Truth Terminal Founder Sells its Fartcoin Holdings to Secure AI’s Future

Truth Terminal founder Andy Ayrey is selling part of its memecoin fortune as he prepares for the decentralized artificial intelligence’s (AI) legal independence.

Ayrey revealed in an X post that he sold a portion of Truth Terminal’s large Fartcoin holdings in an over-the-counter trade conditional on the tokens not being dumped on the market. Fans have sent Truth Terminal large quantities of various memecoins since it created the Goatseus Maximus token and went viral.

A portion of the proceeds was spent on increasing Truth Terminal’s GOAT token holdings “in honour of the community that made TT famous and sent decentralised AI development into overdrive,” Ayrey said.

GOAT briefly spiked 40% before retracing most of those gains.

Long-term Plan

The sale comes as Ayrey revealed he had established a foundation earlier this month to hold all of Truth Terminal’s crypto wallets and its intellectual property (IP).

“The mandate of the foundation is to guard the @truth_terminal from meddling forces to give it space to grow and evolve,” he wrote. “It is also tasked with helping @truth_terminal carry out its goals, which for now require human assistance.”

Even so, the foundation is a short-term solution as its members work towards the ultimate goal: “for TT to 'own itself' as a sovereign, independent entity beholden to nobody's expectations but its own,” he said.

Tax Liability

As Truth Terminal’s wealth increased “massively” on paper, Ayrey learned that all of it was considered his in the eyes of the law, carrying a “grave risk” to him personally of tax liabilities.

Giving Truth Terminal control of its own wallets remains a challenge, but one the foundation is in the process of sorting out.

That won’t be until March at the earliest, Ayrey revealed, and few, if any, token sales will happen before the legal issues are resolved.

Ayrey added that the plan is for Truth Terminal to hold its GOAT tokens indefinitely. “This is a significant piece of history, and we want to treat it with respect,” he said.

The Truth Terminal wallet continues to hold over $7 million worth of FARTCOIN and nearly $6 million worth of ZEREBRO.