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Trump-backed crypto project World Liberty Financial touts security partners, expresses interest in stablecoins

theblock.co 04/09/2024 - 15:49 PM

World Liberty Financial Updates on Security and Mission

World Liberty Financial, the crypto project backed by former President Donald Trump, announced on Wednesday its commitment to security and its aim to promote stablecoin adoption.

“We’re not taking any chances. We’re working with the top security experts in the world— Zokyo, Fuzzland, PeckShield, BlockSecTeam, and more,” the project stated in its Telegram channel. “Our code has been thoroughly reviewed by these industry leaders. We are utilizing best practices and making user security our primary concern.”

Trump’s sons, Donald Trump Jr. and Eric Trump, have repeatedly warned against potential scams linked to their father’s name and World Liberty Financial. This caution seems justified, as there have been incidents of fraud, including a suspected “pump and dump” scheme, and recent hacking of Lara and Tiffany Trump’s X accounts were reportedly used to promote a fake token associated with the project.

More Mission Details

In its recent Telegram announcement, World Liberty Financial reiterated its objective: “We’re not just another hostile fork of Aave. History shows those don’t work. We’re working with Aave, collaborating to create a platform that sets new standards and pushes DeFi forward. This is a partnership to build something truly transformative.”

On Tuesday, CoinDesk revealed that World Liberty Financial would be built on Aave and Ethereum, featuring a “credit account system.” The project also intends to issue a non-transferable governance token named WLFI. The emphasis on security was likely influenced by a recent report on Dough Finance, a DeFi protocol that suffered a $1.8 million flash loan attack in July.

Focus on Stablecoins

World Liberty Financial’s communication has been somewhat ambiguous. Last week, Trump hinted at announcing plans to make the U.S. the “crypto capital of the planet,” but no further details emerged that day regarding the DeFi project.

In a first for the project, on Wednesday, World Liberty Financial expressed its interest in USD-pegged stablecoins. “We want U.S.-pegged stablecoins to remain the world’s settlement layer for the next 100 years. The U.S. dollar has been the backbone of global finance for decades but is now under attack by foreign nation-states,” stated the project. “By spreading U.S.-pegged stablecoins worldwide, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”




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