World Liberty Financial World Liberty Financial
World Liberty Financial has responded to speculations and concerns about the project, saying it was working with top security experts to deliver a platform that will move DeFi forward. IBTimes US

KEY POINTS

  • A white paper reportedly being circulated by Trump's inner circle reveals the project's code is largely based on Dough Finance
  • Dough Finance suffered a $2 million exploit in mid-July following multiple flash loan attacks
  • The project will reportedly include the launch of a non-transferable governance token
  • WLFI said it is collaborating with security experts, including PeckShield and Zokyo

World Liberty Financial, the DeFi project of Donald Trump's two sons, continues to gain more followers even as there have been concerns about the platform reportedly having similar features as Dough Finance, a blockchain app that recently suffered a $2 million exploit.

Donald Trump Jr. and Eric Trump first teased the project earlier last month, with details remaining scant at this point. The project was also recently renamed from "The Defiant Ones" to World Liberty Financial.

Telegram Group Balloons

Since launching in mid-August, the venture's Telegram group has gained over 212,000 subscribers. On X, the project has gained nearly 47,000 followers.

The growth of the project's Telegram group came amid curiosity about what the platform will actually do for cryptocurrency users and whether it will help drive further adoption.

WLFI also had a meme contest that saw hundreds of participants joining.

Questions Linger On Dough Finance Similarities

The Trumps previously said it will only make official announcements about the project on its Telegram channel. However, there have been reports that the ex-president's inner circle has reportedly been "quietly" circulating a World Liberty Financial white paper.

As per the excerpts of the white paper obtained by CoinDesk, and other reporting about the project, the DeFi venture has features "strikingly similar" to Dough Finance. Furthermore, four people on the WLFI official team members pool were among the Dough Finance app's makers.

A person familiar with the plans around the project told CoinDesk that the new venture will include the launch of a new digital asset, the WLFI, a non-transferable governance token. The outlet cited a since-deleted Github code that seemed to be largely based on Dough Finance's code.

Dough Finance was exploited for $2.1 million in mid-July after hackers made multiple flash loan transactions, as per blockchain security firm CertiK.

Well-followed crypto user Pierre dubbed the revelations about World Liberty Financial as "dragonchain rebranding kind of level," while another crypto user on X said the project will turn out to be "a great scam."

WLFI Lays Out 'Real Story'

On Wednesday, the project took to its social media accounts to present "the real story" behind the project, amid rumors around the white paper and security concerns.

"We know the magnitude of what we're building and its potential impact on both crypto and our country, especially with the upcoming elections," it said, adding that it is working with "top security experts," including prominent blockchain security company PeckShield and cybersecurity review firm Zokyo. "Our code has been thoroughly reviewed by these industry leaders," it reiterated.

On questions about the project being built on DeFi platform Aave, WLFI said it is collaborating with Aave "to create a platform that sets new standards and pushes all of DeFi forward."

Trump has promoted the project on his social media accounts, but his sons have yet to provide the full details of what the platform has to offer and whether it will actually involve a new crypto token.