Trump's WLFI project splurged $45 million on buying coins, who are the big players behind it?

Trump's DeFi project WLFI made a big move in December, spending nearly $45 million to buy a bunch of cryptocurrencies, like ETH and cbBTC. This project was only launched in September and claims to be a decentralized finance platform.

What did WLFI buy? According to blockchain data, they began buying over 8,100 ETH, more than 100 cbBTC, and other coins like LINK and AAVE starting at 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 its practicality and innovation are still uncertain. Moreover, their own token WLFI isn’t selling well; they initially planned to raise $300 million but have only sold less than a quarter of that. 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 Aave v3 lending instances on Ethereum, which may 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 previously worked in cannabis sales and weight loss products, participated in only one crypto project, and faced a hacking attack. Another, Zak Folkman, has a rather controversial background as well.

WLFI's recent actions have attracted external attention, with some believing they are trying to build trust or promote project development, while others think such startups are common but few succeed.

Overall, although the leadership team of Trump's family DeFi project is not very familiar, their ambition and actions have still captured the market's attention.

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