Key Takeaways
- • Veteran crypto venture capitalist Nic Carter declined to join World Liberty Financial (WLFI), the Trump family's cryptocurrency venture, after determining that cofounder Steve Witkoff lacked fundamental knowledge of crypto and decentralized finance (DeFi).
- • Carter cited specific red flags during discussions with Witkoff, including the absence of a concrete product roadmap and the cofounder's mispronunciation of "memecoin" as "me-me" coins, which he described as "the biggest giveaway" of insufficient expertise.
- • World Liberty Financial launched in August 2024 with Trump, his three sons, Steve Witkoff (now U.S. Special Envoy to the Middle East), and other cofounders listed on its founding team; the venture released a "Gold Paper" outlining its mission to democratize access to financial opportunities through decentralized finance.
- • The WLFI project reportedly generated $1.44 billion in funding, though the venture has faced subsequent legal disputes, including allegations that it illegally froze $320 million in investor tokens and claims related to a controversial 2025 crypto transaction valuing Trump family entitlements at approximately $500 million.
Summary
World Liberty Financial, the Trump family's cryptocurrency venture launched in August 2024, faced early credibility challenges when a prominent crypto venture capitalist declined involvement after assessing the project's leadership depth. According to reporting by New York magazine, venture capitalist Nic Carter—a veteran in crypto investment—was approached by WLFI cofounder Steve Witkoff to serve as an advisor but ultimately rejected the opportunity based on concerns about fundamental industry knowledge among the founding team.
Carter's assessment revealed structural gaps in the venture's foundation. In conversations with Witkoff, Carter observed that the cofounder demonstrated limited understanding of core crypto concepts, DeFi mechanisms, or the venture's own product strategy. "He didn't know what crypto or DeFi was. He didn't know what the pitch was," Carter told New York. "I'm like, 'Oh, okay, so there's no product. They're just doing a token.'" This observation suggested that WLFI was pursuing a token launch without a clearly articulated technological or operational foundation.
The decisive factor in Carter's rejection came during a discussion of memecoins—a cryptocurrency category inspired by viral memes and internet culture. When Witkoff explained that President Trump's interest in the crypto project stemmed from his son Barron's involvement with memecoins, he mispronounced the term as "me-me" coins. Carter characterized this moment as emblematic of the knowledge gap: a fundamental misunderstanding of industry terminology among decision-makers signaled deeper structural issues with the venture's expertise and strategic positioning.
WLFI's formal structure includes Trump, his three sons, Witkoff (who subsequently assumed a role as U.S. Special Envoy to the Middle East), Witkoff's two sons, internet marketer Chase Herro, and former pickup artist Zak Folkman as cofounders. The venture released a "Gold Paper" in September 2024 articulating its mission to democratize financial access through decentralized finance mechanisms. Despite the early advisory setbacks, WLFI reportedly raised $1.44 billion in funding. However, subsequent developments have included legal disputes, including allegations that the venture illegally froze $320 million in investor tokens and claims regarding a 2025 crypto transaction that valued Trump family entitlements at approximately $500 million.
Carter's assessment revealed structural gaps in the venture's foundation. In conversations with Witkoff, Carter observed that the cofounder demonstrated limited understanding of core crypto concepts, DeFi mechanisms, or the venture's own product strategy. "He didn't know what crypto or DeFi was. He didn't know what the pitch was," Carter told New York. "I'm like, 'Oh, okay, so there's no product. They're just doing a token.'" This observation suggested that WLFI was pursuing a token launch without a clearly articulated technological or operational foundation.
The decisive factor in Carter's rejection came during a discussion of memecoins—a cryptocurrency category inspired by viral memes and internet culture. When Witkoff explained that President Trump's interest in the crypto project stemmed from his son Barron's involvement with memecoins, he mispronounced the term as "me-me" coins. Carter characterized this moment as emblematic of the knowledge gap: a fundamental misunderstanding of industry terminology among decision-makers signaled deeper structural issues with the venture's expertise and strategic positioning.
WLFI's formal structure includes Trump, his three sons, Witkoff (who subsequently assumed a role as U.S. Special Envoy to the Middle East), Witkoff's two sons, internet marketer Chase Herro, and former pickup artist Zak Folkman as cofounders. The venture released a "Gold Paper" in September 2024 articulating its mission to democratize financial access through decentralized finance mechanisms. Despite the early advisory setbacks, WLFI reportedly raised $1.44 billion in funding. However, subsequent developments have included legal disputes, including allegations that the venture illegally froze $320 million in investor tokens and claims regarding a 2025 crypto transaction that valued Trump family entitlements at approximately $500 million.
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