A cryptocurrency firm linked to US President Donald Trump is facing new scrutiny after partnering with a company whose “signature project” had recently involved individuals later sanctioned by the US and UK.
a crypto company co-founded by Trump and partly owned by his family, said it conducted due diligence before integrating its $1 stablecoin with Southeast Asia-based blockchain project AB DAO.
However, a Times investigation published Monday found that the company was unaware until weeks earlier that AB DAO had promoted a resort project linked to figures associated with Cambodia’s Prince Group, an organization that U.S. authorities have described as a major transnational criminal network.
The partnership was announced in November, shortly after coordinated sanctions between the United States and the United Kingdom targeting Prince Group founder Chen Zhi and his associates for their alleged involvement in large-scale fraud. Individuals linked to the group had been involved in the resort project promoted by AB DAO before being expelled following sanctions.
CoinDesk contacted WLFI, launching in September 2024, for comment, but the company had not responded at the time of publication. However, WLFI told the Times that it had “no association or relationship with the sanctioned individuals.”
These developments add to broader questions regarding World Liberty’s governance and external relations. A Wall Street Journal article in January revealed that a company backed by United Arab Emirates (UAE) national security adviser Sheik Tahnoon bin Zayed Al Nahyan had quietly agreed to acquire a 49% stake in WLFI for $500 million, shortly before Trump returned to power.
The deal marked “something unprecedented in American politics,” according to the Wall Street Journal, which cited legal experts raising potential conflict of interest concerns. The White House has denied any impropriety.
There is no indication that WLFI has a direct connection to the Prince group, according to the Times. However, the report raises questions about the effectiveness of due diligence around its partnerships.
