Author: Ben Weiss, Fortune Magazine
Translated by: Luffy, Foresight News
In mid-August, the heat in New York City was unbearable, as Eric Trump and Donald Jr. pushed open the door to a boardroom at the Trump Organization. The two sons of President Donald Trump sat around a smooth black stone table on the 25th floor of Trump Tower, with Zach Witkoff, the current Middle East envoy for Trump and son of real estate mogul Steve Witkoff, sitting between them.
They gathered for a rare media interview. Together with other advisors and executives, these three aimed to promote World Liberty Financial — the core company of the Trump family's lucrative crypto business and its latest $1.5 billion deal. But first, there were plenty of jibes.
'He is someone I respect,' Zach said when talking about the 47th President of the United States, 'I named my eldest son 'Don' to honor him.'
Donald Jr. feigned anger in response, 'Wait, I thought it was…' He didn’t finish his sentence, implying that he thought Zach was named after him rather than his father.
The jokes continued, as Chase Hero, co-founder of the Trump family's crypto business, pretended to express sympathy, saying, 'I just found out about this at the interview site, how tragic.'
From left to right: Donald Trump Jr., Zach Witkoff, Eric Trump, Zach Fickman
Jokes aside, the Trump brothers, Zach, Hero, and their business partner Zach Fickman play a crucial role as leaders of the Trump family's cryptocurrency think tank. Their mission is to build World Liberty Financial, established in October 2024, into a crypto giant — despite the apparent conflicts of interest involved.
Currently, World Liberty Financial has three core businesses: the USD1 stablecoin pegged to the dollar, the WLFI cryptocurrency, and a public company holding WLFI. Those who purchase WLFI can participate in decision-making regarding the company’s future product development; the public company was established through a partnership with an established biotech firm, primarily aimed at providing traditional investors who do not use cryptocurrency exchanges a way to invest in WLFI by purchasing stock.
The entire enterprise is a mashup carnival of tokens and financial 'alchemy.' In March of this year, World Liberty Financial announced it raised $550 million through the direct sale of WLFI tokens, while its USD1 stablecoin has reached a market value of $2.2 billion, allowing the Trump family business to earn interest from it. Additionally, a partnership with that established biotech company has helped investors raise another $1.5 billion to purchase WLFI tokens, valuing the total supply of that token at $20 billion based on this price.
Eric and Donald Jr. detailed these businesses in a spacious conference room on the 25th floor overlooking Central Park. Clearly, they are well-versed in cryptocurrency, casually discussing Bitcoin, Ethereum, and payment channels. But what stands out more is that beside the well-dressed Eric and Donald Jr. stands a group of tattooed crypto 'natives.'
Eric, Donald Jr., and Zach all wore suits and blue ties; while crypto business co-founder Hero wore a light beige T-shirt and olive green jeans, with a tattoo resembling a Greek statue on his right bicep, and several other tattoos on his body; Fickman wore a black long-sleeve shirt and neat sports pants, with a butterfly tattooed on his left hand, along with other tattoos. It seems that World Liberty Financial has two types of 'uniforms': business formal and crypto casual.
The details of the Trump family's collaboration with this group of crypto veterans remain unclear, but the story begins at a golf course.
About two years ago, in the summer of 2023, Hero, who had long been involved in cryptocurrency startups and once called himself 'an asshole on the internet,' received an invitation to the Shell Bay Club, a private golf club owned by the Witkoff family in the suburbs of Miami. Hero did not say who invited him, only that the host was 'a wonderful young man,' and a friend of Donald Jr.
At that time, Hero stood on the lawn covered in tattoos, and Zach happened to drive by. 'He could tell I was a bit out of place,' Hero said, 'and then he said, 'Come, ride with me,' and we chatted casually on the golf cart.'
This chance encounter led to a business collaboration. The Witkoff family introduced Hero and his long-time business partner Zach Fickman (who previously ran a company called 'Date Hotter Girls') to the Trump family. Subsequently, the two families teamed up with Hero and Fickman, and during a live broadcast in September, the host announced this collaboration, referring to the two as 'crypto punks.'
Zach Fickman (left) shows off his tattoo of World Liberty Financial, next to Chase Hero (right)
During the same live broadcast, Zach's father, Steve Witkoff, attempted to reassure the audience, urging them not to judge by appearances.
'They look different from us and dress differently from us,' he said, 'I've seen traders from all over the world, and these two are as smart as any currency traders I've met.'
However, the discomfort brought about by the contrast in dress style between the Trump circle and the 'crypto punks' has long dissipated in the booming wave of new business. The Trump and Witkoff families boast that their stablecoin USD1 is the 'fastest-growing stablecoin in history.' This may be true, but over 90% of the stablecoin's market value comes from a massive transaction with Binance, the world's largest cryptocurrency exchange. In this transaction, Binance received a $2 billion investment from an Abu Dhabi venture capital firm and was paid in USD1. Zach announced this deal on May 1, and Binance has yet to convert USD1 into dollars, which means World Liberty Financial can still earn interest from this fund.
Now, this Trump family crypto venture, which has 20 to 30 employees, plans to launch a crypto lending protocol and decentralized finance (DeFi) applications. Fickman did not disclose the timeline for these products.
A flood of funds pouring into Trump-branded crypto products has raised red flags for ethics experts. They believe World Liberty Financial provides a direct channel for those wanting to please the president to 'send money' to his family. When asked about the ethical dilemma, Eric Trump dismissed it: 'I separate the two,' he said, referring to his business relationships and his relationship with his father, 'but I think he would be proud of what we're doing.'
Zach, Hero, and Fickman are also proud of their crypto company. Hero has the logo of World Liberty Financial — a geometric-style eagle — tattooed on the back of his neck; Fickman has a similar tattoo on his left forearm; Zach admits he has also gotten one. According to Matt Morgan, a crypto project advisor for the Trump family who was also present in the conference room, the tattoo clearly originated from a wild night out.
When asked about the tattoo's location, Zach was vague. 'He might have it on his lower back!' Fickman joked.
