The post Who is behind World Liberty Financial, Trump’s new crypto? appeared on BitcoinEthereumNews.com.

Donald Trump has joined World Liberty Financial, a cryptocurrency project advised by his children and run by fraudsters and executives from failed and hacked projects.  The protocol is a thin wrapper around borrowing-lending protocol Aave, which resembles the earlier Dough Finance. CoinDesk reporting has suggested that the project’s WLFI governance token will be non-transferable and will reserve 70% of the supply for project insiders — a truly massive amount that raises significant concerns about whether it can ever truly be ‘decentralized’ as it promises. This number has been challenged in an X Spaces with the team after claims that 63% will be sold to the public.  Several team members referenced ease of use and earning yield on stablecoins as justifications for the project’s existence and, somewhat uniquely, the governance token for this project is intended to be non-transferable. Here, we run down the major parties involved with the project and why it could be one of the first times that a former United States president is willing to endorse a project explicitly aimed at disrupting the country’s financial system.  Trump family members and World Liberty Financial Donald Trump, the financial fraudster, sexual predator, and former president, has flip-flopped on cryptocurrency, changing from “it just seems like a scam” to a full-throated endorsement of both this project and a willingness to license his image for NFT projects. He is reportedly listed as a ‘Chief Crypto Advocate’ for World Liberty Financial. Meanwhile, Eric Trump, who previously signed the Stormy Daniels hush money reimbursement checks to Michael Cohen, has decided that he is ready to pursue a future as the project’s ‘Web3 Ambassador.’  Donald Trump Jr., who previously threatened GOP lawmakers for refusing to help his father perform an autogolpe, is also reportedly signed up as another ‘Web3 Ambassador.’ Finally, Barron Trump, whom…

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Filed under: News - @ September 17, 2024 5:27 pm