A New Crypto Venture by Trump

Donald Trump posted a video about the World Liberty Financial project on August 29. However, as the excitement builds around this project, there are many concerns rising. This follows the bizarre hacking of Trump family X accounts and the promotion of a fake WLFI project.

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.

Somebody quietly circulated a white paper among potential investors. This project, described as a decentralized finance platform, is presented as offering a borrowing and lending service. It is similar to the recently hacked Dough Finance app.

The Trump Family Involvement

This project is also notable for involving the entire Trump family, with all three of Trump's sons--Eric, Donald Jr., and even 18-year-old Barron--playing significant roles. According to the white paper, World Liberty Financial will introduce a new cryptocurrency called WLFI, a non-transferable governance token.

They designed the token to allow users to suggest and vote on new features or blockchain integrations. The whitepaper shows a huge suspicious thing. WLFI will have a configuration that could make it challenging for speculators to trade.

The team behind the WLFI project is a mix of Trump family members and some crypto veterans. Along with Donald Trump, Eric, and Donald Jr., there are Zachary Folkman and Chase Herro, who have a history with the troubled Dough Finance app. This raises concerns about the project's security originality.

Hacking Scandal Erupts

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 then promoted a token falsely claimed to be tied to World Liberty Financial.

They shared blockchain addresses and urged followers to invest in what they called "the only official" World Liberty token.

"Eric Trump quickly exposed the scam through his X account."

Eric Trump quickly exposed the scam through his own X account. He informed me 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.

A History of Controversial Tokens

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.

Donald Trump's endorsement of World Liberty Financial has undoubtedly drawn attention to the project, but it 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.

The Future of World Liberty Financial

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

There are people who 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, projects with such players create suspicions.

It would be interesting 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.