World Liberty's Sticky Situation
The Trump Family's DeFi platform is seeing a surge in scrutiny over its growth and governance tactics.
President Trump's World Liberty Financial has long been the subject of private crypto community grumblings, but in recent weeks the DeFi platform has increasingly found itself the topic of widespread open criticism.
The project founded by the Trump family and the sons of his chief Middle Eastern envoy Steve Witkoff had long drawn broader critiques outside the crypto industry over thorny conflicts of interest and bribery concerns. But in recent weeks, the platform's opaque governance moves and "bad taste" growth tactics are riling up users inside the industry, who are increasingly sounding the alarm on the decisions being made atop one of the Trump Organization's most profitable business ventures of all time.
Last week, World Liberty Financial was thrust into the spotlight after executing a series of massive borrows through onchain lending market Dolomite – whose founder also serves as the World Liberty Financial's Chief Technical Officer – using its WLFI token as collateral to cash out more than $40M in stablecoins via Coinbase.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
