The post Donald Trump’s new crypto venture is a danger to the entire industry appeared on BitcoinEthereumNews.com.

Donald Trump, along with his sons, has launched a new crypto project called World Liberty Financial (WLF). The company launched a token sale on Tuesday, with the goal of raising $300 million. Twenty-four hours later, only $12 million had been secured, which accounted for just 4% of the 20 billion tokens they’re offering. But while Trump is still trying to pitch himself as pro-crypto, industry executives aren’t buying it anymore. They’re worried that he will just further tarnish crypto’s already damaged reputation. After a series of market crashes and frauds, the last thing we need is another high-profile flop. Trump’s involvement, paired with shady executives, has everyone on edge. Concerns over WLF’s leadership Two key players in World Liberty Financial have less-than-stellar histories. One of them used to run classes teaching men how to “pick up” women. The other has faced legal issues with fraud and illegal drug sales. Despite being labeled “decentralized,” the platform offers tokens that grant no economic rights to holders and can’t even be traded. That’s a major issue for an industry that prides itself on freedom and transparency. Trump’s role as the “chief crypto advocate” seems limited to social media promotions, which—surprise surprise—means he’s just using his platform for personal gain. Crypto has been through the wringer over the last few years, especially after the crash in 2022. The industry has barely started to recover, with some companies facing lawsuits and executives going to jail for not protecting their investors. Meanwhile, those left standing have been fighting for regulations and acceptance by traditional financial systems. And then Trump came in. He’s promised to end what he calls the “persecution” of the industry. The crypto parade has won him financial backing from top Silicon Valley, though Wall Street has chosen Kamala Harris. The shady characters behind…

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Filed under: News - @ October 17, 2024 8:19 am