On August 29, Donald Trump posted a video about the World Liberty Financial project. However, as the excitement builds around this project, many concerns are rising, partly due to the hacking of his family’s accounts and promotion of a fake WLFI project.
The Trump Family’s Crypto Adventure
For weeks, Donald Trump and his sons have been teasing the launch of World Liberty Financial. Most of the details of the project were kept hidden, but a white paper quietly circulated among potential investors. This project, described as a decentralized finance platform, offers borrowing and lending services. It is noteworthy for involving the entire Trump family: Eric, Donald Jr., and even 18-year-old Barron. According to the white paper, World Liberty Financial will introduce a new cryptocurrency called WLFI, a non-transferable governance token that allows users to suggest and vote on new features or blockchain integrations. However, WLFI's configuration may make it challenging for speculators to trade. The WLFI team consists of Trump family members and experienced crypto veterans like Zachary Folkman and Chase Herro, previously associated with the hacked Dough Finance app, raising concerns about the project's security and originality.
The Hacks and the Scams
As the buzz around World Liberty Financial grew, strange events unfolded. On September 3, hackers compromised the X (formerly Twitter) accounts of Donald Trump’s daughter-in-law, Lara Trump, and his daughter, Tiffany Trump. These accounts promoted a token falsely claimed to be tied to World Liberty Financial, sharing blockchain addresses and urging followers to invest in the 'only official' World Liberty token. Eric Trump quickly exposed the scam through his own X account, informing that the profiles had been compromised and that the addresses were part of a scam. World Liberty Financial’s official account also confirmed the hack, urging followers to avoid clicking on any links or purchasing any tokens shared from Lara’s or Tiffany’s profiles. This isn't the first time a token allegedly linked to the Trump family has appeared. Earlier, a DJT token, which convicted fraudster Martin Shkreli claimed was launched with Barron Trump, briefly made headlines. Another token, Restore the Republic (RTR), saw a meteoric rise before crashing. In both cases, the Trump family denied any involvement.
The Future of World Liberty Financial
The endorsement of World Liberty Financial by Donald Trump has undoubtedly drawn attention to the project, but it has also raised several red flags. The connection to the hacked Dough Finance app, the involvement of controversial figures like Folkman and Herro, and the recent hacking incidents all contribute to a sense of unease surrounding the project. While Trump’s move into the crypto space could energize his base and attract new supporters, it also exposes the project to significant risks and scrutiny. How the project progresses and whether it can build trust among potential users remains to be seen.
As Donald Trump continues his bid for the presidency, his venture into cryptocurrency remains a topic of interest and debate. Some believe Trump's goal is to attract crypto voters. Among the many hacks the crypto ecosystem is facing, projects with such participants arouse suspicions. Whether World Liberty Financial becomes a legitimate player in the DeFi space or just another failed experiment will depend on how it navigates these early challenges and whether it can build trust among potential users.
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