Trump's WLFI project splurges $45 million on cryptocurrency, who are the big shots behind it?

Trump's DeFi project WLFI is making waves in December, spending nearly $45 million to buy a large amount of cryptocurrencies, such as ETH and cbBTC. This project was launched in September, claiming to be a decentralized finance platform.

What did WLFI buy? According to blockchain data, they started buying over 8,100 ETH, more than 100 cbBTC, and other cryptocurrencies like LINK and AAVE from the end of November, totaling around $45 million.

Although the project claims to be a DeFi platform, most of the leadership team are new faces, and their practicality and innovation are still uncertain. Moreover, their own token WLFI isn’t selling well; they originally planned to raise $300 million, but have 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 their 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 shots 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 suffered a hacker attack. Another co-founder, Zak Folkman, has a rather controversial background as well.

WLFI's recent moves have attracted external attention; some believe they are trying to increase trust or promote project development, while others think 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 captured the market's attention.

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