On Sunday, Pakistan rolled out the red carpet for top executives of World Liberty Financial, a decentralized finance (DeFi) firm majority-owned by the family of U.S. President Donald Trump. The visit culminated in the signing of a letter of intent with the Pakistan Crypto Council aimed at advancing blockchain technology and crypto adoption in the country.
The high-profile visit came just five days after a deadly terrorist attack in Pahalgam, India, where 26 tourists were killed. The incident has sharply escalated India-Pakistan tensions, with New Delhi alleging that two of the attackers were Pakistani nationals, an accusation Islamabad has firmly denied.
Executives from World Liberty Financial, including Zachary Folkman, Chase Herro, and Zachary Witkoff, met with Pakistani Prime Minister Shehbaz Sharif and Chief of Army Staff General Asim Munir, among other top officials. The letter of intent signed with the Pakistan Crypto Council pledges to accelerate the adoption of blockchain, stablecoins, and DeFi solutions throughout the country.
The agreement, described in a press release, positions Pakistan as a rising player in the global digital finance space. “This marks a major step toward positioning Pakistan as a global leader in the digital finance revolution,” the statement read, claiming it would enhance the country’s standing as one of the fastest-growing crypto markets.
Pakistan’s Finance Minister Muhammad Aurangzeb joined the signing ceremony via video, while other attendees included the heads of the Securities and Exchange Commission of Pakistan and the State Bank. Council CEO Bilal Bin Saqib also played a central role in the meeting.
Blurring the Lines. Trump’s Business and Policy Interests
According to a New York Times investigation, World Liberty Financial, established in 2024, has engaged in several controversial crypto deals, raising questions about conflicts of interest. The firm allegedly approached multiple crypto startups with a proposition to buy large blocks of its own coins ($10 million to $30 million) in exchange for smaller portions of the startups’ currencies, keeping the rest of the funds as profit often with premiums as high as 20%. These arrangements were reportedly kept confidential.
The NYT piece stated troubling overlaps between Trump’s business interests and his policy positions. “Mr. Trump’s return to the White House has opened lucrative new pathways for him to cash in on his power,” the article stated, “but none of the Trump family’s other ventures pose conflicts of interest as stark as those involving World Liberty.” The firm, which is 60% owned by a Trump-linked entity, has been criticized for eroding traditional boundaries between presidential duties and private enterprise.
Pakistan’s Crypto Ambitions Rise In The Middle Of A Possible War?
Backed by both Trump and Binance founder Changpeng Zhao, the Pakistan Crypto Council has set its sights on transforming the country into the “crypto capital of South Asia.” The goal is to rival markets like the UAE and potentially attract a surge of cross-border crypto activity.
A 2024 report by Chainalysis ranked Pakistan ninth globally in crypto adoption, with around 25 million active users and estimated annual transaction volumes of $300 billion. India, by contrast, took the top spot.
Speaking last month, council chief Bilal Bin Saqib criticized India’s crypto policy, particularly the 30% tax on crypto trades, as self-defeating. “We’ve seen this mistake before,” he said. “India’s high tax drastically cut trading volumes. Our approach will be more progressive.”
Indian officials have expressed concerns that relaxed crypto regulations in Pakistan could pose a security risk. With India treating crypto as a taxable asset without formal legal recognition, many investors already route transactions through the Middle East using VPNs to avoid taxes. “If cost-effective offshore exchanges emerge in Pakistan, we risk seeing a significant shift of trading activity and possibly sensitive financial data into Pakistani hands,” one policy adviser warned.
Inside the Trump Family’s Growing Crypto Empire
An entity tied to Donald J. Trump – DT Marks DEFI LLC—owns a 60% stake in WLF Holdco LLC, the parent company of World Liberty Financial (WLF), and is entitled to 75% of select revenues from its coin sales. At the helm of this growing crypto initiative is Trump himself, now donning the title of “Chief Crypto Advocate.” His sons, Eric Trump and Donald Trump Jr., serve as “Web3 Ambassadors,” while youngest son Barron Trump is labeled the project’s “DeFi Visionary.”
The executive team steering World Liberty features an eclectic mix:
–Zachary Folkman, a former dating app entrepreneur,
–Chase Herro, who previously served jail time for marijuana possession,
–and Zachary Witkoff, son of Trump’s Middle East envoy Steve Witkoff, who is also a cofounder of the firm.
In October 2024, the company raised approximately $300 million through the sale of 20 billion WLFI tokens priced at $0.015 each. The firm also announced plans to introduce a stablecoin, USD1, pegged to the U.S. dollar and backed by U.S. Treasuries and cash equivalents.
