Author: fortune
Translation: Blockchain in Plain Language
In mid-August, on a sweltering day in New York City, Eric Trump and Donald Trump Jr. pushed open the door to the Trump Group conference room. The two sons of President Donald Trump sat beside Zach Witkoff, the son of real estate mogul Steve Witkoff, who currently serves as Trump's Middle East envoy.
They gathered for a rare media interview. Along with other advisors and executives, the three hoped to promote World Liberty Financial (WLFI), the Trump family's lucrative cryptocurrency business, and its latest $1.5 billion deal. But first, they had to tease each other a bit.
"I have great respect for him," Witkoff said, referring to the 47th president. "I named my first son after him, Donald."
Donald Jr. pretended to respond in mock anger: "Wait, I thought it was…" He paused, implying he thought it was himself, not his father, who inspired Witkoff's naming choice.
The jokes continued, as Chase Hero, co-founder of the Trump family's crypto business, interjected with feigned sympathy: "Finding this out during the interview is just too bad."
01 Ambitions to Build a Crypto Giant
Jokes aside, Trump's two sons, Witkoff, Hero, and his business partner Zach Fokman, as leaders of the Trump family's crypto think tank, bear significant responsibility. Their mission is to turn WLFI, established in October 2024, into a cryptocurrency giant—despite numerous apparent conflicts of interest.
Currently, WLFI has three main businesses: a stablecoin pegged to the dollar called USD1, a cryptocurrency named WLFI, and a publicly traded company that holds WLFI. Those who purchase WLFI can participate in the development decisions of future WLFI financial products. The publicly traded company was created in partnership with a former biotech firm, primarily providing traditional investors who do not use crypto exchanges the opportunity to gain exposure to WLFI by purchasing stock.
The entire enterprise is a hot project that blends tokens and financial alchemy, while also making substantial profits. WLFI announced in March that it raised $550 million through direct sales of WLFI tokens, and its USD1 stablecoin has reached a market cap of $2.2 billion—earning interest for the Trump family business. Additionally, the deal with the former biotech company raised another $1.5 billion for investors to purchase WLFI tokens, reportedly valuing the total supply of tokens at $20 billion.
02 The Collision of Suits and Tattoos
In the spacious 25th-floor conference room overlooking Central Park, Eric and Donald Jr. detailed these businesses. They clearly have a firm grasp of cryptocurrency, skillfully mentioning Bitcoin, Ethereum, and payment channels. However, what stood out more was the sight of the sharply dressed Eric and Donald Jr. sitting alongside tattooed crypto natives.
Eric, Donald Jr., and Witkoff wore suits and blue ties, while co-founder Hero donned a light beige T-shirt and olive green jeans, with what appeared to be a tattoo of a Greek statue on his right arm, along with many other tattoos. Fokman wore a black long-sleeve shirt and stylish joggers, with a butterfly and other designs tattooed on his left hand. WLFI seems to have two uniforms: business formal or crypto casual.
03 From Golf Course to Crypto Alliance
The details of how the Trump family collaborated with a group of crypto veterans remain unclear, but the story began on a golf course.
About two years ago, in the summer of 2023, Hero, who has long been involved in the crypto business and once referred to himself as a "cyber drifter," was invited to the Shell Bay Club, a private golf club owned by the Witkoff family, located in the suburbs of Miami. Hero declined to disclose who invited him but described his host as "a great young guy" and a friend of Donald Jr.
While the tattooed Hero was on the course, Zach Witkoff happened to drive by. "He could tell I was a bit out of it," Hero said. "He said, 'Hey, come sit with me.' Then we started chatting in the golf cart."
This chance encounter developed into a business connection. The Witkoff family introduced Hero and his long-time business partner Zach Fokman—who previously ran a company called "Date Hotter Girls"—to the Trump family. Subsequently, the two families collaborated with Hero and Fokman, announcing the partnership during a live event in September, where the host described the two as "two crypto punks."
Zach Fokman (left) shows off his World Liberty Financial tattoo, next to Chase Hero (right)
During the same live event, Zach's father, Steve Witkoff, tried to reassure the audience, urging them not to judge by appearances.
"They look a bit different from us, and they dress a bit differently," he said. "I've seen traders from all over the world, and these two guys are as smart as any currency trader."
However, any discomfort stemming from the Trump family's differences in attire compared to the crypto punks faded amid the booming growth of the new business. The Trump family and Witkoff proudly claimed that their stablecoin USD1 is "the fastest-growing stablecoin ever." This may be true, although over 90% of the stablecoin's market cap comes from a massive deal with the world's largest crypto exchange, Binance. This deal involved a venture capital firm from Abu Dhabi investing $2 billion in Binance and paying in USD1. Zach Witkoff announced this deal on May 1, and Binance has yet to redeem USD1, meaning WLFI continues to earn interest from this funding.
Now, the Trump family's crypto enterprise, which has 20 to 30 employees, is planning to launch crypto lending protocols and decentralized finance (DeFi) applications. Fokman declined to disclose when these products would be launched.
04 Conclusion
The influx of substantial funds and Trump-branded crypto products has raised alarms among ethics experts, who believe WLFI provides a direct route to the family wallet for those seeking presidential favor. When asked about these ethical dilemmas, Eric Trump dismissed them. "I separate the two," he said, referring to his business and personal relationship with his father. "But I think he would be proud of what we are doing."
Zach Witkoff, Hero, and Fokman also take pride in their crypto company. Hero has the WLFI logo—a geometric eagle—tattooed on the back of his neck. Fokman has a similar tattoo on his left forearm. Witkoff admitted he also has the tattoo. According to Matt Morgan, an advisor to the Trump family's crypto project, this seems to stem from a night out when he was also in the conference room.
When asked where his tattoo is, Witkoff was evasive. "He probably has a drifter tattoo above his butt!" Fokman joked, referring to the tattoo above the buttocks.
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