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Ahmed Barakat
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A Wall Street Journal survey has been conducted found that World Liberty Financial, Trump’s crypto venture, has partnered with a virtual currency company called AB whose major figures were approved by the US Treasury for being part of a hog-killing fraud network that stole billions from Americans.
The agreement, which enabled WLF’s USD1 stablecoin to operate on the AB network, was announced less than a month after the October 14 penalty. Chase Herro and Zachary Folkman, who were identified as key to WLF’s operations, are now facing a DOJ investigation into previous organizations linked to the same scam.
The question that this article presents is specific: is the partner of the crypto project recognized by the president and a company whose shareholders and general managers were sanctioned at the same time by the US government for conducting violence?
- Scam scale: The Prince Group is said to have stolen billions through 10 pig slaughtering syndicates in Cambodia.
- Penalties sweep: The US Treasury ordered more than 140 people and companies on October 14 for their involvement in the Prince Group.
- WLF affiliation: World Liberty Financial supported a USD1 stablecoin on the AB network less than a month after the announcement of the penalty.
- Authorized persons: Yang Jian (stock manager) and Yang Yanming (general manager) of AB’s East Timor resort were both named in the Treasury action.
- DOJ review: Federal investigators are looking into Chase Herro and Zachary Folkman’s past dealings – including the Yield Game and Dough Finance – for infrastructure related to the fraud network.
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Who Are Chase Herro and Zachary Folkman – And Why Is The DOJ Looking?
Chase Herro and Zachary Folkman are featured in the WSJ search as the WLF’s technical and operational management force.
Federal investigators from DOJ and the SEC is looking into their past operations, particularly Yield Game and Dough Finance, for their construction related to a hog-killing ring that defrauded investors of more than $100 million worldwide.
Blockchain legal experts cited in the investigation report incidents that range from wallets tied to WLF’s early development to addresses linked to fraudulent activities. The WLF is said to have also recruited recruiters and consultants who had worked in these organizations when they were under government supervision.
Neither Herro nor Folkman were charged. WLF lawyers told the WSJ that the company only learned of AB’s connection with the East Timor official in January 2026 — about two months after the deal was announced.
What Is Pig Slaughter, And How Does This Network Intertwine With WLF’s Infrastructure?
Pig killing is a long-term scam in which operators, often using slaves in offshore companies, create fake online relationships with victims before prying them into fraudulent crypto businesses.
The US Department of Justice has described the Prince Group, the organization at the center of the case, as conducting at least 10 operations in Cambodia using this strategy.
WLF’s connection goes through AB, which was creating a blockchain network in East Timor.
Two of the men admitted on October 14, Yang Jian, who manages the facility, and Yang Yanming, its general manager, were punished mainly for their work for the Prince Group.
AB removed all three people it had admitted to the company shortly after the Treasury, but a deal with WLF was announced a few weeks later, regardless.
Legal exposure here is not a crime by association alone. If the blockchain legal experts confirm the connection of the wallet between the original development of WLF and the fraudulent activities of the fraud ring, as this research suggests, that makes the case of not damaging the reputation possible. Avoidance of sanctions is a part of fraud that is supported by crypto that federal prosecutors pursued aggressively.
The Trump Crypto Show: What the WLF Style Makes Worse
World Liberty Financial was founded in 2024 as a DeFi lending and management system with the support of the Trump family, whose participation made the project appear faster.
The USD1 stablecoin, a product used in the AB network, is the first WLF currency, designed to work on the blockchain.
There is no evidence that Donald Trump or his family had knowledge of the alleged illegal records of WLF associates. But the shortcomings of KYP identified in the research are not trivial. Banning 140-plus organizations on the same day two of your future partner’s executives appear on the list is the kind of quick failure that management sees as a system problem, not an oversight one.
The political part includes every legal question. Crypto companies that are facing the control of financial services related to politics it works differently in terms of press coverage and congressional attention — and the WLF, carrying Trump’s name on every headline, is no exception to this scrutiny.
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