VC Reportedly Rejected Trump Crypto Venture After Steve Witkoff’s Memecoin Blunder
Nic Carter reportedly virtually joined World Liberty Financial (WLFI), the Trump household crypto enterprise. He allegedly walked away when cofounder Steve Witkoff stated “memecoin” as “me-me” cash.
Carter described the 2024 Miami assembly to New York journal. World Liberty says his account is unsuitable, and that it by no means provided him the job.
Witkoff Could not Explain the Product
Carter invests for Castle Island Ventures. He additionally voted for Trump in 2024. Witkoff needed him as an advisor. But Witkoff couldn’t describe the decentralized finance (DeFi) enterprise.
“He didn’t know what crypto or DeFi was. He didn’t know what the pitch was,” the New York function reported, citing Nic Carter.
Witkoff had one clear aim, Carter says. The launch needed to occur earlier than the election. That approach Trump was nonetheless a non-public citizen.
Carter turned the position down. He warned the mission may price Trump votes. That is when Witkoff’s tone hardened.
World Liberty’s personal Gold Paper helps a part of that learn. It says the only real utility of WLFI is governance. Holders get no proper to any return or dividend.
WLFI Holders are Still Locked In
WLFI trades close to $0.055, in opposition to a file of $0.3313 on Sept. 1, 2025. That was the primary day of open buying and selling. The value fell 40% earlier than it ended.
World Liberty launched solely 20% of every investor’s tokens that day. Just 31.8% of the provision trades now. An April plan unlocks the remaining from 2028. Holders who vote in opposition to it keep locked.
The firm additionally added a contract perform letting it freeze any pockets. That change landed eight days earlier than buying and selling opened.
Justin Sun was the most important early backer. He sued World Liberty Financial in California for fraud. The firm countersued for defamation in Miami. Both circumstances stay at an early stage.
The enterprise has been profitable for the household even because the token sank. Reporting on the Trump family crypto windfall tracks how little of it reached odd holders.
Carter noticed a token with no enterprise behind it. Two years on, many of the provide continues to be frozen. The unlock schedule runs previous the tip of Trump’s time period.
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