Trump to launch crypto platform: What to know

Former President Trump is set to unveil a new cryptocurrency project called World Liberty Financial at an event in Mar-a-Lago, scheduled for 8 p.m. ET. The project will be led by his two oldest sons, Donald Trump Jr. and Eric Trump, and aims to modernize financial services by utilizing cryptocurrency, distancing itself from traditional banking systems. Trump has expressed a desire for the U.S. to become the 'crypto capital of the planet.' The project includes a non-transferable cryptocurrency token named WLFI, with a draft white paper indicating that 70% of the tokens will be allocated to the founders and team, while 30% will be available for public sale. This structure raises potential concerns regarding conflicts of interest, especially given Trump's previous skepticism about cryptocurrencies during his presidency. In recent weeks, Trump and his sons have actively promoted the project on social media, although specific operational details remain unclear. The involvement of Trump's 18-year-old son, Barron, as the project's 'DeFi visionary' highlights the family's commitment to the initiative. However, the project has not yet finalized its plans as of early September. The launch comes amid a backdrop of security concerns, as the social media accounts of family members were recently hacked, leading to unauthorized promotion of crypto investments. An official alert was issued to warn users against engaging with these fraudulent posts, emphasizing the need for caution in the rapidly evolving crypto landscape.