Former President Donald Trump is set to launch a cryptocurrency platform, World Liberty Financial, led by his two eldest sons, Donald Trump Jr. and Eric Trump, and the official announcement was scheduled to take place at Mar-a-Lago on Monday at 8 p.m.

The move represents a significant shift in Trump’s stance on cryptocurrencies, a sector he once criticized as risky, as Fox News reports, and the former president and his sons have been actively promoting World Liberty Financial on social media, but the platform's detailed plans remain largely undisclosed.

Family Takes Center Stage in Crypto Venture

Donald Trump Jr. and Eric Trump will head this new crypto project, positioning the family at the forefront of World Liberty Financial. A draft white paper obtained by CoinDesk lists Barron Trump, Trump's youngest son, as the “DeFi visionary” behind the project, signaling a multi-generational involvement.

The platform aims to introduce a non-transferable cryptocurrency token known as WLFI, though further details about its functionality or broader applications have yet to be revealed.

According to the draft white paper, 70% of these tokens will be reserved for the project founders, team members, and service providers. The remaining 30% will be made available for public sale, with the proceeds partially supporting the platform’s operations.

Trump’s Shift from Crypto Skepticism

The venture marks a notable departure from Trump’s past criticism of cryptocurrencies. During his presidency, Trump expressed skepticism about the sector, calling it a potential “disaster waiting to happen” in a 2021 interview. Despite his earlier caution, Trump has incorporated crypto into his campaign platform, positioning it as part of his vision for making the United States the “crypto capital of the planet.”

In a recent video posted on his social media accounts, Trump emphasized a move away from traditional banking systems, encouraging a future led by crypto. “We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in the video, signaling a dramatic shift in his approach to financial innovation.

Social Media Hacks Target Trump's Family

The road to World Liberty Financial’s launch has not been without challenges. Earlier this month, the X accounts of Lara Trump, the Republican National Committee Chairwoman, and Tiffany Trump, Trump's daughter, were hacked. These compromised accounts were used to promote fraudulent cryptocurrency investments falsely linked to World Liberty Financial.

Eric Trump responded quickly, confirming that the hacked accounts were locked “within minutes” to minimize any potential harm. The official account for World Liberty Financial also issued a public warning about the breach, advising users to avoid clicking on links or purchasing tokens shared from Lara and Tiffany Trump’s profiles.

Uncertainties Surround Operational Plans

While the Monday announcement at Mar-a-Lago has garnered significant attention, World Liberty Financial’s operational plans remain uncertain. As of early September, the platform had yet to finalize key aspects of its structure and offerings.

The lack of clarity has raised questions about the platform's future, but the Trump family’s involvement has drawn attention from both supporters and skeptics of cryptocurrency. The project is being closely watched, especially in light of Trump's previous reservations about the sector.

WLFI Tokens: A Key Component

One of the primary features of World Liberty Financial is the introduction of WLFI tokens. These tokens are non-transferable, meaning users will not be able to trade or sell them on secondary markets. However, the exact purpose and utility of WLFI tokens have yet to be clarified.

The draft white paper outlines that the majority of the tokens, around 70%, will be retained by the founders and their team, raising concerns about the centralization of power within the platform. The remaining 30% of tokens will be sold to the public, with part of the proceeds allocated to support the platform’s development and operations.

Mar-a-Lago Announcement Generates Buzz

Trump’s decision to announce the project at his Mar-a-Lago residence has generated significant buzz, especially with the involvement of his two eldest sons at the helm. The live-stream on X Spaces was expected to attract a large audience as the cryptocurrency community, Trump supporters, and critics alike tune in to hear the details.

Though many questions remain unanswered, the launch of World Liberty Financial signals a new chapter in Trump’s business ventures. The project’s potential success or failure could have a lasting impact on both his political campaign and the broader cryptocurrency market.

Conclusion

World Liberty Financial, a new cryptocurrency platform spearheaded by Donald Trump and his sons, was set to make its debut this week with an official announcement at Mar-a-Lago.

The project, which introduces a non-transferable token called WLFI, has faced both interest and scrutiny, especially given Trump's past skepticism of crypto.

The hacked social media accounts of Lara and Tiffany Trump added an additional layer of complexity in the lead-up to the launch. As more details emerge, the public remains eager to see how this venture will unfold.