- Trump endorses the newly created World Liberty Finance crypto project.
- Scammers set sights on World Liberty Finance’s Telegram channel.
- The workings of World Liberty Finance remain unknown at this time.
With 900 million monthly active users, Telegram is one of the most popular messaging apps available. However, it’s also notorious as a hotbed for scams and illicit activities, a reputation that has only grown after the recent arrest of its founder, Pavel Durov, on cybercrime charges.
Sponsored
Despite these concerns, many projects continue to leverage Telegram’s vast reach to engage with their audience. A prime example is the Donald Trump-backed cryptocurrency project, World Liberty Finance (WLFi), which recently fell victim to scammers who infiltrated and exploited its official Telegram channel.
Telegram Scam Hits Trump Crypto Project
The WLFi crypto project has garnered significant attention lately, largely due to Donald Trump’s endorsement. The presidential hopeful aims to leverage this platform to challenge the traditional banking system and establish the U.S. as a global leader in cryptocurrency.
Since launching in August, WLFi’s official Telegram channel has actively engaged its audience with teasers about upcoming features, patriotic messages, and even a meme contest to boost community involvement.
However, the project’s growing popularity has caught the attention of scammers, who have placed fraudulent ads within the official WLFi Telegram group.
These scam ads direct users to a different Telegram channel, which urges them to visit a website and connect their Ethereum-compatible crypto wallets to claim an airdrop worth up to $15,000. Connecting wallets to unknown sites puts users’ funds at risk of loss.
In response, WLFi has warned not to click links and ads from unofficial sources. The project has stressed that it has not yet launched a token and is not conducting any airdrops.
World Liberty Finance Red Flags
Since its launch less than a month ago, WLFi has quickly built a substantial social media following. Its promise to challenge the traditional banking system to create a more equitable financial landscape has resonated deeply with many, generating significant interest quickly.
However, the project currently lacks information on how to achieve its ambitious goals. WLFi’s website is a holding page with links to the official X and Telegram channels. The absence of a published roadmap or a comprehensive strategy has raised concerns.
Nonetheless, to address critics, WLFi recently announced the addition of Cory Caplan to its advisory team. Caplan co-founded the Arbitrum-based lending and borrowing platform Dolomite, which offers features such as token swaps, leveraged trading, and yield-earning opportunities.
Dolomite has completed three funding rounds, raising a total of $4.2 million, and is backed by prominent investors, including Coinbase Ventures and Polygon’s Sandeep Nailwal.
On the Flipside
- Scam ads purporting to be WLFi on the WLFi channel suggest Telegram has weak moderation.
- French authorities have released Telegram founder Pavel Durov on bail following his arrest on cybercrime charges.
- The prevalence of crypto-related scams hinders wider adoption.
Why This Matters
The exploitation of Trump’s crypto venture underscores the ongoing vulnerability of digital finance to scams, highlighting the need for stronger safeguards and greater due diligence.
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