Trump’s crypto venture WLFI is not as shady as it looks. Or is it?

President Donald Trump’s crypto company, World Liberty Financial Inc. (WLFI), launched just two months before the election, and it has been a source of controversy from the get-go.

Partnering with Steve Witkoff, a billionaire real estate developer now turned Middle East envoy, the venture is grabbing attention for all the wrong reasons.

The duo’s collaboration with TRON—a blockchain company accused of enabling financial transactions for militant groups like Hamas and Hezbollah—has raised questions about ethics, conflicts of interest, and Trump’s financial stake.

Critics think WLFI’s timing and partnerships scream opportunism. Ethics experts, government officials, and even some within the crypto industry are uneasy.

TRON: Cheap, fast, and deeply controversial

TRON might not be as famous as Bitcoin, but its name rings louder in certain circles—just not for good reasons. Known for low transaction fees and fast processing, TRON has gained a reputation as a go-to platform for crypto transfers linked to designated terror organizations.

According to Israeli authorities, 186 TRON wallets have been frozen since July 2021 for ties to terror financing. Of these, 84 were linked to Hamas, 39 to Hezbollah, and 63 to other unnamed militant groups or money changers.

In March this year, Israel seized another TRON wallet it claimed was tied to Hamas fundraising after the group’s deadly attack on Israel in 2023.

Despite these allegations, TRON continues to attract users because it offers anonymity, low costs, and easy cash conversions—qualities that appeal equally to lawful users and criminals. 

Justin Sun, TRON’s founder, brushed off accusations, claiming the platform actively collaborates with law enforcement and froze $70 million in illicit funds.

Still, the U.S. Treasury is unconvinced. It sanctioned a Lebanon-based money changer this year for allegedly using a TRON wallet to send funds from Iran to Hezbollah. These sanctions further tarnish TRON’s reputation, yet the platform seems undeterred.

Justin himself is no stranger to legal trouble. The SEC has charged him with fraud, accusing him of inflating trade volumes and hiding celebrity endorsements for his projects. Despite denying the charges, the case remains open.

Trump’s financial stake raises red flags

WLFI’s structure is as complex as its controversies. Trump is listed as the company’s “chief crypto advocate,” entitling him to 75% of specific revenue streams alongside other unnamed affiliates. WLFI also sells proprietary tokens that cannot be traded on secondary markets like Bitcoin.

Critics say this setup could encourage buyers to use WLFI tokens to gain favor with Trump. Ethics experts also point to Steve Witkoff’s dual roles as WLFI’s co-founder and Trump’s Middle East envoy. 

Even if Witkoff sets up a blind trust, as he claims he plans to do, the financial stake he retains in WLFI makes his government role a potential conflict of interest.

The concern is completely justifiable. If foreign governments or sovereign wealth funds were to invest in WLFI, Trump and Witkoff could find themselves in violation of the U.S. Constitution’s emoluments clause, which bars federal officials from accepting gifts or financial benefits from foreign entities without congressional approval.

The lines between WLFI’s business and Trump’s political ambitions are already blurred, leaving plenty of room for legal and ethical questions.

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