TRON and Movement Labs Deny Alleged Token Swap Deal for Trump-Supported Project

Representatives from TRON and Movement Labs, whose tokens are part of the treasury of World Liberty Financial (WLFI)—a crypto initiative backed by former President Donald Trump and his family—have rejected reports claiming they were involved in a token swap deal that required a $10 million to $15 million buy-in to participate in the project.

A report from Blockworks on Monday suggested that WLFI representatives pitched a proposal to protocol teams, offering them the opportunity to include their tokens in the project’s treasury. The alleged deal involved purchasing $10 million worth of WLFI tokens, with a 10% fee, and WLFI would then reciprocate by buying an equivalent amount of the protocol’s tokens.

However, a TRON spokesperson denied the claims, stating, “There is no token swap agreement.”

According to on-chain data from Arkham, TRON’s TRX is the second-largest holding in WLFI’s wallet, which holds a total of 40.7 million TRX worth about $9.3 million. These purchases were made in several transactions throughout January.

Movement Labs, which saw its MOVE token surge in late January following WLFI’s $2 million purchase, also refuted the existence of any swap agreement. Rushi Manche, co-founder of Movement Labs, told CoinDesk, “There were no deals—no backdoor negotiations. It was purely market buying.”

The denials come amidst speculation about WLFI’s activities and its connections with key figures in the cryptocurrency and political spheres. Both TRON and Movement Labs maintain that their interactions with WLFI were straightforward and not tied to any formal agreements regarding token swaps.