As the US election between Donald Trump & Kamala Harris heats up, cryptocurrencies are increasingly becoming an important topic to fight the election upon. Crypto firms have poured over $119 million into federal election campaigns in 2024 which is 48% of corporate political donations. Most in the crypto community have been in favor of Donald Trump as he has a more crypto-friendly stance than Kamala.
Seizing this opportunity Donald Trump and his sons, Donald Trump Jr. and Eric Trump, have launched a new crypto project, World Liberty Financial. However, at the center of this project is Chase Herro, whose questionable past has raised concerns about the credibility of the venture.
What Is World Liberty Financial?
World Liberty Financial is a DeFi platform that seeks to offer decentralized lending and borrowing services, leveraging well-established blockchain technologies like Ethereum and Aave.
Below are the key features of the project:
- Decentralized Lending and Borrowing: Built on the Aave platform, users can access decentralized financial services without intermediaries.
- Governance Tokens ($WLFI): The project offers governance tokens that allow holders to vote on key platform decisions, such as adding new lending markets or integrating other blockchains.
- Credit Account System: The project includes a credit account system that simplifies accessing decentralized borrowing and lending.
- Brokerage Service: The whitepaper claims that the platform will offer an easy-to-use brokerage interface, potentially competing with traditional brokerage services that have struggled in the crypto space.
- Led by the Trump Family: Donald Trump serves as the project’s figurehead, with Donald Trump Jr. and Eric Trump playing central roles as “Web3 Ambassadors.”
The Trumps’ involvement in this crypto project comes as part of a larger strategy to appeal to pro-crypto voters,. It is a demographic that is gaining both importance and numbers as crypto donations and political influence grow.
Chase Herro’s Controversial Past
Chase Herro’s involvement in the project raises significant concerns due to his questionable business history. Herro has been linked to selling dubious products like marijuana, colon cleanses, and various get-rich-quick schemes. He also operated “mastermind” groups, which charged hefty membership fees in exchange for vague networking and business strategies.
Additionally, Herro has a background as a pick-up artist under the alias “Zack Bauer.” He co-founded Date Hotter Girls, a platform that offered seminars teaching men how to “become the ultimate alpha male.” This venture, like most of his others, looks opportunistic and exploitative. In the cryptocurrency space, Herro has been involved in failed ventures like Pacer Capital, a trading firm that no longer exists, and Subify, a content platform marketed as an alternative to mainstream services like Patreon. These past activities have raised concerns about his role in the Trump family’s latest crypto endeavor.
Although, the vision of World Liberty Financial is appealing and addresses real needs in the decentralized finance space. However, the timing of this project appears suspicious, especially considering the involvement of the Trump family and Chase Herro, both of whom have reputations for questionable business ethics. Their history adds an air of skepticism to what could otherwise be a promising project.
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