The post Trump crypto venture WLFI is a ‘huge mistake,’ investor says appeared on BitcoinEthereumNews.com.

The latest Trump family business venture — originally pitched as a DeFi platform dubbed “The Defiant Ones,” but has since been rebranded as World Liberty Financial — is fraught with controversy just days after it was unveiled. While Trump’s eldest sons, Eric Trump and Donald Trump Jr., are “ambassadors” of World Liberty Financial, CoinDesk reports that the once “Defiant” company is also linked to individuals involved in liquidity protocol Dough Finance. Recall how Dough Finance lost $1.8 million in Ethereum (ETH) and USD Coin (USDC) to a flash-loan attack on July 12. Zachary Folkman and Chase Herro – the duo that built Dough Finance — are bosses at the new Trump-led firm, too. They started the companies Date Hotter Girls LLC and crypto-focused Pacer Capital, respectively. Trump first endorsed the decentralized finance project in an Aug. 22 post on Truth Social. He posted about it again on Aug. 29 (by then it was dubbed World LibertyFi). The X accounts of two of his family members were subsequently compromised and used to promote a fake Solana-based memecoin. One of the targets was Lara Trump, who is co-head of the Republican National Committee. The whole initiative sounds fishy to crypto venture capitalist and Trump supporter Nic Carter, who didn’t mince words on the matter. “This is a huge mistake,” he said per Politico. “It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the goodwill that’s been built with the industry so far.” “Goodwill?” It’s worth mentioning that some of the sector’s most famous names have been found guilty of fraud. Former Binance CEO Changpeng Zhao received a four-month sentence in prison; crypto entrepreneur Do Kwon spent more than six…

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Filed under: News - @ September 7, 2024 8:49 pm