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- Trump’s World Liberty Financial is set to be launched as part of the bigger step to redefine the Decentralized Finance (DeFi) industry.
- Some experts have advised that Trump abandon the project as it poses a political risk.
Former US president Donald Trump has announced that Monday, August 16, will be the official launch date of his much-anticipated Decentralized Finance (DeFi) platform, World Liberty Financial.
.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL— Donald J. Trump (@realDonaldTrump) September 12, 2024
According to reports, this could be a significant step in forcing the constantly dwindling crypto market back into bullish ways while offering stiff competition to traditional banks.
How it All Started
On August 30, CNF reported that Trump had shared a video on X featuring his flagship plan of making the US the crypto capital of the world. Our research discovered that the audio was sampled from his famous 50-minute speech at the Bitcoin 2024 conference in Nashville in July. However, he strategically tagged World Liberty Financial in the tweet to encode a message.
Prior to that, Trump’s son, Eric Trump, who is reported to control the project alongside his brother, Donald Jr, hinted that a big announcement would be made soon. A week later, Donald Trump appeared in the New York Post and introduced the project as a DeFi platform where loans can be accessed without the need for the traditional banking system.
Essentially, over half of this country right now cannot be banked. Meaning they will be rejected for most loans from most institutions. But with this technology, they could have the ability to almost instantaneously be approved or denied from a lender based on math, not policy.
To find out more about the project, we looked at the official website, worldlibertyfinancial.com, and realized that, as stated in its metadata, it is the only DeFi platform supported by Trump. According to the lawyer who filed the trademark papers, World Liberty Financial is truly related to Trump’s Crypto ventures. However, details are still scanty, creating an avenue for scammers to pounce on investors’ vulnerabilities.
Scammers Capitalizing the Scanty Details of World Liberty Financial
Recently, the X accounts of Republican National Committee Co-Chair Lara Trump and Tiffany Trump were reportedly compromised as the unauthorized users posted links leading to a fake crypto project with “made-up details.” As we earlier disclosed, tens of thousands of users were lured from Telegram channels into visiting these malicious sites posing as World Liberty Financial. Reacting to this, adjunct professor at NYU’s Stern School of Business Austin Campbell stated that these malicious activities can be attributed to the way the project was rolled out.
It’s a very typical playbook of smaller operators or more amateur operations in the crypto space to try to generate a lot of hype before revealing the details. That makes them susceptible to all sorts of nonsense.
Several experts have cautioned Trump and his family to shelve the project as it poses unnecessary political risk and fails to represent the industry on a standard level. One of them is Nic Carter, the founding partner of Venture Capital firm Castle Island Ventures. He says Trump’s inner cycle appears to be taking advantage of the “goodwill” built with the industry.
This is a huge mistake. It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly, it looks like they’re burning a lot of the goodwill that’s been built with the industry so far.
