Trump’s Idiot Sons’ Crypto Scheme Is a “Huge Mistake”

Donald Trump has completely reversed his opinion on the cryptocurrency industry, moving past calling it a “scam” to becoming a warm ally—but his sons may be screwing up the blossoming alliance.

Donald Jr. and Eric Trump’s botched rollout of their own cryptocurrency platform, World Liberty Financial, has been plagued by scams and raised alarm bells from Trump’s allies within the crypto circuit, who fear that the poor handling and bad press could damage the burgeoning sector’s reputation.

“This is a huge mistake,” Nic Carter, a Trump supporter and founding partner at the crypto-focused venture capital firm Castle Island Ventures, told Politico. “It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the good will that’s been built with the industry so far.”

The project was announced last month under a different name—“The Trump DeFi Project”, short for decentralized finance—as a way to platform cryptocurrencies, but actual details of the proposed platform have been scant.

That slow rollout has ushered in an onslaught of misinformation about World Liberty Financial. Fraudsters have relentlessly attacked the project, compromising the social media accounts of Republican National Committee Co-Chair Lara Trump and Tiffany Trump, and sending supporters to a fake website with inaccurate details about the platform. False Telegram channels posing as the official World Liberty Financial channel have also drawn thousands of users to a host of misinformation, thwarted only by the Trump brothers’ loose warnings not to click on unaffiliated links and avoid scams.

World Liberty representative Zak Folkman told Politico that the group behind the crypto project is “building a world-class decentralized finance platform with the absolute best of the best in the industry.”

“We take security very seriously and put it first and foremost, above anything,” Folkman told the outlet, adding that the startup is working “with the top auditing firms and security specialists in the world.”

Trump has increasingly tried to frame himself as a pro-crypto candidate in this election cycle. At a Bitcoin conference in Nashville in July, Trump promised to build out a “strategic national bitcoin reserve” if elected, according to CoinDesk. But the former president’s recent investments would show that his change of heart on the digital assets isn’t all an act.

Financial disclosures released in August show that Trump has $7.15 million coming from a source labeled NFT INT., likely referring to his NFT series. He’s also kept a stockpile of cash in the new-wave currencies, with the disclosure listing roughly $5 million in crypto.