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World Liberty Financial ($WLFI), a cryptocurrency project linked to Donald Trump, announced this morning that its $USD1 stablecoin was subjected to a “coordinated attack.”
The company claimed that some $WLFI co-founder accounts were compromised as part of the attack, influencers were paid to spread fear and uncertainty (FUD) on social media, and large amounts of $WLFI short positions were opened in order to profit from price volatility.
Following these developments, Eric Trump, one of the co-founders of $WLFI, deleted some of his posts related to $WLFI on the X platform. This move caused the $WLFI token price to briefly drop by over 8%. During the same period, the $USD1 stablecoin also temporarily lost its stability, falling to 0.9802 USDT.
The company’s official statement said, “A coordinated attack was launched against $USD1 this morning. The attackers hacked some $WLFI co-founder accounts, paid influencers to spread FUD, and opened large $WLFI short positions to profit from the chaos created. However, this attempt failed.”
$WLFI stated that $USD1 has resumed trading at parity, arguing that the stablecoin possesses a robust mint-redeem mechanism and full 1:1 asset backing. The statement also added, “No scammer can shake the long-term commitment of the $WLFI team and its co-founders to $USD1.”
*This is not investment advice.