of $6.6 billion; but currently, the price has fallen to approximately $0.109, a decline of over 65%.
In addition to financial pressures, World Liberty Financial remains under political and regulatory controversy. Political opponents of Trump recently called for an investigation into the DeFi protocol.
U.S. Representative Ro Khanna publicly stated on Wednesday that an investigation has been launched into a $500 million equity investment transaction by a UAE entity in World Liberty Financial, and he has called for clarification of the source of funds and related interests.
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