Secret Deals and Foreign Investments Highlight the Rise of Trump’s Crypto Firm
By Eric Lipton, David Yaffe-Bellany, and Ben Protess
April 29, 2025
In the rapidly evolving landscape of cryptocurrency, World Liberty Financial has emerged as a significant player, intertwining its operations with the highest levels of American political leadership. This situation exemplifies unprecedented mingling of private business interests and government policy. The firm, publicly backed by former President Donald Trump and his family, has garnered attention for its controversial dealings that appear to challenge the ethical boundaries typically governing such enterprises.
In the days leading up to Trump’s presidential inauguration, the firm positioned itself aggressively in the market. Zachary Folkman, an entrepreneur with a checkered past in online dating, initiated contact via the encrypted messaging platform Signal with a startup based in the Cayman Islands. Representing World Liberty Financial, Folkman proposed a partnership that would mutually benefit both companies by trading digital coins to boost their public profiles.
The proposed partnership, however, came with an unexpected stipulation. In a revelation brought to light by The New York Times, the startup was asked to make a significant payment — estimated in the millions of dollars — to World Liberty in exchange for the chance to align its brand with the Trump name. This arrangement, the startup ultimately deemed unethical, raised alarms about the implications of such a transaction, perceived as tantamount to selling an endorsement while keeping the arrangement covert from the public eye.
Despite the adverse reactions from several firms approached with similar propositions, World Liberty Financial remained undeterred. Executives from the company assert that they have not engaged in any wrongdoing. They continued to secure lucrative deals, successfully courting other firms and reaching an impressive $550 million in sales revenue for their cryptocurrency, with a substantial portion allocated to profits for Trump’s family.
The implications of these dealings raise significant questions regarding regulatory oversight and ethical governance in the realm of cryptocurrencies. As World Liberty Financial forges ahead, the potential impact on both the business landscape and public trust in political institutions remains to be seen.
As this story unfolds, further scrutiny of the intersection between private ventures and political affiliations in the crypto arena is likely to intensify, setting the stage for a complex dialogue about the future of cryptocurrency in America.
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