Trump’s Next Crypto Initiative Reportedly Modeled After DeFi Platform Hacked for Over $2 Million

New details have emerged about the former president Donald Trump a closely watched cryptocurrency company, Liberty Global Financial.

What happened:According to a CoinDesk report published Tuesday, the project shares similarities with Dough Financinga decentralized financial borrowing and lending network that was recently hacked for over $2 million.

According to excerpts from the project white paper, individuals listed as World Liberty Financial’s Head of Operations and Head of Data and Strategy were also involved in the development of Dough Finance.

Further information revealed that the project would be built on the DeFi platform Aave AAVE/USD exchange rate and the Ethereum ETH/USD blockchain to deploy borrowing and lending services.

Additionally, the project would also have a governance token named WLFIalthough it is subject to transfer restrictions, which would make speculative trading difficult.

The Trump campaign and World Liberty Financial did not immediately respond to Benzinga’s request for comment.

See also: Qatar unveils cryptocurrency rules as Middle East embraces digital assets

Why it matters:The cryptocurrency project, backed by the family conglomerate, The Trump Organizationwas previously dubbed “digital real estate” by Trump’s son Eric Trump, and the one that would “turn the world of banking and finance upside down.”

Last month, Trump himself promoted the initiative, saying: “For too long, the average American has been held hostage by big banks and financial elites. It’s time we take a stand – together.”

The Republican candidate’s newfound fascination with cryptocurrencies has been one of the highlights of this election campaign. He has even promised to make the United States the “cryptocurrency capital of the world.”

Price action: As I write this, Trump’s theme Maga Coin TRUMP/USD was trading at $3.13, down 4.57% in the past 24 hours.

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