Sun Token Project Update

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Biggest Stories of 2025

• Justin Sun's locked World Liberty Financial (WLFI) tokens declined by approximately $60 million in value since September, with his inaccessible holdings valued around $74 million at a price near $0.14. Sun remains blacklisted by WLFI three months after the project froze 272 wallets during a security intervention, with chain analysis linking one "suspected misappropriation" wallet to Sun, who denied wrongdoing 23. (December 22–23, 2025)
• Justin Sun escalated fraud allegations against First Digital Trust (FDT), claiming the Hong Kong trust company improperly transferred $500 million in TrueUSD (TUSD) reserves to private Dubai-related entities and fabricated transaction documents. The Dubai International Financial Centre Courts issued a worldwide freezing order, which Sun viewed as a significant victory, while FDT denied the allegations as false and defamatory 4. (December 4, 2025)
• Justin Sun urged Hong Kong regulators to act on the First Digital Trust case, alleging the trust company exploited regulatory gaps to offshore hundreds of millions in TUSD reserves. The case raised questions about trust company oversight and asset protection amid Hong Kong's upcoming stablecoin licensing regime 5. (November 27, 2025)
• SUN V3 continued to dominate Tron DEX volume, capturing the majority of trading activity with an average daily volume of $114.2 million in Q3 2025, up 3.8% quarter-over-quarter. SUN V2 and SUN V1 saw declining relevance, with SUN V1 experiencing a 10.3% quarter-over-quarter drop in average volume 1. (October 20, 2025)
• Justin Sun was named in political controversy as California Governor Gavin Newsom launched a website tracking Trump's pardons, labeling crypto figures as "criminal cronies." Democrats alleged the SEC suspended an investigation into Justin Sun following an investment in World Liberty Financial 6. (December 17, 2025)