World Liberty Financial, the DeFi project backed by U.S. President Donald Trump’s family, has denied reports that it sold ether (ETH) earlier this week.

It was reported on Wednesday that a wallet closely linked to World Liberty Financial, which is tagged by blockchain data firm Arkham as potentially belonging to the project, sold $8 million worth of ether after surpassing $125 million in unrealized losses.

In a statement to CoinDesk, a World Liberty Financial spokesperson said: “The claims that World Liberty Financial has sold any of its holdings are wholly inaccurate. WLFI has not sold any positions as currently reported. Speculation to the contrary is false.”

Ether has since rebounded since that sale at $1,465, currently trading at $1,553 after the crypto markets experience a minor period of relief on Wednesday.

Donald Trump’s son, Eric, said that it was a “great time to buy” ETH in February when it traded at $2,880.

Arkham did not respond to CoinDesk’s request for comment.

​