Democratic Congressman Waters, representing California, highlighted the risks associated with decentralized finance (DeFi) during a recent Capitol Hill hearing by referencing World Liberty Financial, a cryptocurrency lending platform endorsed by Trump and his sons, as reported by BlockBeats.
In a recent cybersecurity breach, the Twitter accounts of Tiffany Trump, daughter of Trump, and Lara Trump, Trump’s daughter-in-law and Chairwoman of the Republican National Committee, were compromised. The hackers, in control of these accounts, promoted fraudulent tokens tied to World Liberty Financial in an attempt to deceive unsuspecting buyers. Waters emphasized the vulnerability of consumers due to the project’s association with high-profile individuals, leading to exploitation by malicious actors. He stressed the need for lawmakers to implement robust safeguards to prevent such fraudulent schemes.
Although Eric Trump confirmed that Twitter swiftly blocked the compromised accounts, preventing further dissemination of the fake tokens, Waters highlighted that approximately $1.8 million worth of these tokens were already purchased by individuals, causing financial harm before the intervention.
