Key Takeaways
- WSJ and Forbes have accused WLFI and American Bitcoin of wrongdoing.
- Eric Trump made claims of a “China-controlled” media.
- Mounting retail losses have sparked rug-pull accusations against WLFI.
Eric Trump has hit back at recent media reports alleging the Trump family’s crypto projects are scams and predatory, accusing Forbes of turning into a “political weapon” under Chinese ownership.
It comes as fresh stories from both Forbes and The Wall Street Journal have raised tough questions about World Liberty Financial (WLFI) and the family’s DeFi venture — just as community anger over retail losses boils over.
Eric Trump Fires Back At Mainstream Media
In a recent X post, Eric Trump proudly spotlighted American Bitcoin (ABTC), his NASDAQ-listed mining company, calling it a fast-growing success story built on American energy and real Bitcoin holdings.
At the same time, he accused the likes of Forbes and the WSJ of running a hit job on Trump-affiliated crypto businesses, claiming Forbes is now owned by China.
“Since being acquired by China, Forbes has become a political weapon and an embarrassment to journalism,” he wrote.
“This narrative – no different than when Forbes spent years attacking me for simply being a young kid who poured his heart and soul into saving dying children … it reads as politically motivated propaganda.”
The American Bitcoin founder listed its reported numbers: over 7,000 Bitcoin held, nearly 90,000 miners running, 28 exahash of computing power, and Q4 revenue of $78.3 million, up 22%.
He called it the 16th-largest public Bitcoin company, built from scratch in just over a year on clean American energy.
The criticism of Trump family-linked crypto businesses has mounted over the past year, as some flagship projects, including the TRUMP memecoin and the WLFI DeFi project, have lost more than 90% of their value since their peaks.
WSJ and Forbes Expose Trump Family ‘Insider’ Business
It comes after The Wall Street Journal dropped a bombshell report implicating WLFI in an alleged tie-up with a crypto project called AB.
This project had links to two men sanctioned by the US in a major probe into a scam ring, with the report claiming the partnership enabled WLFI’s USD1 stablecoin to operate on AB’s network.
WLFI called it a “limited non-exclusive technology integration,” but critics saw it as a risky move that could drag the Trump brand into shady corners of crypto.
The report came out right as WLFI faced growing heat over how it handles investors and partnerships. Many in the crypto world wondered whether the family’s push into DeFi had skipped proper checks into who they worked with.
Forbes, in another piece, zeroed in on Eric Trump’s other big venture: American Bitcoin.
The story described ABTC as less of a “money-printing machine” and more of an arbitrage setup. Forbes claimed the mining firm drew in MAGA-minded investors with hype, then sold shares at high prices to buy more Bitcoin.
The report also stated that retail shareholders had lost big, roughly $500 million in value since the stock peaked, while the company stacked BTC.
The Justin Sun Saga
On top of the media reports, Justin Sun, once one of the Trump family’s biggest allies, recently filed a lawsuit against WLFI for freezing his investment and depriving him of voting rights.
The Tron founder had contributed $45 million to WLFI since its inception as one of its earliest backers.
He alleged WLFI locked his tokens, revoked his voting rights, and threatened to “burn” them if he didn’t contribute more cash to their USD1 stablecoin.
Sun described it as an “illegal scheme” and “criminal extortion.”
The lawsuit described locked tokens, pressure tactics, and failed promises, which many smaller investors had been complaining about for months.
WLFI denied the allegations of misconduct and vowed to fight in court.
Eric Trump’s Billion Dollar Claims
At a time when many investors are reeling from heavy losses, Eric Trump has boasted about making billions from these projects.
In a recent interview, Trump Jr talked openly about the family making serious money from WLFI.
Early token sales and stakes reportedly funneled hundreds of millions, and at peaks, even billions on paper, to Trump-linked entities.
He and his brothers promoted the project hard, calling it a path to financial freedom with American values. But the crypto community has fiercely pushed back after WLFI tokens crashed hard from launch highs.
The TRUMP memecoin and others tied to the family have also tanked, leading to much of the community accusing the family of “rugging” supporters.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
