- Donald Trump and his sons have been privately shopping around a white paper for a crypto project called World Liberty Financial, which is a borrowing and lending service similar to the recently hacked Dough Finance.
- Four members of the World Liberty Financial team previously worked on Dough Finance, which lost $2 million in a hack in July, and one team member founded a company called Date Hotter Girls LLC.
- The project involves Trump’s sons and aims to appeal to crypto voters, with Trump promising to make the U.S. the “crypto capital of the planet” if elected.
Donald Trump and his sons have been teasing an upcoming cryptocurrency project called World Liberty Financial, but details have been scarce. CoinDesk has now obtained excerpts from the project’s white paper, which describe a decentralized borrowing and lending service similar to the recently hacked Dough Finance app.
The Trump Crypto Project Team
The figurehead for World Liberty Financial is Donald Trump as “Chief Crypto Advocate.” His sons Eric and Donald Jr. are involved as “Web3 Ambassadors.” Other team members include property developer Steve Witkoff, his son Zach, and crypto governance advisors Alex Golubitsky and Gabriel Shapiro. The white paper also lists four people involved with the hacked Dough Finance project: Zachary Folkman, Chase Herro, Octavian Lojnita, and Boga.
World Liberty Financial Product Details
According to the white paper, World Liberty Financial will facilitate decentralized borrowing and lending through a “credit account system” built on Aave and Ethereum. It will also include a governance token called WLFI that allows users to vote on adding DeFi markets or new blockchains. The product aims to provide an easy interface for accessing WLFI through a “smart account” or brokerage service.
The Dough Finance Connection
Zachary Folkman and Chase Herro, listed as the head of operations and data/strategies lead for World Liberty Financial, previously built the hacked Dough Finance app. Octavian Lojnita, the smart contracts lead, also worked on Dough Finance. The project’s front-end developer Boga is listed as an author in Dough Finance’s source code.
Courting Crypto Voters
The Trump crypto project represents a major shift for the former president, who was previously skeptical of cryptocurrencies. With the 2024 election approaching, Trump is now aiming to appeal to the crypto industry, which has spent heavily on campaign donations. This comes after Trump sold multiple rounds of NFTs and made campaign promises to nurture crypto innovation as president.
