Donald Trump's New Crypto Project Could Hurt the Entire Industry

World Liberty Financial (WLF) is a new cryptocurrency venture that was founded by Donald Trump and his sons. The goal is to raise $300 million through a token sale. However, after 24 hours, they had only raised $12 million, which is just 4% of the 20 billion tokens they are selling.

Although Trump is trying to show that he supports crypto, many people in the industry are worried. They think his involvement might make the situation worse, especially since the crypto industry has already faced many problems, like market crashes and fraud. 

If Trump’s project fails, it could hurt the industry's slow recovery. Crypto Accountants see to these developments keenly.

Concerns About WLF’s Leadership

There are also concerns about the people running WLF. Two key figures, Chase Herro and Zachary Folkman, have troubling pasts. 

Herro has been involved in drug sales and fraud and was even jailed at 18. Folkman, on the other hand, has had problems with credit card debt and was involved in another crypto project, Dough Finance, which was hacked for $2 million.

WLF claims to be “decentralized,” but the tokens they are selling don’t give buyers any rights or allow them to trade them. This lack of transparency is worrying in an industry that values honesty and openness.

Trump’s Role and Industry Concerns

Trump’s involvement in WLF seems to be mainly through social media promotion, making it look like he’s using his platform for personal gain rather than helping the crypto space. 

This has added to concerns that Trump’s project could hurt the industry just as it is trying to recover and gain trust again after the market crash in 2022.

Trump has promised to stop what he calls the “persecution” of the crypto industry, gaining support from Silicon Valley. However, Wall Street has instead backed Kamala Harris.

Unreliable Leaders and a Rocky Start

The questionable backgrounds of WLF’s co-founders and technical problems, like the website crashing on day one, have made people more skeptical of the project. The tokens they are selling can’t even be used as currency within the platform, and there’s no way to sell them back to the company, raising more doubts about WLF’s trustworthiness.

With the crypto industry already dealing with scandals, Trump’s new venture might be another mistake, potentially harming trust in the larger cryptocurrency world.