Trump's Upcoming Crypto Initiative Reportedly Modeled Around DeFi Platform That Was Hacked For Over $2M

New details emerged about former President Donald Trump’s closely guarded cryptocurrency venture, World Liberty Financial.

What Happened: According to a CoinDesk report published on Tuesday, the project shares similarities with Dough Finance, a borrowing and lending decentralized financial network that was recently hacked for more than $2 million.

According to the excerpts of the project’s whitepaper, people listed as World Liberty Financial’s head of operations and its data and strategies lead were also involved in the development of Dough Finance.

Additional information revealed that the project would be built on the DeFi platform Aave AAVE/USD and the Ethereum ETH/USD blockchain to roll out borrowing and lending services.

Furthermore, the project would also have a governance token named WLFI, although it would be subject to transfer restrictions, making speculative trading difficult.

Trump’s campaign team and World Liberty Financial did not immediately respond to Benzinga’s request for comment.

See Also: Qatar Unveils Crypto Rules As Middle East Embraces Digital Assets

Why It Matters: The cryptocurrency project, backed by the family-owned conglomerate, The Trump Organization, was earlier referred to as “digital real estate” by Trump’s son, Eric Trump, and one that would “shake up the world of banking and finance.”

Last month, Trump himself promoted the initiative saying, “For too long, the average American has been squeezed by the big banks and financial elites,” Trump declared in his post. “It’s time we take a stand — together.”

The Republican presidential candidate’s new-found bonhomie with cryptocurrencies has been one of the flavors of this election season. He has even vowed to make the U.S. the “crypto capital of the planet.“

Price Action: As of this writing, Trump-themed Maga Coin TRUMP/USD was exchanging hands at $3.13, down 4.57% in the last 24 hours.

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