Hackers targeted the social media accounts of Trump family members on Sept. 2, using them to promote a fake cryptocurrency linked to their upcoming DeFi project, World Liberty Financial (WLF).
The Trump family members are the most recent high-profile victims of the crypto landscape, which is already susceptible to fraudulent schemes.
The social media accounts of two relatives of former President Donald J. Trump were hacked on Tuesday, Sept. 2, in order to promote a fabricated cryptocurrency that was associated with their impending DeFi venture, World Liberty Financial (WLF).
Tiffany and Lara Trump Hacked
The WLF DeFi initiative was announced by hackers who accessed Lara Trump’s account, the daughter-in-law of the former president.
The tweet, which has since been deleted, contained a hyperlink to a fabricated website that asserted that the new WL token would be utilized for micro-payments and would be a component of the upcoming DeFi project on the Solana blockchain.
Additionally, it promoted a blockchain address by falsely claiming that it was the only official address for the upcoming DeFi initiative that Trump had endorsed.
The breach also affected Tiffany Trump, the daughter of the former president. Through her account, hackers promoted the same fraudulent website and WL token.
Eric Trump, Lara Trump’s spouse, promptly notified users of the compromised accounts on X.
He advised caution and expressed gratitude to the security team at X for promptly securing the affected accounts. “Please refrain from clicking on any links from these accounts,” he advised.
The World Liberty Financial team also issued a warning, instructing users to disregard any tweets or messages from the compromised Trump family members’ accounts.
The Scam’s Telegram Aspect
The X hack and the subsequent fake promotions were successfully resolved; however, a distinct fraud that was perpetrated through a fake Telegram giveaway was more detrimental at the time.
Scammers exploited the notoriety of the WLF project-linked Telegram channel to post fraudulent advertisements on the official channel, which has more than 200,000 subscribers.
The advertisements directed users to a new account named “World Liberty Financial Airdrop,” where they were promised a $15,000 incentive for those who connected their crypto wallets to the platform.
The phony Telegram channel attracted 74,000 subscribers in a matter of minutes.
It is still uncertain whether any users who linked their crypto purses were victimized. The official WLF project account cautioned users to be wary of fraudulent accounts and offered advice on how to identify frauds.
The Current State of Trump’s WLF Project
Donald Trump Jr. has recently disclosed that he intends to enter the cryptocurrency industry through the implementation of a DeFi initiative known as World Liberty Financial.
Although the majority of the information is still classified, he has been leaving clues and receiving endorsements from his father and siblings.
Recent data indicates that there is a four-person development team working on the project in addition to the Trump brothers. The news was disclosed by the eldest Trump sibling on his X account.
Initially, there was speculation that World Liberty Financial might be associated with Real World Assets (RWAs); however, sources indicate that the project will instead concentrate on lending and leasing services.
The venture appears to be constructed on the foundation of Dough Finance, a DeFi project that was recently the victim of a high-profile breach. This is particularly noteworthy.
Although the World Liberty Financial app and interface are currently undisclosed, a review of its GitHub page reveals a remarkable degree of code similarity to Dough Finance, which raises concerns regarding the project’s security and originality.
