A sweeping investigation published Tuesday by The New York Times found that the young Witkoff had found his way to becoming one of the top three managers of World Liberty Financial, (WLFI) the decentralized finance platform that is majority owned by a Trump business entity.
Trump serves as the company’s “Chief Crypto Advocate.” It’s a sort of ironic title because, while Trump can promote the brand itself, he can also shape policy to the benefit of cryptocurrencies and influence the very markets to which crypto value is tied. The president’s sons Eric and Don Jr. are both Web 3 Ambassadors, while Barron, a freshman at New York University, is a “DeFi Visionary.”
The Times reported that Zachary Witkoff was one of three managers who oversee daily operations at World Liberty, alongside Chase Herro and Zak Folkman of Dough Finance, a lending app that was hacked in July, losing its customers more than $2 million. Coindesk previously reported that some of WLFI’s code was lifted directly from the defunct Dough Finance.
“The trip, complete with limousines, a dance performance and police escorts, seamlessly blended the president’s business interests with the trappings of a state visit,” the Times reported.
World Liberty presents a golden opportunity for investors to curry favor with the Trump administration by allowing them to invest in a coin that directly benefits the president and his family.
Some firms turned them down. “It’s a very dishonest approach,” Dominik Schiener, founder of the IOTA Foundation, told the Times. His Berlin-based group “immediately” received the pitch, he said.
Crypto executives have used their purchases of $WLFI to raise their profile in the U.S. and globally, in addition to granting them leverage with the White House. Justin Sun, a Chinese billionaire who founded the crypto platform Tron,and was sued by the SEC during the Biden administration, bought a whopping $75 million of $WFLI late last year. A few months later, the SEC asked a federal judge to halt Sun’s case.
In March, Trump announced plans for a U.S. “crypto strategic reserve,” which presents as a blatant insider trading scam to make his billionaire crypto czar richer—funded by taxpayer money. It directly increased the value of World Liberty’s stash of Ether, which was one of the coins included in Trump’s reserve.
Hence then, the article about trump s shady crypto partners revealed in damning new report was published today ( ) and is available on The New Republic ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Trump’s Shady Crypto Partners Revealed in Damning New Report )
Also on site :