Sun Yuchen’s move is truly something else. Recently, he directly and officially filed a lawsuit against the WLFI project team in California, USA—and this has been the talk of the town at the Hong Kong Web3 Conference. Sun Yuchen put in a total of $75 million, but now 98% of the tokens are frozen—only 2% has been unlocked, and the rest has been blacklisted and frozen.

The most outrageous part is the project team’s actions. The moment Sun Yuchen transferred the coins to an exchange, he was blacklisted. More than 500 million tokens were frozen in an instant, and assets worth more than $100 million just disappeared like that. Later, the project team upgraded the contract, adding blacklist and confiscation features—at least in theory, they can confiscate investors’ tokens at any time. Another detail is that WLFI staked tokens worth hundreds of millions of dollars on Dolomite to borrow stablecoins, and the founder of Dolomite just happens to be WLFI’s CTO—there’s definitely a whiff of self-dealing.

On Sun Yuchen’s side, he says his terms are the same as those of other investors, and that his participation also went through the official public sale. Now he’s taking the initiative to sue—let’s see who will ultimately win. At the moment, the WLFI price is around $0.07, with no major fluctuation. It’s also rumored that Sun Yuchen has indeed looked quite worn out these days. How this battle will play out is really hard to say.