Days After Pahalgam Attack, Pakistan Signed Deal With Trump Family-Backed Cryptocurrency Venture

Amid US President Donald Trump taking credit for the ceasefire between India and Pakistan, it is now reported that a cryptocurrency venture connected to has family signed a high-stakes deal with Pakistan's Crypto Council. The deal was formalised (April 26) just days after the Pahalgam attack in Kashmir in which 26 civilians were killed.

The Deal

Trump's sons Eric and Donald Jr. hold a majority stake in the World Liberty Financial (WLF), a blockchain investment firm which signed a preliminary agreement with the Pakistan Crypto Council in April, according to a report in The Times of India.

Zachary Witkoff, son of Trump's longtime business associate Steve Witkoff, alongside WLF executives Zachary Folkman and Chase Herro went to Islamabad to finalise the agreement. The report claims that they met Pakistan's Prime Minister Shehbaz Sharif and Army Chief General Asim Munir and had a closed-door meeting.

The involvement of Gen. Munir's in the deal has fueled speculation in India about whether financial incentives influenced Pakistan's military stance during the crisis.

Days after formation, Pakistan Crypto Council roped in Binance founder Changpeng Zhao on board as Adviser, thereby raising its credibility. For the unversed, Binance is the world's largest cryptocurrency exchange.

According to WLF and the Pakistan Crypto Council, the partnership aims to advance blockchain adoption in Pakistan's financial sector, including stablecoin development, asset tokenization, and regulatory sandboxes for decentralized finance projects.

After signing the agreement, Vetkoff had praised Pakistan's economic potential, stating, "Pakistan is one of the fastest-emerging economies. We are excited to be part of its journey towards a vibrant financial future."

However, WLF has dismissed claims of political motives, stating its focus is on "financial inclusion and digital transformation" in emerging markets. However, the involvement of Trump-affiliated figures and the deal's timing have led to suspicions in India that economic incentives may be linked to geopolitical maneuvering.

Neither the Trump family nor the U.S. State Department has publicly commented on the agreement.

Pahalgam Attack

On April 22, terrorists linked to Pakistan carried out attacks on civilians in Pahalgam, killing 26 civilians. In response, India suspended the Indus Water Treaty and downgraded diplomatic ties with Pakistan. More importantly, it carried out strikes on nine terror infrastructure in nine locations in Pakistan and in the PoK.

Thereafter, Pakistan engaged with India in a conflict for four days of cross-border drone and missile strikes before agreeing to a ceasefire on May 10.

Trump, who was once the strongest critic of Pakistan, has been trying to take credit for brokering peace between India and Pakistan.