Leading up to Trump’s inauguration, a flurry of meme coins, $TRUMP and $MELANIA – were launched. These tokens are controlled by CIC Digital LLC and Fight Fight Fight LLC (a CIC co-venture), which together hold 80% of the supply. While their direct link to World Liberty remains unclear, their launch mirrored Trump’s expanding Web3 footprint.
Earlier this month, World Liberty’s founders met with Binance founder Changpeng Zhao in Abu Dhabi, just months after Zhao began serving a four-month sentence for crypto fraud following a guilty plea.
In a bid to deepen liquidity for its upcoming stablecoin and expand into the U.S. market, World Liberty also secured a $25 million investment from DWF Labs, a Dubai-based market maker.
According to reports, World Liberty has received several confidential multimillion-dollar investments, prompting questions of potential quid pro quo – particularly as many backers face or have faced legal troubles.
For example: Justin Sun, founder of Tron, recently invested $75 million in WLFI coins. Sun had been sued by the Biden administration for alleged price manipulation, but in February, the SEC paused the case, signaling a possible settlement.
Arthur Hayes, founder of Ethena, another investor in WLFI, was sentenced to home detention but received a presidential pardon in March.
In December, World Liberty purchased 130,000 tokens from Ondo Finance, a New York firm. Just a month later, Ondo donated $1 million to Trump’s inauguration and co-sponsored a gala called Crypto Ball. Notably, Ondo is backed by Peter Thiel, a key Trump supporter and Elon Musk confidant.
In February, Eric Trump tweeted “In my opinion, it’s a great time to add $ETH,” cheekily adding, “You can thank me later,” before deleting the latter. In March, his father unveiled plans to establish a “U.S. Crypto Reserve,” anchored in Bitcoin and Ethereum.
Coincidentally or not, the U.S. Senate introduced a bill supporting stablecoin issuance just one week before World Liberty’s USD1 was formally announced.
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Pakistan Issues A Warning
Meanwhile, as tensions between India and Pakistan have sharply escalated following the April 22 terrorist attack in Pahalgam, prompting significant military movements and strategic posturing on both sides.
In response to what it believes is an imminent retaliatory strike by India, Pakistan has rapidly mobilized key air defence assets and electronic warfare detachments to forward locations near the Line of Control (LoC) and the international border. Pakistan’s Defence Minister Khawaja Asif has publicly stated that the country is bracing for an incursion by India, calling the threat “imminent.”
Air defence systems, including the Chinese-origin HQ-9/P long-range surface-to-air missiles, have been deployed to shield key cities like Karachi and Lahore. Radar systems have been reinforced in the Sialkot sector, while electronic warfare units are active in the Ferozepur sector, indicating Islamabad’s preparation for potential Indian long-range air or missile strikes, possibly targeting terrorist infrastructure in Pakistan-occupied Kashmir (PoK).
Significant troop movements have also been observed. Pakistan has moved its 6th Armoured Division from Gujranwala and the 7th Infantry Division from Punjab into forward positions in PoK, particularly in Rawalakot, Bagh, and Toli Peer.
These are areas adjacent to India’s Jammu and Kashmir region, especially the volatile Poonch sector. Reinforcements from Punjab and Khyber Pakhtunkhwa have also been moved to PoK to support regular army units along the LoC, where skirmishes and firing exchanges have been ongoing for six consecutive days.
In terms of firepower, Pakistan has deployed A-100 multi-barrel rocket launchers (MBRLs) with a range exceeding 100 kilometers in PoK, alongside KRL-122 MBRLs with a shorter range of 40 kilometers. Al Khalid main battle tanks have also been positioned in key sectors like Chhamb. Furthermore, elements of the Pakistan Army’s XII Corps, including the 33rd and 41st Infantry Divisions based in Balochistan, have reportedly been ordered to relocate toward the Indian frontier.
The Pakistan Air Force is on heightened alert, with intense aerial drills ongoing. The Nur Khan air base in Rawalpindi has received a fresh detachment of F-16C fighter jets, while the strategically important Skardu air base in PoK has reportedly received 18 JF-17 jets. In southern Pakistan, the air force is conducting “Exercise Zarb-e-Haideri,” involving J-10C, JF-17 Block III, and F-16 aircraft. Pakistan is particularly focused on defending Karachi, where advanced air defence systems have been positioned to thwart any aerial or maritime threat.
Amid these developments, Indian Prime Minister Narendra Modi has stated that the Indian armed forces have complete operational freedom to decide on the timing, target, and mode of response to the Pahalgam attack. With major military assets mobilized on both sides and political rhetoric intensifying, the situation remains highly volatile and is being closely monitored by regional and global actors to prevent further escalation.
