Former President Donald Trump plans to launch his new cryptocurrency project, World Liberty Financial, on Monday, according to a late Thursday announcement.
"Join me live on Twitter Spaces at 8 p.m. on September 16 for the launch of World Liberty Financial," Trump said in a video on X Thursday night. "We are embracing the future with crypto and leaving the slow and outdated big banks behind."
The event is called "Donald Trump State Of Crypto Address" and will broadcast live from Trump's Mar-a-Lago resort in Florida at 8 p.m. ET.
Meanwhile, the Trump family has teased the upcoming project, backed by his sons Eric and Donald Jr., over the past few months.
"We're about to shake up the crypto worldwith [sic] something HUGE. Decentralized finance is the future-don't get left behind," Donald Jr. posted on Aug. 7.
A Peek At The Project
CoinDesk in early September obtained excerpts from the white paper for the crypto project. According to the documents, the project will include a nontransferable governance token called WLFI. It will also feature a "credit account system."
The project is built on decentralized finance (DeFi) platform Aave and the ethereum blockchain.
Additionally, governance tokens allow holders to vote on the direction of a given crypto project. In the case of World Liberty Financial, investors will be able to "suggest and vote on adding new DeFi lending markets or integrating new blockchains."
However, the transfer restriction could make it difficult for investors to trade the crypto.
Trump Family And Team Members
Four team members previously worked on Dough Finance, according to World Liberty Financial documents. Dough was a decentralized finance protocol that got hit by a $2 million flash loan attack in July. CoinDesk reported that an early review of since-deleted code on GitHub showed the project appeared to lift code directly from Dough Finance. It is unclear if more recent iterations of the app contain the earlier code. And there is no indication that any of the vulnerabilities from Dough Finance appear in the new project.
Dough Finance's co-founders listed in the white paper, Zachary Folkman and Chase Herro, also co-created Subify, a "no censorship" competitor to Patreon and OnlyFans. Folkman also previously registered a company called Date Hotter Girls LLC, CoinDesk reported.
The white paper also named all three of Trump's sons as participants in the project. The documents included Barron, 18, as World Liberty Financial's "DeFi visionary."
Project Targeted Even Before Launch
Even though the project hasn't launched yet, it has already been targeted by bad actors.
Politico reported on Sept. 3 that the X accounts of RNC Co-Chair Lara Trump and the former president's daughter Tiffany Trump were compromised. Hackers then posted fake links to a website for the crypto project. The official page for World Liberty Financial on X is under the username @worldlibertyfi.
Meanwhile, shares of Trump Media & Technology have plunged 75% from their March 27 high. That translates to a loss of $9.8 billion for investors.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
