The Dictatorship
Crypto investor Justin Sun sues Trump’s World Liberty Financial over ‘misconduct’
Billionaire crypto mogul Justin Sunwho has invested tens of millions of dollars in President Donald Trump’s family’s various crypto ventures, has sued World Liberty Financial, one of the Trump family crypto firms.
In a lawsuit filed Tuesday, Sun alleged that World Liberty Financial illegally froze his holdings of its tokens, which he said has been valued at more than $1 billion, accusing the firm of “engaging in an illegal scheme to seize property.”
Sun accused World Liberty Financial of “egregious misconduct,” alleging that “World Liberty Financial’s operators” see the project as a “golden opportunity to leverage the Trump brand to profit through fraud,” which “has caused Mr. Sun and his companies to incur hundreds of millions of dollars in damages.”
Zach Witkoff, co-founder of World Liberty Financial and son of Trump’s special envoy Steve Witkoff, called the lawsuit a “desperate attempt to deflect attention from Sun’s own misconduct,” alleging on X that Sun’s “claims are entirely meritless, and World Liberty looks forward to getting the case thrown out promptly.”
The Trump Organization and Sun’s lawyers did not immediately respond to MS NOW’s requests for comment. The White House referred to the Trump Organization.
It is unclear whether the lawsuit will jeopardize the crypto investor’s status among the Trump family’s business associates.
The lawsuit comes just days ahead of an exclusive “conference” and “luncheon” this Saturday for top holders of Trump’s memecoin at the Mar-a-Lago club hosted by another Trump family-linked crypto firm Fight Fight Fight LLCwhich is inviting the top 29 “qualifying VIPs” to a reception with the president. According to the memecoin’s “leaderboard,” the top holder is currently listed as username “Sun,” though it is unclear whether this is Justin Sun.
But Sun was among the VIP guests when Fight Fight Fight LLC hosted a similar dinner gala for the top memecoin holders at the president’s Virginia golf club last year. During and after that event, Sun posted photos and videos from a reception with Trump, as well as photos and videos of himself at an exclusive White House tour given to VIP guests. Crypto experts estimated his holdings of the memecoin at the time to be roughly $16 million.
Sun’s unusual relationship with the president’s family came to light just a month after Trump won the 2024 election, when Sun announced he had purchased a whopping $30 million in World Liberty Financial tokens. He purchased another $15 million worth of coins in January, a day before Trump took office for the second time, becoming one of the firm’s largest investors.
Later in March, the U.S. Securities and Exchange Commission settled a fraud case against Sun’s crypto company, which paid a $10 million penalty with no admission of wrongdoing.
After his investment, Sun appeared to become a key member of the Trump family’s crypto ventures. Sun has boasted about his relationship with the older Trump sons, posting photos of himself with Donald Trump Jr. and Eric Trump on social media. Sun also moderated a panel discussion last year between Eric Trump and Zach Witkoff at a crypto conference in Dubai, where Witkoff announced that World Liberty Financial had partnered with an Abu Dhabi-backed investment firm in a $2 billion deal.
Even as Sun has accused the Trump family crypto firm of defrauding him, his lawsuit said Sun “has long been (and remains) an ardent supporter of President Trump and the Trump family,” and that he invested in World Liberty Financial in part “because of the Trump family’s association with the project.”
Soorin Kim is a White House producer with MS NOW.
Fallon Gallagher is a legal affairs reporter for MS NOW.
The Dictatorship
Friday’s Campaign Round-Up, 7.10.26: Democrats pour into Maine race to replace Platner
Today’s installment of campaign-related news items from across the country.
* In Maine’s closely watched Senate raceGraham Platner has until Monday to officially withdraw his Democratic candidacy. And according to multiple reportshe intends to wait until Monday to file the paperwork. It’s not at all clear why he’s dragging out the process.
In the meantime, the field of contenders hoping to replace him on the general election ballot is growing quickly. Former state Senate President Troy Jackson, for example, announced his candidacy less than an hour after Platner left the race. Dan Kleban, co-founder of Maine Beer Company, is also in, along with former gubernatorial hopeful Nirav Shah, who led the Maine Center for Disease Control and Prevention during the pandemic.
As Thursday progressed, Maine Secretary of State Shenna Bellows joined the party’s field, as did Jordan Wood, who recently lost a competitive House primary race in the northern part of Maine.
Over the past 30 years, there have been only nine instances in which a major party replaced its Senate nominee. Two of those nine won.
* Despite credible concerns about Republican Sen. Tommy Tuberville’s eligibility to run for governor in Alabama, a state judge this week dismissed a lawsuit that argued he does not meet the residency requirement to run.
* In Texas’ closely watched Senate raceRepublican Attorney General Ken Paxton raised over $9 million in the second quarter (spanning April through June), while Democratic state Rep. James Talarico raised a staggering $30 million over the same three months. According to The Texas TribuneTalarico’s haul “is a record total for a U.S. Senate candidate in the second quarter of an election year.”
* As Sen. Marsha Blackburn’s Republican gubernatorial campaign prepares for an Aug. 6 primary, the senator launched a new television ad this week that has been widely panned as racist.
