Donald Trump, along with his sons, has launched a new crypto project called World Liberty Financial (WLF). The company launched a token sale on Tuesday, with the goal of raising $300 million.
Twenty-four hours later, only $12 million had been secured, which accounted for just 4% of the 20 billion tokens they’re offering.
But while Trump is still trying to pitch himself as pro-crypto, industry executives aren’t buying it anymore. They’re worried that he will just further tarnish crypto’s already damaged reputation.
After a series of market crashes and frauds, the last thing we need is another high-profile flop. Trump’s involvement, paired with shady executives, has everyone on edge.
Concerns over WLF’s leadership
Two key players in World Liberty Financial have less-than-stellar histories. One of them used to run classes teaching men how to “pick up” women. The other has faced legal issues with fraud and illegal drug sales.
Despite being labeled “decentralized,” the platform offers tokens that grant no economic rights to holders and can’t even be traded. That’s a major issue for an industry that prides itself on freedom and transparency.
Trump’s role as the “chief crypto advocate” seems limited to social media promotions, which—surprise surprise—means he’s just using his platform for personal gain.
Crypto has been through the wringer over the last few years, especially after the crash in 2022. The industry has barely started to recover, with some companies facing lawsuits and executives going to jail for not protecting their investors.
Meanwhile, those left standing have been fighting for regulations and acceptance by traditional financial systems. And then Trump came in.
He’s promised to end what he calls the “persecution” of the industry. The crypto parade has won him financial backing from top Silicon Valley, though Wall Street has chosen Kamala Harris.
The shady characters behind WLF
Chase Herro and Zachary Folkman are two co-founders with the checkered pasts. The former was jailed at 18 for selling drugs and even cut off his ankle monitor to flee to California.
That’s not all, he was also sued in 2010 for fraud after allegedly using $170,000 in investments for his personal benefit.
He was ordered to pay $207,366 in damages. Then in 2021, Folkman faced a lawsuit from American Express for $12,562 worth of credit card debt.
Absolutely nobody in the crypto industry knows these guys. To make matters worse, their previous venture, Dough Finance, got hacked for $2 million in July.
YouTube videos posted by the pair don’t help their case either. One video even shows Herro and Folkman dressing up as women to find dates.
Meanwhile, you can’t even sell the WLFI back to the company, and it doesn’t function as a currency within their platform. On day one, their website crashed.
Trump trails behind Harris
Polling data shows that Trump, despite his efforts, is still trailing behind Harris. According to the latest YouGov MRP, Harris is leading Trump 50% to 47%, translating to 250 electoral votes for Harris against 219 for Trump, with 69 electoral votes classified as tossups.
These tossup states (Arizona, Georgia, Nevada, North Carolina, Pennsylvania, and Nebraska’s 2nd District) could swing either way.
A separate poll by The Economist/YouGov shows Harris with a narrower lead, polling 48% to 45% among all U.S. adults.
This poll in particular shows a huge change among Hispanic voters, where Harris has surged to 60% support, compared to Trump’s 35%, giving her a massive 25-point lead in this crucial demographic.
Trump is facing major issues with key voting demographics thanks to Harris’ colored appeal. But there’s still room for movement.
About 4% of respondents remain undecided, meaning the race could still see shifts as we approach November 5. Both candidates are pushing hard, but Trump’s attempts to reclaim ground, especially among minority groups, seem to be hitting a wall.
Harris is working on solidifying her base and appealing to disillusioned Republicans, while Trump focuses on his core supporters, hammering issues like immigration and the economy.
On crypto industry’s Polymarket, however, Trump is 19% points ahead with 59% against Harris 40%.
