Former President Donald Trump and his family are set to launch a controversial cryptocurrency project called World Liberty Financial on September 16.
What happened: The announcement, made on Trump’s social network, sparked some controversy in political and financial circles.
“We are embracing the future with crypto and leaving behind the slow, outdated big banks,” Trump said in a video, signaling a sharp shift from his previous stance on digital currencies.
World Liberty Financial, purportedly a decentralized finance (DeFi) platform, is run by Trump’s sons, Eric and Donald Jr., along with an 18-year-old. Barron Trump oddly listed as “chief DeFi visionary.”
However, investigations reveal that the real mastermind behind the project could be Hunt Herroa controversial figure in the crypto world with a checkered past.
Herro, who once dubbed himself “the Internet bastard,” has a history of promoting questionable products, including weight-loss “colon cleansers” and get-rich-quick schemes.
His involvement in the Trump family’s cryptocurrency business raises serious concerns about the legitimacy and intentions of the project.
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The project’s white paper, obtained by CoinDesk, outlines plans for a “credit account system” built on the Aave AAVE/USD exchange rate platform and Ethereum ETH/USD blockchain, aimed at facilitating decentralized borrowing and lending.
He also discusses the development of dollar-pegged stablecoins to “ensure the continued dominance of the US dollar.”
However, crypto experts remain skeptical.
“It looks like an attempt to make a quick buck, that kind of thing,” said Tarun Chitra, general partner at Robot Ventures.
The announcement comes after the failed cryptocurrency project launched by Barron Trump earlier this year, known as DJT coin, which faced widespread criticism and ultimately collapsed.
And then: As the crypto world buzzes with this news, all eyes will be on the upcoming Benzinga Future of Digital Assets event on November 19.
Read more: SEC Chairman Gary Gensler Under Investigation for Alleged Political Favoritism in Hiring Practices
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