Former President Donald Trump’s foray into the cryptocurrency world has taken a cautious turn. The team behind his upcoming decentralized finance (DeFi)-based banking venture has issued a stern warning against falling victim to scams and fake tokens.
On Sunday, the official Telegram channel of the project, initially named “The DeFiant Ones,” posted a message cautioning users against engaging with any tokens claiming association with either “The DeFiant Ones” or “World Liberty.” The team emphasized that all official information would be disseminated exclusively through the Telegram channel by verified members. “If it’s not from us, it’s not real,” the message read. Simultaneously, the official channel’s name was changed to “World Liberty Financial.” The channel currently boasts almost 45,000 subscribers.
This warning comes amidst heightened anticipation surrounding the launch of the new DeFi platform, which Trump announced to his 7.5 million followers on Truth Social. His sons, Donald Trump Jr. and Eric Trump, have actively promoted the project, fueling speculation about its potential to challenge traditional banking systems.
The cryptocurrency project, envisioned as part of the family-owned Trump Organization, was previously described as “digital real estate” by Eric Trump. The platform’s launch has triggered price movements in related tokens. As of this writing, the Trump-themed Maga TRUMP/USD token is trading at $3.91, up 0.75% in the last 24 hours. The PolitiFi token, also associated with the project, has surged by 42% over the past week.
The emergence of the Trump-backed cryptocurrency venture, along with the recent warnings about scams, highlights the growing complexity and potential risks within the crypto space. As the project progresses, it will be interesting to see how it navigates the regulatory landscape and how investors react to its evolving presence in the market.
