World Liberty Financial's Trump crypto event lacks specifics.

• For over a month, the Trump family has been promoting a secretive crypto project through the Trump Organization, claiming it will accomplish multiple tasks.
• A crypto banking platform, World Liberty Financial, is expected to be operated with 70% of equity held by a small group of Trump family members and insiders, according to a source.
• According to several industry experts, including crypto-specific venture capitalists, it is unusual for founders of a crypto platform to retain a seventy percent equity share.

For over a month, the Trump family has been promoting a secretive crypto project through the Trump Organization, claiming it will accomplish multiple tasks.

The crypto banking platform "World Liberty Financial" is expected to have 70% of its equity owned by a small group of Trump family members and insiders. Users can borrow and lend crypto on the platform, and the original investors will receive payments through fees.

The Republican nominee has announced that he will launch World Liberty Financial during a Twitter Spaces event starting at 8 p.m. ET Monday from his Palm Beach resort and home, Mar-a-Lago.

Trump announced in a video on X on Thursday that he and his team are turning towards crypto and leaving behind the slow and outdated big banks.

Farokh Sarmad, a crypto enthusiast and investor with a media company, was interviewed by Trump early in the event.

On Monday, CNBC emailed World Liberty Financial for answers to specific questions, but received an email reply from an anonymous Gmail account that did not respond to CNBC's inquiries or provide a sender's name.

Monday's event comes at an unprecedented moment for Trump's presidential campaign.

On Sunday afternoon, at the Trump International Golf Club in West Palm Beach, Florida, the former president and his longtime friend and political donor, Steve Witkoff, were on the fifth and sixth holes of the course when gunshots were fired. The FBI has classified the incident as an apparent assassination attempt on the former president.

Trump's longtime friend, Witkoff, is one of the founders of World Liberty Financial, as per an internal report obtained by CoinDesk.

Witkoff, along with Trump, is a member of the project's "leadership team" and will reportedly receive a 70% stake in the crypto bank at launch.

According to several industry experts, including crypto-specific venture capitalists, it is unusual for founders of a crypto platform to retain an equity share of 70%. Typically, founders' stakes are closer to 20%.

The founding team of the group includes Donald Trump, Eric Trump, and Barron Trump, as well as Zach Witkoff, the son of Witkoff, according to a source close to the group's founding team.

The white paper obtained by CoinDesk lists Barron as "Chief DeFi Visionary," Eric and Donald Jr. as "Web3 Ambassadors," and Trump Sr. as "Chief Crypto Advocate."

While the Trumps will receive compensation from the project, it is reported that the platform is not owned, managed, operated, or sold by members of the Trump family.

On Monday, the anonymous Gmail account that responded to CNBC stated that the project had not yet produced a white paper, which raises more questions about its readiness to launch.

According to a source, Eric Trump and Witkoff, both real estate investors, are the key figures at World Liberty Financial, a crypto project. They are both newcomers to the crypto industry.

Neither Eric Trump nor Witkoff responded to CNBC's inquiry about their leadership positions at World Liberty.

A source close to the project claims that Witkoff has displayed minimal enthusiasm in understanding the intricacies of the platform's operation.

World Liberty Financial, the Trump campaign, and the Trump Organization were contacted by CNBC for information about the project, but no response was received.

The information about World Liberty that the public has is mostly from interviews given by Trump's sons to the media, a leaked white paper that serves as a manifesto for the crypto project, and conversations with people familiar with the project.

The project requires individuals who seek specific information about the platform, including the white paper, to sign a non-disclosure agreement, according to a source.

In 2024, some prominent industry figures supported Trump's presidential campaign by contributing money and endorsements, and Trump adopted more optimistic rhetoric on the campaign trail, ultimately delivering a keynote address at the largest bitcoin conference in Nashville in July.

While some supporters of Trump are concerned that his foray into crypto may harm his relationship with the sector if the launch doesn't go smoothly.

According to a source close to the project, Donald Trump, Sr. has not been actively involved in the platform at this time.

This is a developing story, please check back for updates.