President Donald Trump denied on Monday any knowledge of the alleged $500 million investment by Abu Dhabi’s royal family in World Liberty Financial, his family’s cryptocurrency project.
Trump Denies Involvement
During a press conference at the White House, Trump responded to a question about the controversial deal that’s drawn fierce criticism from his opponents and Democrats.
“Well, I don’t know about it,” he said. “My sons are handling that. My family is handling it, and I guess they get investments from different people, but I’m not.”
Trump stated he’s currently preoccupied with other matters, including Iran, Russia, and Ukraine.
“I don’t know exactly other than, you know, I’m a big crypto person,” Trump added.
The $500 Million Deal That Raises Eyebrows
Trump’s denial came in the wake of a report that Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, backed a $500 million investment for a 49% stake in World Liberty Financial.
The company lists Trump and Steve Witkoff, who was appointed U.S. envoy to the Middle East, as co-founders emeritus and is run by members of the Trump and Witkoff families.
The report said about $187 million from the deal flowed to Trump family entities, while $31 million went to Witkoff family entities.
Sen. Elizabeth Warren (D-Mass.), a persistent critic of the Trump family’s cryptocurrency businesses, labeled the incident as “crypto corruption.”
Notably, Trump likewise denied any awareness of his Official Trump (CRYPTO: TRUMP) memecoin launch last year, claiming he was unaware it benefited him.
Price Action: At the time of writing, the World Liberty financial token, WLFI, was exchanging hands at $0.1280, down 5% over the last 24 hours, according to data from Benzinga Pro. The coin has plunged 27% since the year began.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Joey Sussman
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