Trump’s Ethereum project World Liberty Financial launched with fraud scandal by Investing.com

Investing.com – Yesterday, the Trump family-backed crypto project World Liberty Financial celebrated its launch with great media interest. But the shiny facade quickly began to crack when it emerged that fraudulent advertising was being placed on the project’s official Telegram channel day in and day out. These dubious actions cast a dark light on the project, which is already accompanied by questionable personalities, as the Independent reported.

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The dark side of the start

While the world eagerly awaited the launch of the new Ethereum-based project, cybercriminals seized the opportunity. A rival Telegram channel called “World Liberty Financial Airdrop” lured gullible users with false promises of cryptocurrency giveaways worth up to $15,000.

The scammers were resourceful enough to place advertisements on the official Telegram channel. Despite warnings about the scam, the advertisements did not disappear and remained online for four days, meaning that out of the 230,000 followers of the World Liberty Financial Telegram channel, around 70,000 fell for the scammers, according to the Independent.

Questionable investments

Further doubts are raised by the involvement of four people in the project who were previously associated with Dough Finance, a project that was hacked and $2 million disappeared without a trace. This fact raises serious questions about World Liberty Financial’s security structure and integrity.

A family project with a political touch

It is not just criminal elements that are clouding the start: family entanglements are also making the project a target of criticism. Three of Donald Trump’s children are heavily involved, which many see as a political maneuver in preparation for the upcoming 2024 presidential election. In recent months, Trump has portrayed himself as a “crypto president” and promised to set up a “national Bitcoin reserve” and a “crypto presidential council” if he moves back into the White House.

Safety measures and community response

In response to the exposed scam, World Liberty Financial issued urgent warnings not to click on any links or ads on Telegram claiming to be from them. The official channel also changed its description to X to warn followers about “scams, fake tokens and airdrop offers.”

An uncertain beginning

The launch of World Liberty Financial could have been a remarkable moment in the crypto world, but instead it is overshadowed by security concerns and political undertones. The project has a lot to prove if it wants to regain trust and credibility. With such a shaky start, the Trump family is once again at the center of a media storm that could have a lasting impact on the crypto market.