Donald Trump and his sons have been hinting at a new cryptocurrency venture for weeks, and now details about project called World Liberty Financial are emerging. The project, which Trump’s team has been privately promoting, resembles the recently hacked blockchain app Dough Finance, which lost $2 million in a July hack.
World Liberty Financial is set up as a borrowing and lending platform using blockchain technology. It will have its own cryptocurrency, WLFI, which is a special type of token that can’t be easily traded. This could make it less appealing to traders and speculators.
The project’s white paper shows that World Liberty Financial will use decentralized finance (DeFi) tools like credit account system built on Aave and Ethereum blockchain. This will help users borrow and lend money in a decentralized way. WLFI token holders will be able to vote on new features and blockchain integrations.
The white paper outlines that the product will include a user-friendly interface, allowing access to WLFI either as a “smart account” or a brokerage.
The team behind the project includes Trump’s sons, Eric and Donald Jr., who are called Web3 Ambassadors. They’re joined by Steve Witkoff, a property developer and long-time Trump friend, and other prominent figures.
Zachary Folkman and Chase Herro, who previously worked on Dough Finance (the app that was hacked for $2 million), are also part of the team. It’s not clear if World Liberty Financial has fixed the security issues found in Dough Finance’s code.
Trump’s new project, World Liberty Financial, looks similar to the hacked Dough Finance, raising doubts about its security. The WLFI token’s trading restrictions might also deter investors.
Also Read: Trump to Announce Plan Making U.S. the ‘Crypto Capital of the Planet’
