Former U.S. President Donald J. Trump has embarked on a new cryptocurrency venture alongside two controversial entrepreneurs, Chase Herro and Zachary Folkman, whose business dealings have raised eyebrows. The project, named World Liberty Financial, was launched during a livestream last month by Trump and his three sons, marking a striking shift for the former president, who previously dismissed cryptocurrency as a potential scam.
Herro and Folkman, described as the driving forces behind the venture, are no strangers to controversy. Both men have built reputations as serial entrepreneurs with a long history of lawsuits, unpaid debts, and taxes. Herro, an online salesman who proudly refers to himself as the “dirtbag of the internet,” claims he can sell anything to anyone. Folkman, meanwhile, ran a company called Date Hotter Girls, where he offered advice on how to attract women in bars. Over the years, they have left a trail of legal disputes while operating in industries ranging from social media marketing to cryptocurrency.
Despite their checkered past, Trump’s eldest son, Donald Trump Jr., was enthusiastic about their involvement, declaring, “You could put them in a boardroom at Goldman Sachs, and they’re going to smoke the people in the room.” The venture, according to Trump, is designed to turn the United States into “the crypto capital of the world.”
However, experts have raised concerns about both the legitimacy of the business and Trump’s involvement. Eswar Prasad, an economics professor at Cornell University, expressed skepticism over the capabilities of Herro and Folkman to successfully navigate the complexities of the crypto market. “They do not appear to have the technical or financial savvy to make the venture work,” he noted.
The venture also stands out for its potential conflicts of interest. If Trump is re-elected in the upcoming presidential race, he would be in a position to influence the very regulations that could determine the success or failure of World Liberty Financial. Trump has made it clear that he opposes strict federal intervention in the cryptocurrency industry, a stance that could directly benefit his own business interests.
Even those at the helm of the project expressed surprise that Trump would partner with two relatively unknown figures in the high-risk crypto market so close to Election Day. “If you would have thought six months ago that Donald Trump is dropping a decentralized finance project, would anyone have believed it?” Folkman asked during the livestream, to which the event’s moderator quipped, “Especially with two crypto punks.”
The two entrepreneurs have formed at least 17 companies, frequently gravitating toward tax havens such as the U.S. Virgin Islands and Puerto Rico. Their ventures have included social media marketing schemes, get-rich-quick e-commerce businesses, and other cryptocurrency projects. Both were involved in Dough Finance, a crypto platform that was hacked in July, resulting in the loss of $2 million.
One of their other ventures, the Nexus Group, was sued by a client in 2017 for failing to deliver promised services. Though the complaint was later withdrawn, American Express also sued Folkman and Nexus Group for $77,000 in unpaid credit card bills, a case that was dismissed after a missed filing deadline. Corporate records show that Nexus Group has since been dissolved.
Despite their controversial past, Herro and Folkman remain confident in the potential of World Liberty Financial. Herro has made grand claims about the project, stating it could help restructure trillions of dollars of national debt using cryptocurrency.
However, not everyone is convinced. John Reed Stark, a former senior official with the U.S. Securities and Exchange Commission, dismissed the project as unoriginal. “It’s a bunch of nonsense,” Stark said. “And a terrible opportunity for investors.”
As questions swirl around the venture and its founders, the future of World Liberty Financial remains uncertain, particularly as Trump faces heightened scrutiny leading up to the presidential election.
2 Comments
Blue Techker I very delighted to find this internet site on bing, just what I was searching for as well saved to fav
Blue Techker This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!