WLFI big dump疑雲：被誤讀的 Justin Sun 與一場on-chain羅生門

After the price of WLFI plummeted, the market pointed fingers at Justin Sun, but on-chain data shows this to be a misunderstanding. This article reveals the complex truth behind the big dump, involving the token economic model and market factors. (Background: Justin Sun: I am innocent! Nearly 3 billion WLFI holdings have been frozen, "Great financial brands should be fair") (Background Supplement: Opinion: Cherish life, stay away from WLFI) In the crypto world, every price fluctuation is the result of countless factors working together, and any single attribution may deviate from the truth. This was once an industry consensus, but in the recent fluctuations of the WLFI token, this consensus has been broken. After the listing of World Liberty Financial's WLFI token, there was significant price volatility, and public opinion quickly pointed to TRON founder Justin Sun. However, the latest on-chain data analysis and authoritative views indicate that this attribution is overly simplistic. Timestamp: Transfers occurred after the big dump. Nansen CEO Alex Svanevik carefully examined the WLFI transaction timestamps using the AI Research Agent on September 6 and found that Justin Sun did not engage in dumping. This finding overturned the initial assumption. The AI Research Agent initially reported that Justin Sun might be selling WLFI, but after in-depth analysis of the timestamp evidence, a different conclusion was reached. Svanevik further pointed out that the relevant transfers actually occurred after the WLFI price had significantly fallen, so they could not be the primary reason for the price drop. According to the proportion of total network trading volume that day, the scale of these transfers also likely did not have a substantial impact on market price movement. The economic model design of the WLFI token determines that its market performance will inevitably face early unlocking pressure. Token distribution is highly concentrated, with about 83% of the tokens controlled by entities related to the Trump family and early large investors. This concentration means that market liquidity is relatively limited in the early stages of the project, and a large number of tokens unlocking may exert significant pressure on the price. Even during the price drop, blockchain data platform Bubblemaps shows that among over 85,000 presale participants, 60% still hold tokens, with only 29% completely sold out. This indicates that most investors remain confident. Some early investors choosing to take profits is normal behavior in the crypto market, especially when a project gains high attention and has seen significant early gains. The blacklist measures taken by the World Liberty Financial team against Justin Sun's wallet have sparked profound discussions about the nature of decentralized finance. The project party's unilateral freezing of user assets contradicts the fundamental value concept of blockchain. The private ownership of token assets is the most basic value of blockchain and should be 'sacred and inviolable.' This centralized response reflects the fundamental contradictions present in many current crypto projects: although they superficially advocate decentralization, they still retain centralized control capabilities. Justin Sun himself emphasized this principle issue in his response: 'A great financial brand should be built on fairness, transparency, and trust, rather than freezing investors' assets.' Market Misreading and Media Bias After the price fluctuations of WLFI, some media reports exhibited obvious selectivity and bias. Many reports ignored basic verification obligations and directly quoted unverified external reports. Blockchain data shows that during the so-called 'dumping' period, what Justin Sun was actually conducting was a small deposit test, rather than a large-scale sell-off. These test transactions were misread as dumping behavior, triggering market panic. All addresses involved in the online rumors (previously marked by Arkham as low credibility, now corrected) actually belong to the HTX trading platform's hot wallet and have no relation to Justin Sun personally. The relevant transfers are routine operations for market makers—borrowing tokens from HTX and then reallocating them to Binance to balance liquidity across trading platforms. When WLFI was listed, the entire cryptocurrency market was facing a significant adjustment. Bitcoin (, Ethereum ), and other major cryptocurrencies fell to varying degrees, and market sentiment was generally cautious. In this environment, it is normal for newly listed tokens to face greater pressure. As the WLFI ecosystem gradually develops, the market will return to rationality and recognize that the true value of WLFI lies not in short-term price fluctuations, but in the long-term construction of its financial ecosystem. As more application scenarios are implemented and the ecosystem matures, this incident will become a footnote in the growth process of the WLFI project, reminding people of the complexity of the cryptocurrency market and the interaction of multiple factors. This article comes from submissions and does not represent the views of BlockBeats. Related Reports WLFI opened at $0.24, Trump profits greatly! The total price of tokens unlocked by the family exceeds $5.4 billion. The Trump family made $1.3 billion in a week, ABTC listing and WLFI issuing coins triggered political money-making controversies. Trump's family project WLFI goes live! $WLFI opening performance, token economy, official buyback... all sorted out. 'WLFI Plummeting Doubts: Misread Justin Sun and an On-Chain Rashomon' was first published in BlockTempo, the most influential blockchain news media.