Trump Family Crypto Scheme Moves $20 Billion into Vesting Contract
The Trump family's cryptocurrency firm, World Liberty Financial, has moved over $20 billion in $WLFI tokens into a vesting contract. This contract will allow the owners to sell their shares after a two-year waiting period.
The four digital wallets that made these transfers precisely matched the initial amounts of crypto awarded to Donald Trump and his sons, Donald Jr., Eric, and Barron, who are all listed as founders of World Liberty Financial.
According to Eric Hagerman, a spokesperson for World Liberty Financial, new governance rules required the owners to shed 10 percent of their holdings, and this was done by placing them in a vesting account. However, three experts reviewed the company's governance documents and found that doing so was strictly optional.
Zach Everson, research director at Public Citizen, warned that 'It has never been clear what World Liberty Financial was supposed to do other than enrich the Trumps, and here we have them taking the first avenue they can to offload their coins.'