Trump Dynasty Amasses $5B Following Cryptocurrency Token Debut
The Trump family amassed an estimated $5 billion in paper wealth on September 2nd, following the trading commencement of their cryptocurrency token, WLFI. Issued by World Liberty Financial, the token began trading on major exchanges such as Binance, OKX, and Bybit.
World Liberty Financial, a crypto venture co-founded by Donald Trump Jr., Eric Trump, and Barron Trump, launched the digital token. It opened trading at approximately 30 cents before stabilizing at around 23 cents. The Trump family holds control over 22.5 billion WLFI tokens, which is nearly a quarter of the total supply.
Despite being described as a tool for upgrading “finance for the digital era,” World Liberty Financial has faced criticism from ethics experts and Democratic lawmakers. They have raised concerns over potential conflicts of interest. Senator Elizabeth Warren labeled it as “corruption, plain and simple.” However, the White House maintains that the president is not involved in the daily business operations.
The launch of the cryptocurrency marks the latest development in the Trump family’s expanding crypto empire. This empire also encompasses the $TRUMP memecoin and American Bitcoin mining operations. Although the tokens are currently locked and cannot be sold, the valuation signifies a significant milestone in the family’s diversification beyond traditional real estate ventures.
Source: CBS News