Trump's WLFI project splurges $45 million on cryptocurrencies, who are the big shots behind it?
Trump's DeFi project WLFI made a big splash in December, spending nearly $45 million to buy a large amount of cryptocurrencies, such as ETH, cbBTC, and others. This project was launched in September and claims to be a decentralized finance platform.
What did WLFI buy? According to blockchain data, they started purchasing over 8,100 ETH, more than 100 cbBTC, as well as other cryptocurrencies like LINK and AAVE towards the end of November, totaling around $45 million.
Although this project claims to be a DeFi platform, most of the leadership team are new faces, and the practicality and innovation are still uncertain. Moreover, their own token WLFI has not sold well; they originally planned to raise $300 million but have only sold less than a quarter so far. However, Sun Yuchen invested $30 million, becoming the largest investor.
The good news is that the WLFI community recently voted to pass its first proposal to deploy a lending instance of Aave v3 on Ethereum, which could bring new users and liquidity to the project.
So who are the big players behind this project? Besides Trump and his sons, there are five co-founders, but they are not well-known figures in the crypto space. For example, Chase Herro, who previously worked in cannabis sales and weight loss products, has only participated in one crypto project, which also faced a hacking attack. Another individual, Zak Folkman, also has a controversial background.
WLFI's recent moves have attracted external attention; some believe they are aimed at building trust or promoting project development, while others think that such startups are common, with very few succeeding.
Overall, although the leadership team of Trump's family DeFi project is not very familiar, their ambitions and actions have still attracted market attention.
