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World Liberty Financial, a decentralized finance project linked to Donald Trump, faced a security breach. According to The Block, the personal account of Zach Witkoff, co-founder of the project, was hacked, leading to the promotion of a fraudulent memecoin project.
The scam involved claims about an endorsement from President Donald Trump’s youngest son, Barron, which the company has since refuted.
World Liberty Financial responded to the incident by confirming that Witkoff’s account had indeed been compromised. In an effort to protect its users, the company issued a warning to disregard any engagement with the fake Barron Trump memecoin project.
The firm is actively working on resolving the issue and has advised users to avoid any interaction with the unauthorized promotion.
This is not the first time a member of the Trump family has been associated with a deceptive memecoin project. Previously, on January 23, Ivanka Trump alerted her followers about a similar scheme that used her image without permission and defrauded investors.
The project, which lists Donald Trump and several family members, including Barron Trump, as team members, launched its own cryptocurrency, WLFI, in October 2024.
The recent security breach and the unauthorized use of the Trump family’s likeness highlight ongoing concerns about the misuse of public figures’ identities in the cryptocurrency space. World Liberty Financial is currently taking steps to address the breach and prevent future incidents.
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