A cryptocurrency initiative backed by the Trump family, World Liberty Financial (WLFI), has added 4.89 million SEI tokens worth $775,000 to its holdings, according to on-chain analytics.
On-chain data reveals that this acquisition occurred on April 12 through one of WLFI’s trading wallets, which utilized USDC transferred from the project’s main wallet. This particular wallet has a history of being employed by WLFI to acquire various altcoins.
WLFI maintains a diverse investment portfolio that includes significant holdings in Bitcoin (BTC), Ether (ETH), and an assortment of altcoins, such as Tron (TRX), Ondo Finance (ONDO), Avalanche (AVAX), alongside the newly acquired Sei (SEI).
According to findings from blockchain analyst Lookonchain, WLFI has invested a total of $346.8 million across 11 different tokens, yet as of April 12, it has not made a profit on any of these investments. The project’s holdings in Ethereum specifically have seen a downturn of over $114 million.
Overall, the analysis indicates WLFI’s portfolio reflects a loss of $145.8 million.
The current profit/loss status of World Liberty Financial’s altcoin investments. Source: Lookonchain
Just two months prior, on February 3, Eric Trump encouraged followers to invest in Ether, stating, “In my opinion, it’s a great time to add $ETH.” His original post included the phrase “you can thank me later,” but those five words were later removed.
As of the latest updates, data from CoinGecko indicates that ETH’s price has plummeted 55% since Eric Trump’s recommendation, currently trading at $1,611, down from $2,879 on February 3.
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USD1 logo officially appears on major trading platforms
In other developments, the emblem for WLFI’s stablecoin, USD1, has recently surfaced on major exchanges such as Coinbase and Binance, along with the crypto aggregator site CoinMarketCap, marking what seems to be the informal launch of the coin’s logo.
No formal announcement has been made by WLFI regarding the logo for USD1.
This is speculated to be the new logo for USD1. Source: Binance
Trump’s connection to USD1 has drawn scrutiny from lawmakers across the political spectrum. During an April 2 hearing by the U.S. House Financial Services Committee about stablecoin regulation, Democratic Representative Maxine Waters expressed concern that Trump might aim to use USD1 as a substitute for the U.S. dollar.
“Trump likely envisions a scenario where the government utilizes stablecoins for everything from HUD payments to Social Security disbursements and tax payments. And which coin do you think he’d choose to replace the dollar? Obviously, his own.”
The committee’s Republican chair, French Hill, voiced similar apprehensions.
“If there is no measure in place to prevent the President of the United States from holding ownership of his stablecoin venture […] I cannot support this bill, and I would urge my colleagues not to enable this.”
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