On a sweltering mid-August day in New York City, Eric Trump and Donald Trump Jr. pushed open the doors to the Trump Group conference room. The two sons of President Donald Trump sat at a sleek black marble conference table on the 25th floor of Trump Tower. Sitting between them was Zack Witkoff, the son of real estate mogul Steve Witkoff, who currently serves as Trump's Middle East envoy.
They gathered here for a rare media interview. Along with other consultants and executives, the three hoped to promote World Liberty Financial (WLFI), the Trump family's lucrative cryptocurrency business, and its latest $1.5 billion deal. But first, they had to tease each other a bit.
'I respect him,' Witkoff said about the 47th president. 'I named my first son after him, called him Donald.'
Donald Jr. pretended to respond angrily, 'Wait, I thought it was...' He paused, implying he thought it was he, not his father, who inspired Witkoff's naming choice.
As the jokes continued, Chase Hero, co-founder of the Trump family’s crypto business, pretended to sympathetically interject, 'Finding out this in the interview is really too bad.'
01
The Ambition to Build a Crypto Giant
Jokes aside, Trump’s two sons, Witkoff, Hero, and his business partner Zack Falkman, as leaders of the Trump family’s crypto think tank, carry significant responsibilities. Their task is to build WLFI, which was established in October 2024, into a cryptocurrency giant—despite the presence of numerous obvious conflicts of interest.
At present, WLFI has three main businesses: a stablecoin pegged to the dollar called USD1, a cryptocurrency named WLFI, and a publicly traded company holding WLFI. Purchasing WLFI allows individuals to participate in future WLFI financial product development decisions. This publicly traded company was created through a partnership with a former biotech company, primarily providing traditional investors who do not use crypto exchanges with the opportunity to gain exposure to WLFI by purchasing stocks.
The entire enterprise is a hot project that mixes tokens and financial alchemy while also making a lot of money. WLFI announced in March that it raised $550 million through direct sales of WLFI tokens, and its USD1 stablecoin has a market value of $2.2 billion—earning interest for the Trump family business. Additionally, the deal with the former biotech company raised another $1.5 billion for investors to buy WLFI tokens, reportedly valuing the total token supply at $20 billion.
02
The Collision of Formal Wear and Tattoos
In a spacious 25th-floor conference room overlooking Central Park, Eric and Donald Jr. detailed the business. They clearly had a good grasp of cryptocurrency, skillfully mentioning Bitcoin, Ethereum, and payment gateways. However, what stood out more was the sight of the well-dressed Eric and Donald Jr. sitting alongside the heavily tattooed crypto native.
Eric, Donald Jr., and Witkoff wore suits and blue ties, while crypto co-founder Hero dressed in a light beige T-shirt and olive-green jeans, with what appeared to be a Greek statue tattoo on his right arm, along with many other tattoos. Falkman wore a black long-sleeved shirt and stylish joggers, with a butterfly and other designs tattooed on his left hand. WLFI seems to have two uniforms: business formal or crypto casual.
03
From the Golf Course to the Crypto Alliance
The details of how the Trump family collaborated with a group of crypto veterans are unclear, but the story began on a golf course.
About two years ago, in the summer of 2023, Hero, who has long been involved in the cryptocurrency business and once referred to himself as a 'cyber drifter,' was invited to the Shell Bay Club, a private golf club owned by the Witkoff family, located outside of Miami. Hero did not want to reveal who invited him but described his host as 'a great young man' and a friend of Donald Jr.
When the heavily tattooed Hero was on the golf course, Zack Witkoff happened to drive by. 'He could tell I was a bit off,' Hero said. 'He just said, 'Hey, come sit with me.' Then on the golf cart, we started chatting.'
This chance encounter developed into a business connection. The Witkoff family introduced Hero and his longtime business partner Zack Falkman—who previously ran a company called 'Dating Hotter Girls'—to the Trump family. Subsequently, the two families collaborated with Hero and Falkman, and in a live event in September, the host referred to the two as 'two crypto punks,' announcing the partnership.
Zack Falkman (left) shows his tattoo of World Liberty Financial, next to Chase Hero (right).
In the same live broadcast, Zack's father, Steve Witkoff, tried to reassure the audience, urging them not to judge by appearances.
'They look a bit different from us and dress a bit differently,' he said. 'I've seen traders from around the world, and these two guys are as smart as any currency trader.'
However, any discomfort caused by the Trump family's clothing differences compared to the crypto punks dissipated in the fervor of the new business's growth. The Trump family and Witkoff proudly proclaimed that their stablecoin USD1 is 'the fastest-growing stablecoin of all time.' This may be true, although over 90% of the stablecoin's market value comes from a massive deal with Binance, the world's largest crypto exchange. This deal involved a $2 billion investment from a venture capital firm in Abu Dhabi into Binance, paid in USD1. Zack Witkoff announced this deal on May 1, and Binance has yet to convert USD1, meaning WLFI continues to earn interest from this funding.
Currently, the Trump family's crypto business, which has 20 to 30 employees, is planning to launch a crypto lending protocol and decentralized finance (DeFi) applications. Falkman declined to disclose when these products would be launched.
04
Summary
The influx of substantial funds and Trump-branded cryptocurrency products has raised alarms among ethics experts who believe WLFI provides a direct route to the family’s wallet for those seeking the president's favor. When asked about these ethical dilemmas, Eric Trump dismissed them. 'I separate the two,' he said when mentioning his business and personal relationship with his father. 'But I think he would be proud of what we are doing.'
Zack Witkoff, Hero, and Falkman are also proud of their crypto company. Hero has the WLFI logo tattooed on the back of his neck—a geometric eagle. Falkman also has a similar tattoo on his left forearm. Witkoff admitted he has this tattoo too. According to Matt Morgan, an advisor to the Trump family’s crypto project, this seems to have originated from a night out when he was also in the conference room.
When asked where his tattoo was, Witkoff hesitated. 'He probably has a drifter tattoo above his butt!' Falkman joked, referring to the tattoo above the butt.
