Justin Solar, the founding father of the Tron blockchain, introduced this week that he had bought yet one more $100 million of Donald Trump’s memecoin, $TRUMP. Solar already owns a substantial amount of the asset. The crypto mogul additionally introduced that the coin would quickly be tradable on his blockchain.
All of that is sophisticated by the truth that Solar nonetheless seems to be bogged down in a civil fraud case introduced in opposition to him by the Securities and Change Fee. In 2023, the SEC launched a lawsuit in opposition to Solar and his firms, accusing them of market manipulation. In February, reviews indicated that the SEC was searching for a possible decision to the case. This was not lengthy after Solar had invested $30 million into Trump’s different crypto challenge, World Liberty Monetary. There hasn’t been an replace since then.
″$TRUMP on TRON is the forex of #MAGA,” Sun wrote on X on Wednesday. “This transfer highlights our perception in collaborating throughout ecosystems to develop the crypto panorama,” he added.
You would possibly assume that purchasing tens of tens of millions of {dollars} value of the president’s cryptocurrency on the identical time that you simply’re mired in a federal authorized case is a battle of curiosity—and it positive looks as if one—however that’s not significantly stunning today. The Trump administration’s tagline would possibly as properly be Making Conflicts of Curiosity Acceptable Once more, given the extent of doubtful conduct happening in the intervening time.
It’s considerably mystifying as to why Solar can be so keen on Trump’s crypto initiatives. CNBC notes:
The $TRUMP coin has whipsawed since its January launch, peaking at a $15 billion market cap on its first day of buying and selling earlier than sliding sharply to about $2 billion as of July. The complementary $MELANIA token, in the meantime, has plunged greater than 90% from its providing value in January to lower than $141 million.
Solar is an attention-grabbing character, and clearly has loads of cash to burn—possibly an excessive amount of. Final 12 months, he used $6 million to purchase an artwork piece that was only a banana taped to a wall. He subsequently ate the banana, exhibiting a sure inventive brilliance on the subject of producing ridiculous methods to burn money for no purpose in any respect. His firms embody the Tron Basis Restricted, BitTorrent Basis Ltd., and Rainberry Inc. (previously BitTorrent).
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