Trump-Backed Crypto Venture Faces Scrutiny Over Ties to Terror Groups

December 13, 2024 03:35 AM AEDT | By Team Kalkine Media

Google News:

Trump-Backed Crypto Venture Faces Scrutiny Over Ties to Terror Groups — Image source: shutterstock

Recent News

Fed Daly eyes fall for possible policy shift

Fifth Third Announces Three-Year, $20M Investment in North Nashville

Inogen Alliance Associate Awards: Environment Analyst Sustainability D...

New Zealand Construction Report 2025: Output to Contract by 1% Due to...

Highlights

Trump-backed World Liberty faces controversy over ties to Hamas and Hezbollah.

Tron network, a key player in World Liberty, linked to terror financing.

Israeli authorities freeze Tron wallets connected to terrorist organizations.

A new cryptocurrency venture backed by US President-elect Donald Trump and billionaire Steve Witkoff is facing scrutiny over its ties to the Tron network, which has been linked to Hamas and Hezbollah. The partnership with World Liberty Financial has raised concerns about potential ethical conflicts and the involvement of crypto in illicit activities tied to terrorist groups.

Crypto Venture Under Scrutiny for Terrorist Ties

A newly launched crypto initiative backed by US President-elect Donald Trump and billionaire Steve Witkoff is now at the center of controversy. The venture, in partnership with World Liberty Financial Inc., has been linked to the Tron network, which financial experts and authorities allege has been used by criminal organizations, including terror groups Hamas and Hezbollah.

Rising Concerns Over Ethics and Conflicts of Interest

World Liberty Financial, founded by the Witkoff family in the lead-up to the 2023 US election, has raised red flags among government ethics experts. The involvement of high-profile figures, including Trump and Witkoff, has raised questions about potential conflicts of interest and the ethical implications of the venture. The company’s connection to Tron, which has reportedly been used in illicit crypto transactions by groups designated as terrorists, adds to these concerns.

Tron’s Controversial Role in Crypto Transfers

The Tron network, which has overtaken Bitcoin in popularity for crypto transfers, has gained significant attention for its role in facilitating transactions linked to Hamas, Hezbollah, and other organizations associated with terror financing. In recent reports, Israeli authorities revealed that they had seized 186 Tron wallets since 2021, with 84 of them connected to Hamas and 39 to Hezbollah. Despite these allegations, Tron has defended its network, stating that it attracts both legitimate and illicit users, but insists that it is taking steps to prevent abuse.

Tron’s Response and Industry Concerns

Tron’s founder, Justin Sun, has been vocal about his platform’s role in the crypto space. The company recently announced a partnership with law enforcement to combat illicit activity, freezing millions of dollars in suspicious funds. However, the questions surrounding its use by terrorist organizations remain unresolved. Eric Trump, speaking at a crypto conference in Abu Dhabi, acknowledged the concerns over crypto’s use by criminals but emphasized that traditional financial institutions also face similar issues.

As investigations continue, the partnership between World Liberty and Tron remains under close scrutiny, highlighting the complexities of regulating cryptocurrency in a rapidly evolving financial landscape.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.