Trump Crypto Venture Hit by Internal Conflicts and Technical Issues

Nic Carter, an investor and crypto expert, was reportedly close to joining World Liberty Financial (WLFI), the Trump family's crypto venture. However, he walked away from the opportunity after meeting with cofounder Steve Witkoff in 2024.

Carter had described the meeting to New York magazine, stating that Witkoff couldn't explain the decentralized finance (DeFi) business or even define what 'crypto' and 'DeFi' meant. Witkoff's main goal was to launch the project before the election, so Trump could still be a private citizen.

Carter turned down the role, warning that the project could potentially cost Trump votes. This led to Witkoff's tone hardening. The World Liberty Financial Gold Paper supports Carter's account, stating that the sole utility of WLFI is governance, and holders have no right to any return or dividend.

WLFI has struggled since its launch, with a price near $0.055 against its record high of $0.3313 on September 1, 2025. The token's price fell by 40% before trading ended. Only 20% of investors' tokens were unlocked on the first day, and just 31.8% of the supply is now tradable.

The unlock schedule runs until 2028, long after Trump's term ends. A contract function added to WLFI allows the company to freeze any wallet, which was implemented eight days before trading opened.