BlockBeats news, September 4, according to CoinDesk, Trump family members have been hinting at an upcoming cryptocurrency project in recent weeks, but few details have been revealed in public. However, privately, the former US president’s inner circle has been quietly promoting a white paper called “World Liberty Financial” — and CoinDesk has obtained part of it.
The document and other reports describe a lending service that operates very similarly to the recently hacked blockchain app Dough Finance, which was developed by four people listed as members of the World Liberty Financial team. Other participants include Trump’s three sons (including 18-year-old Barron, who has been called the project’s “DeFi visionary”), as well as financiers and e-commerce influencers.
The project will also include a new cryptocurrency: WLFI, a non-transferable governance token, according to a person familiar with the plans. The transfer restriction could make the asset difficult for speculators to trade.
World Liberty Financial’s white paper states that the project “demonstrates the power of blockchain in an easy-to-understand way.” While the app isn’t ready for a full launch, a review of a since-deleted GitHub repository shows that the project — at least in its early stages — appears to have been directly ripped off of code from Dough Finance, which lost $2 million in a July hack. There’s no confirmation yet whether subsequent versions of the app still include the earlier code, and there’s no indication that any vulnerabilities in Dough Finance’s code have appeared in the new project’s code.
Zachary Folkman and Chase Herro, listed as the head of operations and head of data and strategy, respectively, in World Liberty Financial’s white paper, built Dough Finance, according to people familiar with the matter. Octavian Lojnita, the project’s head of smart contracts, also worked at Dough Finance, according to his online resume. Boga, a pseudonymous front-end developer at World Liberty Financial, is listed as an author (under the name 0xboga) in Dough Finance’s source code.
According to the World Liberty Financial white paper, the project will include a “credit account system” built on decentralized finance (DeFi) platform Aave and the Ethereum blockchain to facilitate decentralized lending activities.
