Trump’s Crypto Venture Raises Eyebrows Over Ties to Hacked Blockchain App
Donald Trump’s latest cryptocurrency project, World Liberty Financial, is drawing scrutiny due to its connections with Dough Finance, a recently hacked DeFi app. With key team members linked to both projects, the platform plans to launch a governance token as Trump pivots to support the crypto industry.
Because Bitcoin
September 3, 2024
Donald Trump and his sons have been hinting at a new cryptocurrency project, but details have remained scarce. Behind the scenes, however, the former president’s team has been quietly circulating a white paper for World Liberty Financial, with CoinDesk obtaining some excerpts.
According to a recent CoinDesk report, the project is a decentralized finance (DeFi) platform for borrowing and lending, strikingly similar to Dough Finance, a blockchain app that was recently hacked. Several members of the World Liberty Financial team were also involved in Dough Finance. The new project plans to issue a non-transferable governance token called WLFI, which could limit speculative trading.
World Liberty Financial emphasizes the accessibility of blockchain technology, though the app appears to have initially copied code from Dough Finance, which lost $2 million in a hack this July. The involvement of Trump’s sons, including 18-year-old Barron, adds to the intrigue, with Barron being described as the project's "DeFi visionary."
The project’s leadership includes former Trump associates and blockchain veterans, but there are concerns about its origins and connections to the hacked Dough Finance. Despite these issues, the Trump-backed DeFi venture represents a significant shift for the former president, who once criticized digital assets. Now, he aims to position himself as a supporter of the crypto industry in his ongoing campaign.
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