Meet Trump's Inner Crypto Circle: Inside the Golf Course Origin Story of the 'CryptoPunk' Business

Original Article Title: Meet Trump's inner crypto circle: Eric, Don Jr.—and a lot of tattoos

Original Article Author: Ben Weiss, Fortune

Original Article Translation: Luffy, Foresight News

In the stifling mid-August heat of New York City, Eric Trump and Donald Trump Jr. pushed open the door to a boardroom at the Trump Organization. President Donald Trump's two sons sat around a sleek black stone table on the 25th floor of Trump Tower, with Zachary Vitkoff seated between them, the current Trump Organization Middle East envoy and son of real estate magnate Steve Vitkoff.

They had gathered for a rare media interview. Alongside other advisers and executives, these three aimed to promote World Liberty Financial, the lucrative core crypto business of the Trump family, and its recent $1.5 billion deal. But the meeting didn't start without some good-natured ribbing.

“He’s a man I respect,” Zach quipped about the 47th U.S. president, “I named my eldest son ‘Don’ in his honor.”

Donald Jr. feigned indignation: “Wait a minute, I thought it was...” he didn’t finish his sentence, implying he thought Zach took the name in honor of him, not his father.

The banter continued, with Cyrus Hero, co-founder of the Trump family's crypto business, feigning sympathy, saying, “I just found out about this at the interview, it’s so tragic.”

From left to right: Donald Trump Jr., Zach Vitkoff, Eric Trump, Zach Folkman

Jokes aside, the Trump brothers, Zach, Hero, and their business partner Zach Folkman play a pivotal role as the leaders of the Trump family's cryptocurrency inner circle, with significant influence. Their mission is to transform World Liberty Financial, established in October 2024, into a crypto powerhouse—even in the face of glaring conflicts of interest.

Currently, World Liberty Financial has three core businesses: the USD1 stablecoin pegged to the U.S. dollar, the WLFI cryptocurrency, and a publicly traded company holding WLFI. Those who purchase WLFI can participate in the company's future product development decisions; whereas the publicly traded company was formed through a collaboration with a well-established biotech firm, primarily aimed at providing a way for traditional investors who do not use cryptocurrency exchanges to invest in WLFI by purchasing stocks.

The entire enterprise is a wild mix of tokenomics and financial "alchemy." In March of this year, World Liberty Financial announced that it had raised $550 million through a direct sale of WLFI tokens, with its USD1 stablecoin reaching a market cap of $2.2 billion, allowing the Trump family business to earn interest from it. Furthermore, a collaboration with a well-established biotech company enabled investors to raise another $1.5 billion to purchase WLFI tokens, valuing the token's total supply at $20 billion based on this price.

In a spacious 25th-floor conference room overlooking Central Park, Eric and Little Donald elaborated on these business dealings. Clearly, they were well-versed in cryptocurrency, casually discussing Bitcoin, Ethereum, and payment channels. However, what was more eye-catching was the group of tattooed crypto "natives" standing next to the impeccably dressed Eric and Little Donald.

Eric, Little Donald, and Zack were all in suits with blue ties, while the co-founder of the crypto business, Hero, wore a light beige t-shirt and olive green jeans, with a tattoo on his right bicep resembling a Greek statue, along with several other tattoos. Fockman wore a black long-sleeved shirt and sleek track pants, with a butterfly tattoo on his left hand and other tattoos on his body. It seems World Liberty Financial has two "uniforms": business formal and crypto casual.

The details of the Trump family's collaboration with these crypto veterans remain unclear, but the story began at a golf course.

About two years ago, in the summer of 2023, Hero, who had long been involved in cryptocurrency entrepreneurship and once referred to himself as the "jerk of the internet," received an invitation to Shell Bay Club in the outskirts of Miami. This was a private golf club owned by the Vitekoff family. Hero didn't say who invited him but mentioned that the host was "a great young man" and also a friend of Little Donald.

At that time, Hero stood on the grass with his tattoos, and Zack happened to be driving by. "He could tell I was a bit out of place," Hero said, "and then he said, 'Come, ride with me in a golf cart,' and we started chatting away in the golf cart."

This chance encounter gave birth to a business collaboration. The Vitekoff family introduced Hero and his long-time business partner, Zack Fockman (who once ran a company called "Date Hotter Girls"), to the Trump family. Subsequently, the two families teamed up with Hero and Fockman, and in a live broadcast in September, the host announced this collaboration, referring to the duo as "crypto punks."

Zack Fockman (left) displaying his World Liberty Financial tattoo, with Caius Hero (right)

In the same live broadcast, Zak's father Steve Witkoff tried to reassure the audience, urging everyone not to judge a book by its cover.

“They may look different from us and dress differently from us,” he said, “I have met traders from around the world, and these two are as smart as any currency trader I have met.”

However, the contrast in style between the Trump circle and “crypto punks” has long since dissipated in the thriving new business wave. Trump and the Witkoff family boast that their stablecoin USD1 is the “fastest-growing stablecoin in history.” This may be true, but over 90% of the stablecoin's market value comes from a massive transaction with the world's largest cryptocurrency exchange, Binance. In this transaction, Binance received a $2 billion investment from an Abu Dhabi venture capital firm and took it in the form of USD1. Zak announced this transaction on May 1, and Binance has not yet converted the USD1 into dollars, meaning World Liberty Financial can still earn interest on these funds.

Today, the Trump family’s cryptocurrency business, which has 20 to 30 employees, is planning to launch a cryptocurrency lending protocol and decentralized finance (DeFi) applications. Folkman did not disclose the launch date for these products.

The influx of funds and the emergence of Trump-branded cryptocurrency products have raised concerns among ethicists. They believe that World Liberty Financial provides a direct channel for those seeking to please the president to “give money” to his family. When previously asked about ethical dilemmas, Eric Trump was dismissive: “I separate the two,” referring to his business relationships versus his relationship with his father, “but I think he would be proud of what we are doing.”

Zak, Herro, and Folkman are also proud of their cryptocurrency company. Herro has a tattoo of the World Liberty Financial logo on the back of his neck—a geometric-style eagle; Folkman has a similar tattoo on his left forearm; Zak admits he has one too. According to Matt Morgan, a Trump family cryptocurrency project advisor who was also present in the meeting room, this tattoo apparently stems from a night out on the town.

When asked about the location of the tattoo, Zak was evasive. “He probably got it on his lower back!” Folkman joked.

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