Donald Trump’s son announces the launch of the WorldLibertyFi DeFi protocol

What’s new? Eric, the son of former US President Donald Trump, has announced the launch of the cryptocurrency decentralized project WorldLibertyFi (WLFI). “A new era in finance is here,” Eric stated in his X account. Based on the few statements on social media, we can conclude that the project will offer an alternative to banking services without intermediaries.

Source: X.com

What else is known? Back on August 22, in his Truth Social, Donald Trump hinted at the imminent launch of a new crypto project, stating the following:

“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand together.”

Source: X.com

Donald Trump then attached a link to his post to a group on the messenger Telegram called The DeFiant Ones, led by his sons Donald Jr. and Eric. On August 26, that group was renamed World Liberty Financial, sparking rumors of a possible cryptocurrency issue soon.

Against this backdrop, the leading decentralized crypto exchange (DEX) Uniswap launched a fraudulent WLFI coin, unrelated to the politician’s family in any way. Then Donald Jr. and Eric in their Telegram channel urged not to interact with coins named Defiant Ones or World Liberty, information about which was not published in Trump’s official sources.

Fraudulent groups with similar names have also started appearing in Telegram, where participants are invited to go to a malicious site supposedly to confirm their identity and participate in the project. Interaction with such resources threatens the loss of all assets from crypto wallets. Information about the project should only be obtained from the official social networks of Trump family members.

Then the official WLFI channel also criticized centralized institutions from the traditional finance sector:

“We all know how crooked banks and financial institutions rig the system against everyday Americans. They shut people out, deny them loans, drown them in paperwork and kill them with legal and processing fees. Our entire family, has experienced this firsthand… we’ve been de-banked, de-platformed and had every political game imaginable played on us. These banks and the elites who run them want absolute control but that ends now.We’re making finance great again by putting the power back in YOUR hands. This new DeFi platform will cut out the corrupt, expensive and inefficient middlemen. No more bureaucrats deciding your fate.”