Sponsored by First Phosphate

Justin Sun Accuses Trump Crypto

Justin Sun, the founder of the TRON blockchain and World Liberty Financial‘s single largest investor, turned publicly against the Trump-backed DeFi project on Sunday, accusing it of embedding a hidden backdoor in its token contract that allows the team to freeze, restrict, and effectively seize investor funds without notice.

Sun, who has poured roughly $175 million into Trump-linked crypto ventures, posted a lengthy statement on X calling WLFI “a trap door marketed as an open door” and demanding the immediate release of approximately 545 million WLFI tokens frozen in his wallet since September 2025.

WLFI’s official account responded within hours: “See you in court pal.”

You can read more on the matter here.

What’s going on?

• Democrats Now Have To Swallow Swalwell’s California Gov Race Exit (theDeepDive)

• Magyar: Hungary’s Foreign Ministry Shredding Russia Sanctions Files (theDeepDive)

• The Pope Said ‘Enough of War,’ Trump Calls Him Weak…Then Posts Himself as Jesus (theDeepDive)

• Housing Shortage Is at Least 10 Million Homes, White House Says (Bloomberg)

• ‘We’re Guarding Against Russia. It’s A Little Ridiculous,’ Trump Says As He Slams NATO (theDeepDive)

• Hormuz Blockade: ‘Other Countries Will Be Involved’, But Zero Have Confirmed (theDeepDive)

• Taxpayers Paid Nearly $1M For Plane Catering, Hotels In Carney’s First Year (theDeepDive)

• Trump says Iran has made contact and wants deal ‘very badly’ (FT)

• Trump Orders Immediate Naval Blockade of Iranian Ports After Negotiation Collapse (theDeepDive)

• Hungary Elections: Tisza Party’s Péter Magyar Ends Orban’s 16-Year Rule with Supermajority Projection (theDeepDive)

• US and Australia Commit $600M to Rare Earth Refinery in Push for Supply Chain Security (theDeepDive)

• Canada slashed migration and housing costs dropped. There may be lessons for Australia (TG)

What’s the latest?

• Income Gap: Canada’s income gap widened to 46.7 percentage points in 2025 (from 46.4), while the top 20% held 65.7% of total wealth averaging $3.5M per household. The bottom 40% held just 3% of wealth, averaging $81,650, with the wealth gap reaching 62.7 percentage points (+0.6 YoY).

• AI: The NDP plans to introduce a motion to ban “surveillance pricing,” where companies use personal data (e.g., search history, time on page) to adjust prices, with a cited example of higher costs for urgent items like medicine. A recent poll shows 52% of Canadians support a ban, and Manitoba has already introduced provincial legislation. The proposal aims to expand the ban federally using broader regulatory powers.

• Markets: Canada’s S&P/TSX rose marginally +2.3 points to 33,698, while oil climbed to US$102.40/barrel (+$5.83) amid escalating U.S.-Iran tensions and failed ceasefire talks. In the U.S., the Dow fell -258.84 points, while the S&P 500 (+6.58) and Nasdaq (+72.58) posted modest gains. The Canadian dollar strengthened slightly to 72.41 US cents, and gold declined $60.80 to $4,726.60/oz.

• Energy: Physical oil markets are spiking far beyond futures, with prompt crude cargoes in Europe nearing $150/barrel (Forties at $148.87) while Brent futures sit just above $100 (+6%), reflecting severe supply disruption from the Strait of Hormuz blockade. Refined fuels have surged even more: jet fuel is approximately $200/barrel (nearly 2× since Feb 28) and diesel around $170 (vs $102 pre-war), with Europe heavily exposed (62% of jet fuel and 42% of diesel imports from the Middle East). Physical premiums have blown out, with dated Brent trading >$20 above futures and some grades like WTI Midland and Nigerian crude hitting record premiums ($21.85+ and $10+).

• Politics: U.S. President Donald Trump posted an AI-generated image appearing to depict himself as Jesus, which drew widespread backlash—including from conservative religious allies—and was deleted within hours. Trump later claimed the image was meant to portray him as a “doctor,” not a religious figure, amid ongoing tensions with Pope Leo XIV over U.S. foreign policy. The incident adds to a pattern of controversial religious imagery posts, with critics calling the depiction blasphemous and politically damaging.

Why Risk Assets May Have Already Peaked

The stock market and stuff

• GFL Targets Acquiring Secure Waste in New $6B Push (theDeepDive)

• Goldman Sachs Reports Record Quarter in Banking and Trading (WSJ)

• OpenAI Closes Record $122 Billion Funding Round at $852 Billion Valuation (theDeepDive)

In the juniors

• First Phosphate Gains Danish State Support With LOI For EUR 170 Million Credit Guarantee (theDeepDive)

• Denarius Metals Offers To Acquire Emerita At Just $0.30 A Share (theDeepDive)

• Amex Outlines $1.1 Billion NPV For Phase 1 Of Perron Development Under Feasibility Study (theDeepDive)

FULL DISCLOSURE: First Phosphate is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Phosphate. The author has been compensated to cover First Phosphate on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.