The Trump family’s latest crypto venture has become a hotbed for scams and impersonations, as they tease their upcoming project, World Liberty Financial. The Trumps, including Donald Trump Jr. and Eric Trump, have been promoting this project with cryptic social media posts, creating a buzz but leaving many details unclear. The project’s official Telegram channel has been inundated with misleading ads for fake crypto tokens, capitalizing on the lack of clear information.
Eric Trump and Donald Trump Jr. have been hinting at their involvement with World Liberty Financial through vague posts. Donald Trump himself joined the promotion on Truth Social, calling for a financial revolution against big banks. However, with no concrete information about the project’s purpose or operations, scammers are filling the void.
In late August, a deceptive ad appeared on the Telegram channel for World Liberty Financial, promoting a fake token giveaway. Despite warnings posted on the channel, the ad remains active, potentially tricking thousands of people into subscribing to fraudulent offers. On September 3, the accounts of Lara Trump and Tiffany Trump were allegedly hacked to promote another fake crypto token, resulting in significant financial losses for some investors.
The Trump family’s push into the crypto space is part of a broader strategy to engage with the industry and attract support for their political campaign. While this high-profile marketing might boost interest, it also risks undermining trust in the crypto sector if the project fails or encounters technical issues. The Trump family’s foray into decentralized finance (DeFi) could face scrutiny, with concerns about the project’s legitimacy and potential scams overshadowing its promises.
Brad Harrison, CEO of Venus Protocol, and Zach Hamilton, founder of Sarcophagus, express cautious optimism about the project’s potential. However, they highlight the need for experienced management to avoid the pitfalls of the crypto world. The risk of scams and the irreversible nature of crypto transactions make it essential for investors to remain vigilant.
