Hackers Target Trump Family to Push Dubious Crypto Scam

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Share

Last updated:

September 4, 2024 00:20 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Hackers compromised Donald Trump’s daughter-in-law and daughter’s X accounts on Tuesday to promote a token allegedly connected to World Liberty Financial, a crypto project that Trump’s family members have recently endorsed.

Cybercriminals gained access to Republican National Committee co-chair Lara Trump’s X account. They also compromised an account belonging to Tiffany Trump, the former president’s younger daughter.

Donald Trump’s son, Eric Trump, promptly labeled the posts a hoax.

“This is a scam!!!” he wrote on X. “@LaraLeaTrump and @TiffanyATrump‘s Twitter profiles have been compromised!!” Later, he commended Twitter for promptly securing their accounts, leading to the fraudulent posts’ removal.

Trump Crypto Project Acknowledges Hack

World Liberty Financial also acknowledged the security breach on X. Both fake posts referenced World Liberty Financial. Although there has been major buzz around the project, it is still in its pre-launch stage.

Donald Trump, along with his sons, has been hinting for weeks about the upcoming launch of their DeFi project.

Trump’s New Project Linked to Aave, Faces Questions on Security Risks

Details about the project recently began to emerge. It is expected to run on the Ethereum blockchain and draw inspiration from Aave, with a design similar to Dough Finance.

Dough Finance, known for its borrowing and lending features, faced a security breach in early July, resulting in a $2.1m loss due to flash loans.

It’s still unclear whether World Liberty will have the same security vulnerabilities as Dough Finance. Additionally, the ties to Dough Finance go beyond just code similarities.

A whitepaper for World Liberty reveals that Chase Herro, a crypto influencer, serves as the data and strategies lead for the project. Notably, Herro’s Instagram previously linked to Dough Finance.