The Trump family’s latest venture (originally billed as a DeFi platform called “The Defiant Ones” but later rebranded as World Liberty Financial) is riddled with controversy just days after its unveiling.
While Trump’s eldest sons, Eric Trump and Donald Trump Jr., are “ambassadors” for World Liberty Financial, CoinDesk information that the former “Defiant” company is also linked to people involved in the Dough Finance liquidity protocol.
Remember how Dough Finance works lost $1.8 million in Ethereum (Ethnicity) and USD Coin (USDC) to a flash loan attack on July 12.
Zachary Folkman and Chase Herro, the duo behind Dough Finance, are also the heads of the new Trump-led firm. They founded the cryptocurrency-focused firms Date Hotter Girls LLC and Pacer Capital, respectively.
Trump first Approved The decentralized finance project of August 22 mail On Social Truth. He aware about it again on August 29th (it was called World LibertyFi back then).
The X accounts of two of his relatives were later Engaged and is used to promote a Fake Solana-based memecoinOne of the targets was Lara Trump, who is co-chair of the Republican National Committee.
The whole initiative sounds suspicious to cryptocurrency venture capitalist and Trump supporter Nic Carter, who didn’t mince his words about it. “This is a huge mistake,” he said. saying According to Politico, “It appears that Trump’s inner circle is simply cashing in on his recent embrace of cryptocurrencies in a somewhat naïve way, and frankly, they seem to be burning through a lot of the goodwill that has been built up with the industry thus far.”
“Goodwill?” It is worth mentioning that some of the most famous names in the sector have been found guilty of fraud.
Former Binance CEO Changpeng Zhao received Cryptocurrency entrepreneur Do Kwon sentenced to four months in prison spent more than six months in a Montenegrin prison; and FTX founder Sam Bankman-Fried was sentenced to 25 years in prison.
Trump is also no stranger to having his businesses marred by illegalities (see Donald J. Trump Foundation and Trump University). He is also the first former US president to be convicted of felony crimes.
Trump, cryptocurrencies and trust
Trump, who once said he was “not a fan” of Bitcoin (Bitcoin), has been incorporating pro-cryptocurrency policies into his campaign speeches in the run-up to the 2024 presidential election.
In May, he became the first major political candidate to accept Cryptocurrency donations. Cryptocurrency cheerleaders were given a number of promises if Trump were re-elected: a government-backed cryptocurrency reserve and the firing of Gary Gensler, the oft-criticized current chairman of the Securities and Exchange Commission.
His U-turn earned him the support and financial backing of pockets as deep as Cameron and Tyler Winklevoss — founders of the Gemini exchange — who gave $1 million in Bitcoin each to the former president.
But since then, scammers have… Addressed its so-called “MAGA” base with fake cryptocurrency websites and deceptive donation centers. In June, a London-based cybersecurity firm called Netcraft began listen several attacks surrounding the Trump campaign, uncovering fraudulent donation schemes and phishing attempts.
The latest scrutiny surrounding World LibertyFi and its World Liberty Coin is no different.
For weeks, the Trump brothers have been teasing a financial initiative that would challenge traditional banking. And when it debuted, the scammers had plenty of new material to work with.
Carter, who remains a supporter of Trump (because “Trump himself is only tangentially involved”) warns that the World Liberty project “genuinely damages” the Republican candidate’s electoral prospects. Polls indicate that the presidential race against Democratic Vice President Kamala Harris is extremely close.
“It will be the juiciest DeFi target in history and it forks from a protocol that was hacked. [It’s] “It is also an obvious target for the SEC,” he wrote on Sept. 3. “At best, it is an unnecessary distraction; at worst, it is a major embarrassment and a source of (additional) legal trouble.”
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.