Donald Trump has made a swift entry into cryptocurrencies, recently announcing a crypto project led by his son. According to the leaked white paper, there are many details about the project. Let’s quickly review these details and see what awaits investors in the coming days.
Trump’s Crypto Project
Cryptocurrency investors did not show the expected excitement for Trump‘s crypto project, and the details are emerging. This lack of excitement is related to the general market’s lack of demand, Trump’s lagging in polls, and the presidential candidate having already made all his major promises at the Bitcoin event. Here are some details you need to know:
- World Liberty Financial team has 4 members who previously worked on the hacked DeFi application Dough Finance, which lost 2 million dollars.
- The project’s codes include those from the Dough Finance application. However, it is unclear if there are any vulnerabilities in the codes.
- World Liberty Financial’s Head of Operations, Data, and Strategy, Zachary Folkman and Chase Herro, are the founders of the hacked Dough Finance application. These details fuel the potential for Trump’s project to be stillborn.
- Initially announced as The DeFiant Ones, the project has been rebranded to World Liberty Financial. AAVE and Ethereum network, which enable DeFi lending/borrowing capabilities, will be the two major platforms the application will benefit from.
- The governance token will be WLFI Token.
- Eric Trump and Donald Trump Jr. are also involved in the project as “Web3 Ambassadors.”
- Gabriel Shapiro is handling the legal aspects and will receive 1.3% of the WLFI tokens.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
