The Trump family’s crypto platform, World Liberty Financial, has denied the project sold off millions worth of Ethereum earlier this week at a massive loss, dismissing reports to that effect as “wholly inaccurate.”

“The claims that World Liberty Financial has sold any of its holdings are wholly inaccurate,” a company representative told Decrypt Thursday. “WLFI has not sold any positions as currently reported. Speculation to the contrary is false.”

Yesterday, reports circulated that the project sold $8 million worth of ETH at a significant loss in the thick of market tumult incurred by President Donald Trump’s oscillating tariff policies. 

The reports cited data from on-chain intelligence firm Arkham, which tagged a wallet—that did appear to sell off 5,471 ETH on Wednesday—as potentially associated with the Trump-backed enterprise. 

Miguel Morel, Arkham’s CEO, told Decrypt that the wallet in question shares a Coinbase Prime deposit address with verified World Liberty addresses, a discovery that led the intelligence firm to label it as, at the very least, “closely tied” to the project. Representatives for World Liberty did not immediately respond when asked why an address not affiliated with the project would share a deposit address with other WLFI wallets.

Morel did emphasize, however, that the wallet has not been verified as officially belonging to World Liberty, and instead currently holds the label of “predicted entity” on Arkham—a designation with “a lower confidence interval” that is used to “help researchers find these types of connections and get better clues.”

Had World Liberty, in fact, made those sales, they would have constituted a sizable loss for the budding Ethereum DeFi project. World Liberty bought the bulk of its massive ETH stores in December and January, when the asset’s price soared well above $3,000 off post-election euphoria. 

By Wednesday, when the wallet Arkham tied to World Liberty sold off millions in ETH, the asset’s price had cratered to $1,465 per token.

But the trade’s real significance, had World Liberty made it, would have likely been more symbolic than financial. 

World Liberty holds hundreds of millions of dollars worth of crypto. A loss of $8 million or so on a single ETH trade wouldn’t have put the project in much jeopardy.

The Trump-affiliated platform has, on the other hand, marketed itself as in lockstep with the president’s policies and economic vision for the country. Beginning to sell off its crypto reserves at the peak of market panic concerning Trump’s escalating global trade war would have complicated that narrative.