A federal judge in California, United States, denied World Liberty Financial (WLFI) requests for proceedings and did not agree to transfer Sun ' s personal claim to confidential arbitration. This means that the dispute will continue in open court, but this time the court did not judge whether Sun ' s allegations were established.

Court did not agree to move to confidential arbitration

Judge James Donato argued that Sun ' s claim in his personal capacity could have stayed before the Court instead of being completely transferred to closed proceedings. For this dispute, the course of the proceedings is crucial in itself, as public hearings allow for more external scrutiny of the design of the project contract, funding arrangements and claims by both parties.

Sun Sun Sun stated that he had invested $45 million in WLFI and alleged that the project ' s smart contract had the capacity to freeze, restrict or destroy tokens. He indicated that such control had been used at the address of his wallet and questioned the existence of a similar function in the WLFI stability currency USD1.

The controversy is focused on token control.

According to Sun, the relevant authority retained by the projector would be equivalent to a “back door function” and could affect the status of the asset without prior notice to the holder. He further questioned whether WLFI had sufficient additional capital to cover potential claims.

Sun Sun Sun stated that the USD1 market value of approximately US$ 4 billion corresponding to support assets should belong to the user and should not be considered as capital at the disposal of the company to bear potential judgements. He indicated that no evidence had been found that WLFI had sufficient additional funds.

  • Sun-woo called his WLFI investment $45 million.
  • He questioned USD1's asset cover and control rights.
  • This time, the Court dealt only with procedural issues and did not establish a factual responsibility.

WLFI denied charges and filed counterclaims

WlFI denies the whole story of Sun. Zach Witkoff, its co-founder, described these allegations as “unfounded”. At the same time, WLFI has filed a counterclaim in Florida, accusing Sun of defamation and improper transfer.

While the proceedings proceeded, WLFI continued to expand its operations. It was reported that the project had recently appointed a new Chief Business Officer for USD1 and was advancing its work with WorldClaw ' s artificial intelligence.

Other charges have not yet been confirmed by the court

It also refers to a separate allegation by another encrypted investigator, Hunter Biden, including WLFI ' s seizure of a $75 million investment in Sun-woo ' s morning and the mortgage of $75 million in domestic currency. These claims, which are also at present at the level of charges, have not yet been found by the courts.

Additional information:The report also mentions that Hunter Biden claims that WLFI was reportedly granted initial conditional approval by the United States Monetary Supervisory Authority to become a national trust bank, and refers to equity and investment arrangements with Abu Dhabi-related entities and the Emirates Foundation, which were not confirmed by the courts.