The jokes continued, and Chase Herro, co-founder of the Trump family's crypto business, said with feigned sympathy: "I only found out about this at the interview. It's so sad."
From left to right: Donald Trump Jr., Zach Witkoff, Eric Trump, Zach Folkman
Jokes aside, the Trump brothers, Zach, Herro, and their business partner Zach Folkman, as leaders of the Trump family's cryptocurrency think tank, hold a very important position. Their mission is to transform World Liberty Financial, founded in October 2024, into a crypto giant—despite numerous glaring conflicts of interest. Currently, World Liberty Financial has three core businesses: USD1, a stablecoin pegged to the US dollar; the cryptocurrency WLFI; and a publicly traded company that holds WLFI. Purchasers of WLFI participate in decisions regarding future product development; the publicly traded company, established through a partnership with an established biotech company, primarily aims to provide traditional investors who don't use cryptocurrency exchanges with a way to invest in WLFI by purchasing shares. The entire enterprise is a whimsical mashup of tokens and financial alchemy. In March of this year, World Liberty Financial announced it had raised $550 million through a direct sale of WLFI tokens. Its USD1 stablecoin has a market capitalization of $2.2 billion, with the Trump family business earning interest. Furthermore, the partnership with the established biotech company also allowed investors to raise an additional $1.5 billion to purchase WLFI tokens, valuing the total supply at $20 billion at this price. Eric and Donald Jr. detailed these plans in a spacious conference room on the 25th floor overlooking Central Park. It was clear they were well-versed in cryptocurrency, chatting effortlessly about Bitcoin, Ethereum, and payment rails. But even more striking was the well-dressed Eric and Donald Jr., surrounded by a group of heavily tattooed crypto natives. Eric, Donald Jr., and Zuck all wore suits and blue ties. Crypto co-founder Herro, meanwhile, wore a light beige T-shirt and olive green jeans. He sported a tattoo of what looked like a Greek statue on his right bicep, along with numerous other tattoos. Folkman, wearing a black long-sleeved shirt and sharp sweatpants, had a butterfly tattooed on his left hand, among other tattoos. It seems World Liberty Financial has two "uniforms": business formal and crypto casual. The details of the Trump family's collaboration with this group of crypto veterans remain murky, but the story begins on a golf course. About two years ago, in the summer of 2023, Herro, a self-proclaimed "internet jerk" and longtime cryptocurrency entrepreneur, received an invitation to Shell Bay Club, a private golf club owned by the Vitkov family, outside Miami. Herro wouldn't say who invited him, only that it was "a great young man" who was a friend of Donald Jr. Herro, covered in tattoos, was standing on the lawn when Zack happened to drive by. "He could tell I was a little out of place," Herro said. "And he said, 'Come on, get in a car with me,' and we just started chatting in the golf cart." This chance encounter led to a business partnership. The Witkoffs introduced Herro and his longtime business partner, Zach Folkman, who previously ran a company called Date Hotter Girls, to the Trumps. The two families subsequently joined forces with Herro and Folkman, announcing the partnership during a September livestream, where the host referred to them as "cypherpunks."
Zach Folkman (left) shows off his World Liberty Financial tattoo, next to Chase Herro (right)
During the same live broadcast, Zach's father, Steve Witkoff, tried to reassure the audience, urging them not to judge people by their appearance. "They look different than us, and they dress different than us," he said. "I've met traders all over the world, and these two are as smart as any currency trader I've ever met." However, the discomfort caused by the dress code contrast between the Trump circle and the "cypherpunks" has long since dissipated amid the booming new business. The Trumps and the Vitkovs boasted that their stablecoin, USD1, is "the fastest-growing stablecoin in history." While this may be true, over 90% of the stablecoin's market capitalization comes from a massive deal with Binance, the world's largest cryptocurrency exchange. In that deal, Binance received $2 billion in USD1 from an Abu Dhabi venture capital firm. Zuck announced the deal on May 1st, and Binance has yet to convert the USD1 into US dollars, meaning World Liberty Financial is still earning interest on the funds. The Trump family's crypto venture, which now has 20 to 30 employees, is planning to launch a crypto lending protocol and decentralized finance (DeFi) applications. Folkman declined to specify a launch date for these products. The influx of capital and the emergence of Trump-branded crypto products have raised concerns among ethics experts. They believe World Liberty Financial provides those seeking to curry favor with the president with a direct channel for "giving money" to the family. When previously asked about the ethical dilemma, Eric Trump dismissed it: "I keep it separate," he said, referring to his business relationship and his relationship with his father. "But I think he would be proud of what we're doing." Zuckerberg, Herro, and Folkman are also proud of their crypto venture. Herro has the World Liberty Financial logo—a geometric eagle—tattooed on the back of his neck; Folkman has a similar tattoo on his left forearm; Zuckerberg admits to having one too. According to Matt Morgan, a consultant on the Trump family's crypto project who was also present in the meeting room, the tattoo apparently originated from a party.
When asked about the location of the tattoo, Zuck was vague. "Maybe he got it on his lower back!" Folkman joked.
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