The reversal script in the crypto world is never absent, but whether it can cause top players to lose $60 million truly depends on WLFI's move. The associated wallet of TRON founder Justin Sun has been frozen by this project for over three months, with no clear timeline for unfreezing, and the frozen tokens' valuation has dropped from $130 million in September to around $74 million now. This level of shrinkage is truly shocking.

Let's review the events. In September, a major exchange-backed project WLFI suddenly launched a large-scale "security rectification," freezing 272 wallet addresses at once. The official reason given was "to prevent phishing fraud and suspicious transaction activities." But what really caught the community's attention was the details uncovered by on-chain data analysis teams (Bubblemaps and Arkham)—one wallet marked as "suspected of fund misappropriation" was pointing directly to Justin Sun's associated address, which was then blacklisted.

It is worth emphasizing that many investors still have a superficial understanding of "wallet freezing." Freezing is not just about temporarily unable to trade; in a market downturn, unrealized losses can be amplified to an unacceptable level. Justin Sun holds 545 million WLFI tokens, valued at about $130 million when frozen in September. Now, that has shrunk to $74 million. Besides losing liquidity, they also face the dual blow of market devaluation.

What is more ironic is that the WLFI team has always claimed this was "routine risk control operation, not targeting individuals." However, looking at the timeline, the freezing coincided precisely with Justin Sun's attempt to transfer $9 million, a coincidence that raises suspicion. The entire incident also serves as a reminder to investors: on-chain transparency is real, but sudden risk control events can still cause your assets to shrink instantly. Vigilance is essential.