Donald Trump and his sons have been hinting at a new cryptocurrency venture, and now details are emerging about their project called World Liberty Financial. The project, which Trump’s team has been privately promoting, resembles the recently hacked Dough Finance app, which lost $2 million in a July hack.
Key Aspects of the Project
World Liberty Financial is being set up as a borrowing and lending platform using blockchain technology. It will feature its own cryptocurrency, WLFI, which is a special type of token that cannot be easily traded. This could make it less appealing to traders and speculators.
The Project Team
The project team includes Trump’s sons, Eric and Donald Jr., who are designated as Web3 Ambassadors. They are joined by Steve Witkoff, a property developer and long-time Trump friend, along with other prominent figures. Zachary Folkman and Chase Herro, who previously worked on the Dough Finance app, are also part of the team.
Security Concerns and Outlook
The white paper of the project indicates that World Liberty Financial will use decentralized finance (DeFi) tools like Aave and Ethereum to facilitate decentralized borrowing and lending. WLFI token holders will be able to vote on new features and blockchain integrations. However, it remains unclear if the developers have addressed the security issues found in Dough Finance's code. This raises security concerns for the new platform. Additionally, the trading restrictions on the WLFI token might deter investors.
Trump's new project, World Liberty Financial, appears innovative but raises questions regarding its security and investment appeal. Stay tuned for further developments on this platform.
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