FX168 Financial News Agency (Asia Pacific) reported that former US president and Republican vice presidential candidate Donald Trump's family has officially launched the World Liberty Financial (WLFI) crypto project. Emphasizing the arrival of the new financial era, the coin circle media revealed that the core circle of Trump is quietly selling the "white paper" for this project. The document mentions a financial lending service, as well as the non-transferable token WLFI, which has been accused of being associated with the hack attack project Dough Finance.

Trump and his son have been hinting at the upcoming launch of a crypto project for several weeks, but they have not publicly disclosed the details. However, according to CoinDesk, privately, Trump's core circle has been quietly selling the white paper for the WLFI project.

(Source: CoinDesk)

The document and other reports describe a lending service that is remarkably similar to the decentralized finance (DeFi) project Dough Finance. Dough Finance is a blockchain application that was recently hacked and was developed by 4 individuals listed as members of the WLFI team.

Other participants include Trump's 3 sons, in addition to Eric Trump and Donald Trump Jr., there is also 18-year-old Barron, who is identified as the "DeFi visionary", financier, and e-commerce influencer for the project.

According to a source, the project will also include a new cryptocurrency, the "WLFI", which is a non-transferable governance token. Transfer restrictions may make it difficult for speculators to trade this asset.

(Source: Twitter)

The white paper states that WLFI highlights the powerful force of blockchain in an easily understandable way. Although this application is not yet ready for prime time, an examination of a code repository that has since been deleted from GitHub suggests that the project (at least in the early stages) appears to have directly stolen code from Dough Finance.

It is reported that Dough Finance lost 2 million USD in a hacker attack in July. It has not been confirmed whether the subsequent versions of the application contain such early code, and there is no indication that there are any vulnerabilities from Dough Finance code in the code of the new project.

An informant stated that Zachary Folkman and Chase Herro created Dough Finance, with Folkman listed as the COO in the whitepaper and Herro as the Head of Data and Strategy.

Screenshots reviewed by CoinDesk show that Herro once linked to Dough Finance's Telegram group in the profile of the messaging application. According to his online resume, the project's smart contract lead Octavian Lojnita has also worked at Dough Finance.

WLFI's anonymous front-end developer Boga is listed as an author in Dough Finance's source code, under 0xboga.

Folkman, who is one of the registered partners of WLFI, along with Herro, is a co-founder of Subify. Subify claims to be an uncensored competitor of Patreon and OnlyFans, services that allow customers to pay content creators, with the latter focusing on explicit content.

Folkman previously registered a company called Date Hotter Girls LLC and hosted seminars on YouTube on how to approach women.

Details about Trump's entry into the DeFi market are scarce. Members of the Trump family revealed this news on social media, but apart from the project name, they did not disclose much information. When it was first announced last month, the project was called "The DeFiant Ones".

According to the revised WLFI whitepaper, the project will include a "credit account system" built on the DeFi platform Aave and the Ethereum blockchain, aiming to facilitate decentralized lending.

Governance tokens like WLFI typically allow their holders to participate in the management of cryptocurrency projects. According to the whitepaper, in this case, platform users "can propose and vote to add new DeFi lending markets or integrate new blockchains".

The whitepaper also states that the product will have a user-friendly interface that can be accessed as a smart account or brokerage business via WLFI.

It is worth noting that previous efforts to create cryptocurrency brokerage services have had mixed results. Companies that provide brokerage services, such as Voyager Digital, went bankrupt in 2022, resulting in significant losses for customers. More traditional financial companies are also starting to offer brokerage services to cryptocurrency customers, although they have not ventured deeply into the DeFi space so far.