Trump-Backed Crypto Project Derailed by Co-Founder's Memecoin Fiasco

A venture capital-backed cryptocurrency project reportedly had a setback after its co-founder, Steve Witkoff, made headlines for his involvement in a memecoin blunder.

The project, which was said to be backed by some of the biggest names in the industry, including Donald Trump, had been working on a new cryptocurrency venture.

However, it appears that the recent memecoin debacle involving Witkoff has raised concerns among investors, leading one major VC firm to reject their bid for investment.