The co-founder of World Liberty Financial, Zach Witkoff, fell victim to a security breach on his X account. Hackers took control of Witkoff’s X account on Wednesday, falsely claiming that former President Donald Trump’s youngest son, Barron Trump, was launching a cryptocurrency.
The fraudulent post implied that Trump himself would soon confirm the token’s legitimacy, misleading investors into believing the project was legitimate..
Account was hacked thanks to the @X and James Musk for hopping on this quickly. You guys are the best!
— Zach Witkoff (@ZachWitkoff) February 12, 2025
However, World Liberty Financial quickly addressed the breach, issuing a statement confirming that Witkoff’s account had been compromised. The company urged users to disregard any messages promoting the Barron Trump token and warned against engaging with the scam.
This attack follows a similar scheme involving Ivanka Trump, who in late January publicly disavowed a token falsely using her name. She labeled the unauthorized project as deceptive and exploitative, stating that it defrauded investors. Her legal team vowed to take action against those responsible for misusing her identity.
Trump’s Venture Into DeFi With WLF
World Liberty Financial is a DeFi project associated with the Trump family, having launched its native token, WLFI, in October 2024. The project aims to integrate traditional financial mechanisms with blockchain technology, boasting features such as lending, borrowing, and yield farming.
The family’s involvement in the crypto space has fueled both enthusiasm and controversy. The project has positioned itself as a major player in the DeFi sector, but it has also drawn scrutiny from regulators and critics who question its transparency and security measures.
World Liberty Financial has pledged to enhance its security measures in the wake of the hack. The company emphasized its commitment to protecting its users and maintaining trust within the community. Meanwhile, industry experts continue to call for stronger regulatory oversight and cybersecurity protocols to mitigate the risks posed by impersonation scams in the crypto sector.
Related: Swiss Firm Taurus Launches Solana-Based Platform for Tokenizing Real-World Assets
