Former President Donald Trump has finally declared the launch of his much anticipated crypto project, World Liberty Financial ($WLFI), on September 16, 2024. The announcement came surprisingly a day just after escaping another assassination attempt during a two-hour livestream on X. 

 During the interview, Donald Trump tried to explain to the public what the project is about. From what we can gather from the livestream, World Liberty Financial is a decentralized finance (DeFi) platform that aims to provide borrowing, lending, and investment opportunities in cryptocurrencies. 

However, many crypto investors are skeptical about its viability and the integrity of its leadership.

Let's break down the key points:

  • Donald Trump announced his new cryptocurrency venture, World Liberty Financial, focused on decentralized finance (DeFi) services.
  • The project is led by Trump’s sons and entrepreneurs with a controversial past, raising questions about transparency and governance.
  • Experts warn of potential conflicts of interest if Trump is re-elected, suggesting he could influence regulatory bodies.
  • The crypto community has mixed reactions, with concerns over security vulnerabilities and the project's legitimacy.
  • World Liberty Financial's success will depend on addressing ethical concerns and navigating regulatory scrutiny in a competitive market.

During the livestream, Trump emphasized the importance of engaging with cryptocurrency, stating, “Crypto is something we must pursue. Whether we appreciate it or not, I have to engage with it”. Despite this enthusiasm, details about the platform's operations are scarce. 

What we do know is that the project is led by Trump’s sons, Donald Jr. and Eric. Also, working with them are two controversial crypto entrepreneurs, Chase Herro and Zachary Folkman. This was the same duo involved in Dough Finance—a DeFi project that suffered a significant hack. Hence, the reason for some of the skeptics the project is getting from investors. 

Additionally, World Liberty Financial has sparked ethical debates, particularly regarding potential conflicts of interest should Trump regain the presidency. Critics argue that his involvement could influence regulatory agencies to favor his business interests. 

As Danielle Brian from Project on Oversight noted, “Should Mr. Trump be elected, his association with the cryptocurrency venture would pose significant conflicts of interest”.

Also, in an alleged leak of the project’s draft whitepaper, it stated that 70% of the platform's governance tokens are allocated to founders and insiders. This has also raised concerns about transparency and fairness compared to other major blockchain projects.

All these skeptics surrounding World Liberty Financial have put the project on a bad footing. 

On social media platforms like X, reactions have been mixed. Some users expressed excitement about the potential for financial independence through DeFi solutions. In contrast, others echoed concerns over security and governance issues. 

One user tweeted: “World Liberty Financial, remember that name (And avoid it), that is the newest scam central vehicle brought forth by Trump and Family to sell Crypto coins. To the same gullible rubes that buy gold painted sneakers.  #WorldLibertyFinancial”.

Despite these challenges, Trump’s pivot towards cryptocurrency reflects a broader strategy to modernize his political platform and appeal to tech-savvy voters.

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