crypto-news-flash.com
- Donald Trump Jr has changed the name of the family’s crypto project to World Liberty Financial.
- The project’s leaders have warned followers about growing scams impersonating the project.
Donald Trump Jr has changed the name of his crypto project from “The DeFiant Ones” to “World Liberty Financial.” The name change was accompanied by a warning against fake tokens and scams linked to the upcoming Decentralized Finance (DeFi)-based banking venture. “Do not engage with these tokens!” the team warned via the project’s official Telegram page.
Fake Tokens and Scams Warning
The project’s team posted the scam warning on its official Telegram channel on Sunday, advising users to ignore any message not from official channels. “If it’s not from us, it’s not real,” the message reads. The team also advised users to follow its official X account to remain informed and updated.
As of this writing, the channel has over almost 46,000 subscribers. The scams and tokens warning came a few days after the DeFi-based banking venture was announced. The project is led by the eldest son of former US President Donald Trump, alongside his brother Eric Trump.
As mentioned in our earlier post, Donald Trump said the new initiative aims to give users control of their money and challenge traditional banking systems. According to Donald Trump Jr., the DeFi platform will eliminate the corrupt, expensive, and inefficient middlemen imposed by banking institutions.
The crypto project would be part of the family-owned conglomerate The Trump Organization, which Eric Trump earlier called “digital real estate.”
The recent announcement has sent a bullish momentum across Trump-themed tokens. MAGA is trading at $3.82 at press time, demonstrating a 2.6% increase in the past 24 hours. In a similar move, the PolitiFi token has rallied by more than 42% in the past week.
Donald Trump’s Crypto Initiatives
The latest post about the crypto project follows a series of actions to align the former President with the digital currency ecosystem. In 2021, President Donald Trump referred to crypto as a scam. However, his perspective on the nascent asset class has changed, and he even praised it this summer while speaking at the Bitcoin Conference 2024.
Trump has invested in the sector and now owns more than $1 million in crypto. He has also dabbled in the NFT sector, giving people the opportunity to buy digital, blockchain-linked cartoon drawings of him. In a recent disclosure, Trump said he would offer popular Dogecoin supporter and Tesla CEO a cabinet or advisory role if he is re-elected President.
Meanwhile, the Trump campaign now accepts contributions through various cryptocurrencies. According to our earlier report, Gemini exchange founders Tyler and Cameron Winklevoss donated $1 million each to support Trump. Stuart Alderoty, Ripple’s General Counsel, donated $300,000 worth of XRP to the Donald Trump Organization. A recent update covered that the donation was sent on June 11, 2024.
Overall, the Trump family’s crypto project is consistent with the former President’s plan to increase the acceptability and integration of cryptocurrencies. Many crypto enthusiasts are now looking to see if its new-found love for Bitcoin and the industry will spark increases across the board.