Author: Ben Weiss, Fortune Magazine
Translation: Luffy, Foresight News
In mid-August, the heat in New York City was unbearable as Eric Trump and Donald Trump Jr. pushed open the door to a boardroom at the Trump Organization. The two sons of President Donald Trump sat around a sleek black stone table on the 25th floor of Trump Tower, with Zach Witkoff, the current Middle East envoy for Trump and son of real estate mogul Steve Witkoff, sitting between them.
They gathered for a rare media interview. Along with other advisors and executives, the three aimed to promote World Liberty Financial, the core company of the Trump family's lucrative cryptocurrency business, and its latest $1.5 billion deal. But first, the banter began.
"He is someone I respect," Zach said of the 47th President of the United States, "I named my eldest son 'Don' in his honor."
Donald Jr. feigned anger, responding, "Wait, I thought it was…" He trailed off, implying he thought Zach named his son after him rather than his father.
The jokes continued, with Chase Hero, co-founder of the Trump family's cryptocurrency business, pretending to sympathize, saying, "To find this out at the interview site is just tragic."
From left to right: Donald Trump Jr., Zach Witkoff, Eric Trump, Zach Fulkman
Jokes aside, the Trump brothers, Zach, Hero, and their business partner Zach Fulkman, are key figures as leaders of the Trump family's cryptocurrency think tank. Their mission is to build World Liberty Financial, established in October 2024, into a cryptocurrency giant—despite the apparent conflicts of interest.
Currently, World Liberty Financial has three core businesses: the USD1 stablecoin pegged to the dollar, the cryptocurrency WLFI, and a publicly traded company that holds WLFI. Those who purchase WLFI can participate in decision-making for the company's future product development; the publicly traded company was established in partnership with a well-known biotech firm, primarily to provide traditional investors who do not use cryptocurrency exchanges a way to invest in WLFI by purchasing stock.
The entire enterprise is a mix of token and financial "alchemy." In March of this year, World Liberty Financial announced it raised $550 million through direct sales of WLFI tokens, while its USD1 stablecoin reached a market cap of $2.2 billion, allowing the Trump family business to earn interest from it. Additionally, the partnership with the biotech firm raised another $1.5 billion for purchasing WLFI tokens, valuing the total supply of the token at $20 billion at that price.
Eric and Donald Jr. detailed these businesses in a spacious conference room on the 25th floor overlooking Central Park. Clearly, they are well-versed in cryptocurrency, casually discussing Bitcoin, Ethereum, and payment channels. But more strikingly, standing next to the well-dressed Eric and Donald Jr. was a group of tattooed cryptocurrency "natives."
Eric, Donald Jr., and Zach were dressed in suits with blue ties; while co-founder Hero wore a light beige T-shirt and olive green jeans, with a tattoo resembling a Greek statue on his right bicep, along with several other tattoos; Fulkman wore a black long-sleeve shirt and neat athletic pants, with a butterfly tattoo on his left hand and other tattoos as well. 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 unclear, but the story began at a golf course.
About two years ago, in the summer of 2023, Hero, who once called himself "the asshole of the internet" and had long been involved in cryptocurrency startups, received an invitation to the Shell Bay Club, a private golf club owned by the Witkoff family in the Miami suburbs. Hero did not disclose who invited him, only mentioning that the host was "a great young man" and a friend of Donald Jr.
At that time, Hero, covered in tattoos, was standing on the lawn when Zach happened to drive by. "He could tell I was a bit out of place," Hero said, "and then he said, 'Come, ride with me,' and we started chatting in the golf cart."
This chance encounter led to a business collaboration. The Witkoff family introduced Hero and his long-time business partner Zach Fulkman (who previously ran a company called "Date Hotter Girls") to the Trump family. Subsequently, the two families teamed up with Hero and Fulkman, and during a live broadcast in September, the host announced this collaboration, referring to the two as "crypto punks."
Zach Fulkman (left) shows off his World Liberty Financial tattoo, next to Chase Hero (right)
During the same live broadcast, Zach's father, Steve Witkoff, tried to reassure the audience, urging them not to judge by appearances.
"They look different from us and dress differently," he said, "I've seen traders from all over the world, and these two are as smart as any currency trader I've met."
However, the discomfort caused by the contrast in dress styles between the Trump circle and the "crypto punks" has long dissipated amid the burgeoning wave of new business. The Trump and Witkoff families boast that their stablecoin USD1 is "the fastest-growing stablecoin in history." This may be true, but over 90% of the stablecoin's market cap comes from a massive transaction with Binance, the world's largest cryptocurrency exchange. In this transaction, Binance received a $2 billion investment from an Abu Dhabi venture capital firm and was paid in USD1. Zach announced this transaction on May 1, and Binance has yet to convert USD1 into dollars, meaning World Liberty Financial can still earn interest from this funding.
Now, this Trump family cryptocurrency enterprise, with 20 to 30 employees, is planning to launch crypto lending protocols and decentralized finance (DeFi) applications. Fulkman did not disclose the timeline for these products.
The influx of funds and the emergence of Trump-branded crypto products have raised alarms among ethics experts. They believe that World Liberty Financial provides a direct channel for those looking to curry favor with the President to "send money" to his family. When previously asked about the ethical dilemma, Eric Trump dismissed it: "I separate the two," he said, referring to his business relationships and his relationship with his father, "but I think he would be proud of what we are doing."
Zach, Hero, and Fulkman also take pride in their crypto company. Hero has a tattoo of the World Liberty Financial logo—a geometric-style eagle—on the back of his neck; Fulkman has a similar tattoo on his left forearm; Zach admitted he has one as well. According to Matt Morgan, an advisor for the Trump family's crypto project who was also present in the conference room, the tattoos clearly originated from a night out.
When asked about the location of his tattoo, Zach was vague. "Maybe he got it on his lower back!" Fulkman joked.
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