Teasing the Launch

Donald Trump posted a video on August 29 about the World Liberty Financial project. For weeks, Trump and his sons teased this launch.

Most details were kept hidden, and a white paper quietly circulated among potential investors. This project, described as a decentralized finance platform, offers borrowing and lending services similar to those of the recently hacked Dough Finance app.

The project is notable for involving the entire Trump family. All three of Trump's sons—Eric, Donald Jr., and even 18-year-old Barron—play significant roles.

According to the white paper, World Liberty Financial will introduce a new cryptocurrency called WLFI, a non-transferable governance token.

The token allows users to suggest and vote on new features or blockchain integrations. However, the white paper reveals a suspicious configuration that could make it challenging for speculators to trade.

Troubling Connections

The team behind WLFI includes Trump family members and some crypto veterans. Along with Donald Trump, Eric, and Donald Jr. are Zachary Folkman and Chase Herro, with a history tied to the troubled Dough Finance app. This connection raises concerns about the project's security and originality.

Hacking Incident

Things took a strange turn as the buzz around World Liberty Financial grew. On September 3, hackers compromised the X (formerly Twitter) accounts of 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. The profiles shared blockchain addresses, urging followers to invest in what they called "the only official" World Liberty token.

Eric Trump quickly exposed the scam through his own X account. He informed followers that the profiles had been compromised and 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 or Tiffany's profiles.

Historical Context

This isn't the first time a token allegedly linked to the Trump family has appeared. A DJT token, which convicted fraudster Martin Shkreli claimed was launched with Barron Trump, briefly made headlines. Another token, Restore the Republic (RTR), also saw a meteoric rise before crashing. In both cases, the Trump family denied any involvement.

The Road Ahead

Donald Trump's endorsement of World Liberty Financial has undoubtedly drawn attention to the project but has also raised several red flags.

The project's connection to the troubled Dough Finance app, the involvement of controversial figures like Folkman and Herro, and the recent hacking incidents all contribute to a sense of unease.

While Trump's move into the crypto space could energize his base and attract new supporters, it exposes the project to significant risks and scrutiny.

As Trump continues his bid for the presidency, his venture into cryptocurrency will likely remain a topic of interest and debate.

Some people believe that Trump's sole motive for being vocal and supportive of crypto is to capture crypto voters. Among the many hacks that the crypto ecosystem is facing, a project with such players creates suspicions.

It will be exciting to see whether World Liberty Financial becomes a legitimate player in the DeFi space or just another failed experiment.

All this will depend on how the project navigates these early challenges and whether it can build trust among potential users.