Controversy is brewing around a new cryptocurrency project linked to Donald Trump and his family, which is rumored to have connections to a significant decentralized finance (DeFi) hack and other questionable associations.
Overview of the Trump-Linked Crypto Project
Republican Presidential Nominee Donald Trump, alongside his sons, has suggested for weeks that they plan to unveil a DeFi project named @worldlibertyfi. As excitement grows, some details about the project are starting to surface.
Although there hasn’t been an official announcement yet, it has been reported that the upcoming Trump crypto initiative will be built on the Ethereum blockchain and will incorporate functionalities from Aave.
Concerns Over Security and Connections
Reports from various crypto news platforms indicate that the Trump project may be a fork of the recently hacked Dough Finance. This platform, which specializes in borrowing and lending services, suffered a breach that resulted in the loss of $2.1 million through flash loans.
This caution stems not only from the project’s code but also from the connections among individuals involved. A leaked draft of the World Liberty whitepaper names crypto influencer Chase Herro as its data and strategies lead. Herro had previously linked to Dough Finance on his Instagram profile, a troubling association given the latter’s security breach.
The Team Behind World Liberty
It appears that Chase Herro, alongside Zachary Folkman and Octavian Lojnita, was instrumental in the creation of Dough Finance. Folkman, noted for his background as a “pick-up artist,” previously operated a dating advice platform called Date Hotter Girls, where he taught courses on how to become “alpha males.”
Chase Herro, described as a crypto influencer, has appeared on popular podcasts, including Logan Paul’s Impaulsive. The duo has collaborated on several projects such as Subify, a platform competing with Patreon and OnlyFans, and they were also part of high-priced networking groups known as “mastermind groups.”
Leadership and Future Developments
Donald Trump has been named the Chief Crypto Advocate of the World Liberty project, with his sons, Eric Trump and Donald Trump Jr., serving as web3 ambassadors. Furthermore, long-time ally and fellow real estate developer, Steve Witkoff, and his son, Zach Witkoff, are also part of the project’s leadership team.
What Lies Ahead for World Liberty?
As of now, the Trump crypto project, World Liberty, has not disclosed a launch date. However, interested parties can stay updated by following its official X account.
This project aims to introduce a new cryptocurrency, tentatively named WLFI, which is expected to function as a non-transferable governance token. This feature could potentially eliminate speculation surrounding its value.
Trump’s increasing interest in the crypto space is notable, especially considering his recent statements at the Nashville Bitcoin conference, where he expressed plans to establish a national Bitcoin stockpile and maintain government holdings without selling them.