* Rep. Mike Collins’ Republican Senate campaign in Georgia was already facing long oddsand it probably won’t help that the far-right congressman is now struggling with staffing issuesincluding the departure of two chiefs of staff.
* And while it’s undeniable that Republicans enjoy a financial advantage headed into the midterm electionsSenate Majority PAC, a super PAC aligned with the Senate Democratic leadership, and its affiliated nonprofit raised $147 million in the second quarter. That’s the best quarter it’s ever had.
Steve Benen is a producer for “The Rachel Maddow Show,” the editor of MaddowBlog and an MS NOW political contributor. He’s also the bestselling author of “Ministry of Truth: Democracy, Reality, and the Republicans’ War on the Recent Past.”
Lorenzo Salgado Araujo was not the target of the Immigration and Customs Enforcement operation that resulted in his fatal shooting, Rep. Sylvia Garcia, D-Texas, told MS NOW.
Salgado, a Mexican immigrant who moved to the United States 35 years ago, was shot and killed during a traffic stop in Houston on Tuesday. According to Garcia, acting ICE Director David Venturella told her that neither Salgado nor his brother, who was in the vehicle with him, were the individuals that ICE officers were looking for. But Venturella “refused” to provide further information, Garcia said.
In a statement to MS NOW, a DHS spokesperson said that “officers conducted surveillance on a target’s address” where “they noted two white vans at the property. On July 7, officers were almost at the target’s address when they observed a white van with an individual who resembled the target. Officers then initiated the vehicle stop.”
The New York Timesciting a DHS spokeswoman, also reported on Thursday that ICE officers had been looking for a different person.
The Harris County Institute of Forensic Sciences has ruled Salgado’s death a homicide.
How the incident escalated to result in Salgado’s killing is unclear. Three other men arrested in the operation have disputed in handwritten statements to The Washington Post the claim by DHS that Salgado “weaponized his vehicle” against an officer.
“That is a lie,” Jose Trinidad Rojas said. “It is impossible for them to say that they were going to get run over … there were no officers in front of or behind the vehicle. They were on the sides.”
The officers engaging in the operation were also not wearing body cameras, nor were there cameras on the car dashboard. A DHS spokesperson told MS NOW in a statement that officers had not been issued body cameras because of the government shutdowns over funding for the department, saying the process of acquiring the equipment for ICE field offices “was interrupted by the Democrats multiple government shutdowns.”
Salgado’s death has sparked a firestorm across the country. His family said he was in the process of obtaining his work permit and was en route to a construction site when he was killed.
They have also called for an independent investigation into his killing, pointing to the similarities in DHS’ claim about the circumstances of Salgado’s death to that of Renee Good’s in Minneapolis.
DHS has said its Office of Inspector General is probing the incident. A spokesperson for the FBI in Houston previously told MS NOW that it is “leading an investigation into the potential assault on a federal law enforcement officer.”
This is a developing story. Please check back for updates.
Laura Barrón-López covers the White House for MS NOW.
Rosa Flores is a national correspondent for MS NOW.
Sara Weisfeldt is a field producer for MS NOW.
Clarissa-Jan Lim is a breaking news reporter for MS NOW. She was previously a senior reporter and editor at BuzzFeed News.
Voters in Colorado haven’t elected a Republican governor in more than two decades, and now that this year’s GOP gubernatorial primary has been called, it seems the streak will continue for four more years. The Associated Press reported:
Marine Corps veteran Victor Marx won the Republican primary for Colorado governor on Thursday, inching past a state senator who had the establishment’s backing.
Marx, described as a “high risk humanitarian” and the fastest gun disarmer in the world, defeated Sen. Barbara Kirkmeyer, his stiffest competition, in the June 30 election.
The results were incredibly close, and as of the latest tallies, Marx’s lead over Kirkmeyer was only about half a percentage point. That said, the advantage was good enough for news organizations to call the contest.
For her party, Kirkmeyer thanked her supporters and volunteers in a statement Thursday evening, signing off by saying, “I’m still proud of the campaign we ran … and, for the record, I still haven’t killed anyone.”
That might sound like a strange thing to say, but in this case, it was highly relevant: According to Marx, who founded a group called All Things Possible Ministries, he had an abusive stepfather who effectively forced him, at just 7 years old, to kill a man.
Asked in May how many people he has killed since then, the GOP candidate paused before telling Kyle Clark, an anchor at the NBC affiliate in Denver, “Does it matter?” He went on to call it an “odd question.”
(For the record, there are lingering questions about whether Marx actually killed a man as a child, and according to local law enforcementthere are unsolved murders from that time period.)
In case that weren’t quite enough, in the same interview, Marx explained that he also performs exorcisms, which he added can be completed over the phone.
He did not appear to be kidding.
A recent Slate report noted that party insiders not only expect him to lose badly, they’re also concerned that having Marx at the top of the GOP ballot “could imperil other Republican seats in the statehouse and Congress, plunging the fractured, marginalized party into chaos.”
Marx will face Phil Weiser, the Democratic state attorney general, in November. Watch this space.
Steve Benen is a producer for “The Rachel Maddow Show,” the editor of MaddowBlog and an MS NOW political contributor. He’s also the bestselling author of “Ministry of Truth: Democracy, Reality, and the Republicans’ War on the Recent Past.”
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