Trump’s World Liberty Financial linked to DeFi? Crypto community concerned

• Trump’s family’s involvement in World Liberty Financial raised both interest and controversy.
• Trump’s World Liberty project plans to launch WLFI, though it has an uncertain launch date.

A cryptocurrency initiative associated with former President Donald Trump has swiftly captured attention, attracting over 230,000 subscribers to its official Telegram channel.

Known as ‘World Liberty Financial,’ this project has been making headlines, not just for its rapid rise but also for its involvement in controversy.

World Liberty Financial’s controversy

Recently, the project has become embroiled in allegations of ties to a significant DeFi hack and other questionable activities, casting a shadow over its legitimacy. 

Well, it’s not just Donald Trump who is at the center of this emerging cryptocurrency venture, his family is also deeply involved in promoting the same. 

Although an official announcement is still pending, details about the Trump crypto initiative are gradually coming to light, generating significant buzz and speculation within the financial community. 

Rumors gaining traction

Rumors are swirling that the upcoming Trump-affiliated DeFi project will be built on Ethereum [ETH], sparking curiosity in the crypto community.

Source: db/X

Additionally, various sources suggest that this project may resemble Dough Finance.

For context, Dough Finance is a blockchain app that was recently hacked in early July for $2.1 million via flash loans. 

Notably, four individuals listed as part of the World Liberty Financial team were involved in Dough Finance.

Source: icebergy/X

The connection seems troublesome considering the project is nearing its official launch. 

What’s more to it?

Strangely, the project involves figures like Chase Herro and Zachary Folkman, known for their backgrounds in crypto influencing and controversial ventures, such as dating advice platforms.

Source: Steven/X

That being said, the project plans to introduce a new cryptocurrency, WLFI, which is expected to function as a non-transferable governance token, limiting speculation on its value.

Despite the controversy, Trump’s position as a crypto leader remains strong, with Polymarket data showing him leading at 51%.

Source: Polymarket