Well, folks, it’s happening again: Trump’s crypto pals are in hot water. But instead of dealing with the consequences of a major hack, they decided to pocket the millions. Nice work if you can get it! 💰
The Trump family’s crypto escapades are once more under the microscope. Reuters dropped a bombshell report on May 19, revealing that World Liberty Financial (WLFI), one of Trump’s ventures, is tied to a shady crypto exchange that was hacked—and abandoned. Who could have seen that coming?
Enter Zak Folkman and Chase Herro—two names you might want to forget. These two geniuses were behind Dough Finance, a platform that was built to let users gamble their money on crypto trades with leverage. Sounds safe, right? Spoiler alert: it wasn’t. In July 2024, the platform got hacked to the tune of $2.5 million in user losses. Oops.
Initially, Folkman and Herro promised to make things right, pledging to compensate the victims. But as soon as the drama died down, they pulled a fast one and launched WLFI with none other than Donald Trump’s sons—Don Jr., Eric, and Barron. Because nothing says “trustworthy” like jumping into a new venture when the old one just imploded. 🙄
Of course, this all came with a price. A lawsuit. Naturally. Jonathan Lopez, one of the unfortunate souls who lost $1 million in the hack, is leading the charge. You know, for that whole “getting your money stolen” thing.
Trump’s WLFI: Where Scandal Meets the Blockchain
Despite the stink of controversy, WLFI has stood by Folkman and Herro. In fact, Eric Trump, the executive vice president at WLFI (because of course, he’s involved), defended them with a glowing statement that could only be described as the corporate equivalent of a participation trophy.
“We are proud of the entire team. They have overachieved our wildest goals and our current trajectory is nothing short of incredible.” Eric Trump, WLFI.
But wait, there’s more! If you think Folkman and Herro are the only sketchy players in this crypto circus, think again. Enter Justin Sun, founder of Tron, who decided to join WLFI as an advisor in December 2024. His entrance was marked by a neat little $30 million investment. And, naturally, Sun is no stranger to controversy, having been investigated by the SEC more times than anyone can count.
And get this: after Sun came aboard, the SEC mysteriously dropped its investigations into his dealings with BitTorrent and Rainberry tokens. Makes you wonder, doesn’t it? Democrat lawmakers are now calling for an investigation into Trump’s crypto operation, but hey, what’s new? 🙄
Read More
- How Angel Studios Is Spreading the Gospel of “Faith-Friendly” Cinema
- Hero Tale best builds – One for melee, one for ranged characters
- Gold Rate Forecast
- Comparing the Switch 2’s Battery Life to Other Handheld Consoles
- Castle Duels tier list – Best Legendary and Epic cards
- EUR CNY PREDICTION
- Mini Heroes Magic Throne tier list
- 9 Most Underrated Jeff Goldblum Movies
- USD CNY PREDICTION
- EUR NZD PREDICTION
2025-05-19 16:31