Trump-Affiliated World Liberty Financial Defies Ethics Concerns, Raises $550 Million
World Liberty Financial (WLFI), a cryptocurrency venture run by the Trump family, secured over $550 million from investors worldwide, but concerns about conflicts between presidential power and private business interests remain.
What Happened: WLFI is 60% owned by a Trump family entity and has aggressively courted investors with deals that multiple industry executives described as ethically questionable, according to an investigation published on Tuesday by The New York Times.
The company approached at least five crypto startups offering “partnerships” that required them to purchase between $10 million and $30 million of World Liberty’s coins in exchange for smaller investments from Trump’s firm.
“It’s a black spot on our industry,” said Andre Cronje, founder of SonicLabs, which rejected World Liberty’s pitch.
Anyone accepting such deals would “obviously think they’re going to make money because it’s …
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