Trump's DeFi Dreams Are Making Crypto Nervous
Weekly Recap: World Liberty Financial raises eyebrows, Uniswap settles with regulators.
Details about World Liberty Financial, the “high-yield” Trump-backed crypto project, have been unearthed, and it's making everyone a little nervous – supporters and critics alike.
As of now, the project intends to allocate 70% of its non-transferable tokens to insiders, raising serious doubts about the project's long-term viability. It plans to sell the rest, according to CoinDesk's reporting on an early white paper – a move that will certainly attract the ire of regulators particularly if Trump is not successful in his White House bid.
Trump's official role with the project is "Chief Crypto Advocate," but his three sons are also formally involved. The project is linked to Dough Finance, a recently hacked lending platform, and its founder, Zak Folkman – a former pick-up artist turned entrepreneur, is officially registered as the owner of World Liberty Financial LLC.
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David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
