A cryptocurrency company linked to US President Donald Trump is facing fresh scrutiny after partnering with a company whose “flagship project” had recently involved individuals subsequently 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 the Southeast Asia-based AB DAO blockchain project.
However, a Times investigation published Monday found that the company was unaware that AB DAO had, until weeks earlier, promoted a tourism 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 the United States and the United Kingdom adopted coordinated sanctions against Prince Group founder Chen Zhi and his associates for their alleged involvement in large-scale fraud. People related to the group had been involved in the tourism project promoted by AB DAO before being dismissed following the sanctions.
CoinDesk contacted WLFI, launched in September 2024, for comment, but the company had not responded at the time of publication. However, WLFI told The Times that it has “no association or relationship with the sanctioned individuals.”
The developments add to broader questions about World Liberty’s governance and external relations. A Wall Street Journal report in January revealed that a company backed by United Arab Emirates (UAE) national security adviser Sheikh Tahnoon bin Zayed Al Nahyan quietly agreed to acquire a 49% stake in WLFI for $500 million shortly before Trump returned to office.
The deal marked “something unprecedented in American politics,” according to the Wall Street Journal, which cited legal experts who raised potential concerns about conflicts of interest. The White House has denied any wrongdoing.
There is no suggestion that WLFI had any direct connection to the Prince Group, according to The Times. However, the report raises questions about the effectiveness of due diligence around its partnerships.
