The Trump family has significantly increased its control over World Liberty Financial, a decentralized finance platform still under development.
What Happened: According to a Reuters report published Monday, the shift follows a second WLFI token sale in January that brought the platform’s total fundraising to $550 million.
Two of the platform’s original co-founders, Zak Folkman and Chase Herro, have reportedly been removed from their positions as controlling parties.
A newly established parent company, WLF Holdco LLC—60% owned by DT Marks DeFi LLC, an entity linked to Donald Trump and his family—now oversees the protocol’s development and governance.
The Trump-affiliated entity replaces Folkman and Herro as the sole directors of World Liberty Financial Inc., according to corporate disclosures.
World Liberty had previously stated that the Trump family would be entitled to 75% of the net revenue from WLFI token sales.
That share, combined with the new …
Full story available on Benzinga.com