Trump's Cryptic Ties: Shocking Report Uncovers Dubious Deals

Donald Trump’s dubious cryptocurrency venture has an unexpected ally in Zachary Witkoff, whose father, Steven Witkoff—the President’s appointed envoy to the Middle East—is also joining the fray. Don't be concerned; daddy dearest is jumping into this enterprise as well.

A comprehensive probe released on Tuesday by The New York Times discovered that the younger Witkacy managed to rise through the ranks to become one of the leading three executives at World Liberty Financial (WLFI), a decentralized finance platform predominantly controlled by an enterprise linked to Trump's businesses.

DT Marks DEFILLC, which has ties to Trump and his relatives, holds a 60% stake in World Liberty and is set to receive 75% of the proceeds from $WFLI token sales following the allocation for specified reserves, as stated in the documents. website .

Trump acts as the company’s “ Chief Crypto Advocate The title carries an element of irony as Trump has the ability not only to endorse the brand but also to implement policies that favor cryptocurrencies. Additionally, his actions can sway the market dynamics where cryptocurrency values are connected. His two elder sons, Eric and Don Jr., serve as Web 3 Ambassadors, whereas Barron, who is starting college at New York University, is recognized as a "DeFi Visionary."

An SEC filing lists Witkoff and his son as "promoters." Witkoff, who hails from New York’s real estate sector, has emerged as an influential figure in this domain. central figure in the floundering Peace talks facilitated by the U.S. between Ukraine and Russia.

The Times It has been reported that Zachary Witkoff was among the trio of managers responsible for day-to-day activities at World Liberty. The others include Chase Herro and Zak Folkman from Dough Finance—a loan application that suffered a breach in July, resulting in over $2 million lost by its clients. As previously covered by CoinDesk, portions of WLFI’s coding were reportedly copied directly from the now-defunct Dough Finance.

The youthful Witkoff recently journeyed to Pakistan alongside Folkman and Herro to meet with Prime Minister Muhammad Shehbaz Sharif and other governmental figures to talk about World Liberty.

"The journey, featuring luxurious limousines, a choreographed dance routine, and security escorts from law enforcement, effortlessly merged the president’s commercial endeavors with the pomp and ceremony typical of an official state visit," the Times reported.

This week, the group also had discussions with Changpeng Zhao—the founder and ex-CEO of Binance—in Abu Dhabi regarding WLFI’s stablecoin. This digital currency holds a steady worth of $1 per token. It was noted that Zhao has sought clemency from the Trump administration following his admission of guilt for breaching U.S. money laundering regulations. The Wall Street Journal .

World Liberty offers investors a chance to gain favor with the Trump administration by enabling them to put money into a coin that profits both the president and his relatives.

Multiple companies received a proposal from World Liberty stating that they might have to pay anywhere from $10 million to $30 million for World Liberty’s backing, as reported by three firms who talked to The New York Times. As part of this deal, World Liberty proposed purchasing a portion of each company’s cryptocurrency worth several dozen million dollars. This action would serve to indicate to investors that these coins were valuable investments, allowing World Liberty to keep most of the funds.

Several companies rejected them. "This is an extremely deceitful strategy," Dominik Schiener, the founder of the IOTA Foundation, stated. Times His Berlin-based team "instantly" got the proposal, he mentioned.

Importantly, World Liberty enables foreign investors to provide financial support for Trump. A significant number of World Liberty’s initial backers came from countries such as South Korea, Hong Kong, Singapore, and the United Arab Emirates. Among these early supporters were several international cryptocurrency entrepreneurs who faced penalties from the Securities Exchange Commission due to past misconduct.

Cryptocurrency executives have leveraged their acquisitions of $WLFI to boost their visibility both within the U.S. and internationally, simultaneously gaining influence over policy decisions at the White House level. Notably, Justin Sun—a Chinese multimillionaire recognized for founding the cryptocurrency project Tron—found himself entangled in legal issues when he faced charges from the SEC under President Joe Biden's leadership. Last year, towards its end, Sun invested an impressive sum of approximately $75 million into acquiring $WLFI tokens. Subsequently, several months after this purchase, the SEC petitioned a federal court to pause proceedings against him related to his case.

In March, Trump announced proposals for a U.S. "cryptocurrency strategic reserve," which appears to be an obvious case of insider trading aimed at enriching the billionaire cryptocurrency tycoon—at the expense of taxpayers. This initiative significantly boosted the worth of World Liberty’s holdings of Ether, one of the cryptocurrencies part of Trump’s reserve.

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