Former U.S. President Donald Trump has launched a new cryptocurrency venture, World Liberty Financial, promising to reshape America’s financial future. The project, backed by his three sons, aims to transform the U.S. into the “crypto capital of the world.” However, the individuals behind this ambitious endeavor, Chase Herro and Zachary Folkman, are stirring controversy. With a history of lawsuits, unpaid debts, and tax liens, their credibility in the cryptocurrency space is under scrutiny.
Chase Herro and Zachary Folkman, the masterminds behind World Liberty Financial, have a long history as serial entrepreneurs, but not without significant setbacks. Their ventures often left behind a trail of lawsuits, unpaid debts, and tax liens. Herro, who calls himself a “dirtbag of the internet,” has a colorful past, including theft convictions and missed rent payments. Folkman, on the other hand, ran a company called Date Hotter Girls, offering dating advice under a pseudonym. Together, they have founded at least 17 companies, often jumping from one project to the next.
Herro and Folkman’s business ventures have often gravitated toward social media marketing and offering “get rich quick” schemes. In a podcast, Herro claimed to have made his first million in social media marketing within months of discovering the industry. However, these ventures have not been without controversy, with lawsuits and legal battles marking their journey. One of their previous crypto ventures, Dough Finance, was hacked, leading to the loss of $2 million.
| Key Figures | Background |
| Chase Herro | Serial entrepreneur with history of theft and unpaid taxes |
| Zachary Folkman | Ran a dating advice business and faced multiple lawsuits |
| World Liberty Financial | Crypto venture aiming to make the U.S. the “crypto capital of the world |
Donald Trump’s entry into the cryptocurrency world represents a significant shift from his previous stance. As recently as 2021, he labeled cryptocurrencies as a “scam.” However, influenced by his sons, he has since embraced the technology. His son, Donald Trump Jr., praised Herro and Folkman, claiming they would “smoke the people in the room” if placed in a boardroom at Goldman Sachs. The Trump family sees World Liberty Financial as part of a financial revolution based on digital dollars.
While Trump’s enthusiasm is clear, experts are more skeptical. Eswar Prasad, an economics professor at Cornell University, questioned whether Herro and Folkman had the technical expertise or financial acumen to execute such a venture. John Reed Stark, a former official with the Securities and Exchange Commission, went even further, labeling the project “nonsense” and a poor investment opportunity.
Herro and Folkman’s business ventures have been riddled with financial and legal difficulties. Together, they started the Nexus Group in 2013, which sold advertising on social media platforms. Despite the initial success, they faced multiple lawsuits, including accusations of skipping out on rent and causing significant property damage while living in an oceanside villa in the U.S. Virgin Islands. The lawsuits continued, with American Express suing the Nexus Group for $77,000 in unpaid credit card bills.
In addition to Nexus Group’s troubles, Herro and Folkman launched Subify, a subscription-based platform meant to connect online creators with their fans. Like previous ventures, Subify faced its own legal challenges, and the business was eventually dissolved. Despite claims of massive success, their history raises doubts about their ability to manage a large-scale crypto venture like World Liberty Financial.
| Previous Ventures | Outcome |
| Dough Finance | Hacked, resulting in $2 million loss |
| Nexus Group | Faced lawsuits, including $36,000 in unpaid rent |
| Subify | Legal disputes led to dissolution |
One of the most concerning aspects of Trump’s new cryptocurrency project is the potential for conflicts of interest. If Trump is re-elected as president, he would have the power to shape regulations that could significantly impact World Liberty Financial’s success. Trump has already voiced opposition to federal intervention in the cryptocurrency industry, which currently operates in a legal gray area. This raises questions about whether Trump’s political position could influence the future of his business ventures.
Additionally, while promotional materials for World Liberty Financial claim that neither Trump nor his family directly owns or manages the company, they may still receive compensation. This blurred line between Trump’s political career and his personal business interests could have far-reaching implications, especially in an industry that is already rife with fraud and scams.
Despite the fanfare surrounding the launch of World Liberty Financial, there are growing doubts about the venture’s viability. Herro and Folkman’s track record, combined with the inherent risks of the cryptocurrency market, make it a high-stakes gamble. Moreover, the project’s business model remains unclear. While some involved have suggested that the platform will facilitate borrowing and lending in cryptocurrencies, there has been little concrete information provided about how it will operate.
Herro and Folkman’s lack of experience in managing large-scale financial operations, coupled with their past legal troubles, casts doubt on their ability to successfully run such an ambitious project. As the cryptocurrency market continues to face increased scrutiny from regulators, the future of World Liberty Financial remains uncertain.
Trump’s decision to partner with two controversial entrepreneurs with checkered pasts raises serious questions about the future of World Liberty Financial. While the venture has the potential to capitalize on the growing cryptocurrency market, the combination of Herro and Folkman’s troubled business history, the lack of a clear business model, and the ethical concerns surrounding Trump’s political position make it a risky investment.
For investors and crypto enthusiasts, the promises of a financial revolution may sound appealing, but the reality is far more complicated. World Liberty Financial may succeed, but given the challenges and risks, it seems more likely to become another in a long line of dubious ventures associated with Trump and his partners.
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