Donald Trump’s Crypto Project Inspired by DeFi Protocol Dough Finance

Coinspeaker
Donald Trump’s Crypto Project Inspired by DeFi Protocol Dough Finance

Crypto project World Liberty Financial, in development by Donald Trump and his family, will be reportedly built on the Aave and Ethereum blockchain networks while centering around a “credit account system”.

Announced last month in August, details of the Trump-led crypto projects have been scarce with Donald Trump’s sons,  Donald Trump Jr., Eric and 18-year-old Barron, all reportedly involved with the project. The announcement followed the launch of Donald Trump’s latest NFT series.

The whitepaper that first appeared on the GitHub codebase showed that the crypto project World Liberty Financial seeks inspiration from DeFi protocol Dough Finance. In July, Dough Finance suffered a $1.8 million flash loan attack.

However, there’s no confirmation whether the Trump family seeks to use the Dough Finance codebase for the official product launch. Additionally, the team is planning to issue a non-transferable governance token called WLFI.

Making things interesting even more, the CoinDesk report shows that Dough’s co-founders, Zachary Folkman, and Chase Herro, are on the list of project contributors as the head of operations and data and strategies lead.

Amid these developments, members of the Trump family have cautioned the public about potential scams while adding that any official announcements regarding the project would happen through their personal and professional channels.

Though initially a skeptic of cryptocurrencies, Trump has since reversed his stance, embracing the industry and technology. In fact, he has been making several promises of pro-crypto policies if elected to power. This shift has garnered support from prominent crypto figures, some of whom have donated to his campaign.

Hours after the details regarding the crypto project World Liberty Financial emerged, the Twitter accounts of the Trump family members were hacked while promoting the crypto token.

Hackers have compromised the X (formerly Twitter) accounts of Lara Trump and Tiffany Trump to promote a fraudulent cryptocurrency token. Soon after, Eric Trump promptly identified the posts as scams and alerted followers about the account breaches.

The X team has quickly responded to this matter by securing the affected accounts and removing the deceptive content. “[Twitter] was amazing and has locked down LaraLeaTrump and TiffanyATrump accounts within minutes,” wrote Eric Trump.

On the other hand, the World Liberty Financial account on Telegram also warned users about the hack. “Lara’s and Tiffany Trump’s X accounts have been hacked. Do not click on any links or purchase any tokens shared from their profiles. We’re actively working to fix this, but please stay vigilant and avoid scams!” the post reads.

Donald Trump’s Crypto Project Inspired by DeFi Protocol Dough Finance