{"id":16672,"date":"2024-09-04T13:57:25","date_gmt":"2024-09-04T10:57:25","guid":{"rendered":"https:\/\/forklog.com\/en\/details-of-trump-sons-defi-project-unveiled-by-media\/"},"modified":"2024-09-04T13:57:25","modified_gmt":"2024-09-04T10:57:25","slug":"details-of-trump-sons-defi-project-unveiled-by-media","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/details-of-trump-sons-defi-project-unveiled-by-media\/","title":{"rendered":"Details of Trump Sons’ DeFi Project Unveiled by Media"},"content":{"rendered":"

The protocol World Liberty Financial, announced by Donald Trump’s sons, is set to focus on lending and will be built on the Ethereum blockchain and the Aave platform, according to CoinDesk<\/a>.<\/p>\n

The publication examined the project’s white paper and found it describes a lending service “strikingly” similar to Dough Finance. The DeFi application lost<\/a> $3.1 million in July due to a flash loan attack.<\/p>\n

Four individuals involved in the creation of Dough Finance are listed as team members of World Liberty Financial. Co-founders Zachary Folkman and Chase Herro are named as operations manager and head of data and strategy, respectively. Octavian Lozhnita, who leads the smart contracts department, was also involved in the DeFi project, as was a developer under the pseudonym Boga.<\/p>\n

The nominal head of World Liberty Financial is Donald Trump, referred to as the “chief crypto advocate.” Other participants include all three sons of the former president\u2014Donald Trump Jr., Eric, and Barron\u2014as “Web3 ambassadors.”<\/p>\n

The leadership also includes longtime friend of the politician, developer Steve Witkoff (institutional investments), his son Zach Witkoff (intelligence), and Alex Golubitsky as legal advisor.<\/p>\n

World Liberty Financial plans to launch a non-transferable governance token, WLFI. Restrictions are intended to hinder speculation on the asset.<\/p>\n

The limited liability company World Liberty Financial is registered to Folkman. He, along with Herro, is a co-founder of Subify, positioned as a competitor to Patreon and OnlyFans.<\/p>\n

In early August, Trump’s sons announced<\/a> the project in the DeFi segment. It was also revealed that AMG Software Solutions filed trademark applications for Be DeFiant, World Liberty, and World Liberty Financial in July. The company’s legal address matched that of Subify.<\/p>\n

According to Donald Trump Jr.’s explanations<\/a>, the DeFi platform aims to address access to financial services, taking on “much of the banking world.”<\/p>\n

Documentation indicates that World Liberty Financial will include a “credit account system” based on Ethereum and Aave.<\/p>\n

Trump Family X Accounts Hacked to Promote Crypto Scam<\/h2>\n

Hours after details of World Liberty Financial were revealed, the X accounts of Donald Trump’s daughter-in-law and daughter were reportedly hacked to promote an asset allegedly linked to the project, noted CoinDesk<\/a>.<\/p>\n

Messages posted on the pages of Eric Trump’s wife Lara and his sister Tiffany mentioned a governance token WL on Solana, used to “support our DeFi lending protocol.”<\/p>\n

\"2EERDDX2LNHIJPKU7KZ6A3NUTA\"
Screenshot of fake message. Source: CoinDesk.<\/figcaption><\/figure>\n

Soon after, Eric Trump reported that both profiles were compromised and the “only official” blockchain addresses of World Liberty Financial were a scam.<\/p>\n

A warning also appeared on the DeFi project’s page.<\/p>\n

\n

ALERT: Lara\u2019s 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!<\/p>\n

\u2014 WLFI (@worldlibertyfi) September 4, 2024<\/a><\/p><\/blockquote>\n