Trump Family Crypto Project Quietly Sold as Holders Got Stuck

The pitch was straightforward: Invest in the cryptocurrency venture of Donald Trump and his family, back the industry’s most powerful ally at the peak of their influence, and share the spoils.

Investors said yes, putting in more than $550 million across two fundraising rounds.

What happened next was not publicly explained. After those rounds closed, the project sold an additional 5.9 billion tokens to accredited private investors, transactions worth hundreds of millions of dollars, with much of the proceeds directed to founder-affiliated entities.

The sales came to light when intelligence platform Tokenomist.ai, examining World Liberty’s governance filings at Bloomberg’s request, ...