World Liberty Financial (WLFI), a cryptocurrency initiative linked to the Trump family, has drawn significant criticism following its endorsement of a controversial joke token called the “Sht Pss Skin Can” (SPSC). This endorsement arrives at a time when the Trump family’s investments in cryptocurrencies have reportedly incurred more than $1 billion in losses, notably including their Bitcoin holdings, as highlighted by Bloomberg’s Billionaires Index.
On Monday, WLFI announced its decision to purchase SPSC, a digital asset created as a humorous nod to WLFI co-founder Chase Herro. Herro is better known for a provocative statement he made years ago, suggesting that even a can of human waste could sell for “a billion dollars if the story is right.” Reflecting this ethos, WLFI tweeted: “Buying $SPSC because the trenches finally found religion in USD1 memes,” leading to a speculative surge where SPSC’s value skyrocketed by as much as 143%.
However, the endorsement didn’t sit well with many in the crypto community. Influential YouTuber and fraud investigator Coffeezilla vehemently criticized WLFI for promoting a token that seems to contradict its stated goal of shaping the future of finance. He pointed out the absurdity of endorsing a coin built on a joke about human waste, questioning the project’s integrity. Fellow traders on the platform X shared similar sentiments, arguing that WLFI’s promotion of a token with shock value undermines the credibility of its mission. One user remarked that the post seemed hastily crafted, suggesting it may have been generated with little consideration.
This controversy unfolds amid a broader context of financial distress for the Trump family, whose net worth has reportedly plummeted from approximately $7.7 billion in early September to about $6.7 billion today. The family’s struggles are significantly tied to their aggressive investments in high-risk cryptocurrencies. Bloomberg’s analysis notes that President Trump’s stake in the Trump Media & Technology Group has seen a staggering decline of about $800 million, alongside considerable losses in Bitcoin investments. With approximately 11,500 Bitcoins acquired when the cryptocurrency’s price was nearing $115,000, the company’s holdings have depreciated by about 25%.
In response to the backlash, a spokesperson for World Liberty Financial reaffirmed the company’s commitment to its long-term objectives, emphasizing a belief in the lasting significance of digital assets. The spokesperson stated, “Crypto is here to stay,” and expressed confidence in the evolving technologies that underpin digital finance, which they believe will fundamentally transform financial services.
