Trump-Linked Crypto Deals Spark Controversy
Before Donald Trump’s presidential inauguration, Zachary Folkman, also known as "ZMoney," approached a Cayman Islands crypto startup with a partnership offer on Signal. On behalf of World Liberty Financial, Folkman proposed a mutual coin purchase to enhance the startup’s public image. However, this deal required a substantial secret payment to World Liberty.
Executives from several firms, including the Cayman startup, found the proposal unethical and declined. Concern arose as World Liberty was perceived to be trading endorsements in secrecy. Despite rejections, they secured similar deals globally, achieving over $550 million in sales, benefiting the Trump family significantly.
Key Takeaways:
- World Liberty’s deals required secret payments for endorsements.
- The proposal was deemed unethical by several startups.
- Over $550 million in coin sales benefitted Trump’s family.
Explore the full story on The New York Times.
Question: What impact do you think such hidden financial dealings could have on the credibility of cryptocurrency businesses?
