Key Takeaways:
A cryptocurrency platform endorsed by former US President Donald Trump has been overtaken by scammers, resulting in over 70,000 users being lured into a fake crypto giveaway.
Scammers Post Fake Token Giveaway Ad On Telegram Group Of Trump-Endorsed DeFi Initiative
The hackers posted fraudulent ads on World Liberty Financial’s official Telegram channel, diverting users to another fake group promising thousands of dollars in cryptocurrencies. Since its launch last month, the Trump-endorsed crypto initiative has attracted over 230,000 subscribers to its Telegram channel.
World Liberty Financial promises to challenge the supremacy of major banks, however, detailed information about the project remains scarce.
Cybercriminals have exploited its growing popularity by placing fraudulent ads and luring users to another fake Telegram group named “World Liberty Financial Airdrop”. This group with 74,741 subscribers, falsely promises up to $15,000 in cryptocurrency to those who connect their crypto wallets to the platform.
Many World Liberty Financial members are feared to have fallen victim to the scam. However, the exact number of affected individuals remains unclear. Victims may also lose the private keys to their wallets, resulting in inaccessibility and permanent asset loss.
Trump, the Republican presidential candidate, calls himself the “champion of crypto” and has revealed his intention of turning the US into a global leader in cryptocurrency and blockchain technology. He also famously said that he wants all the remaining Bitcoins to be mined in the country.
In a recent X post, the billionaire real estate mogul highlighted WLF, a DeFi project that is supported by his children and actively promoted by them.
World Liberty Financial Warns Members Of The Crypto Giveaway Scam
Following the discovery of the fake ads on its Telegram page, WLF issued a warning in the group alerting users about potential scams and advising them to stay vigilant. The team denied any involvement in the ads claiming to offer fake airdrops and token sales. World Liberty Financial confirmed they are not doing any airdrops or selling any tokens “at this time”.
WLF also asked members to be aware of scams and fake tokens claiming to be associated with ‘Defiant Ones’ and ‘World Liberty’, pleading not to engage with these tokens at any cost. The message also provided tips on identifying fake ads, explaining that genuine posts will never have the label “Sponsored” or “Ad”. Members have been urged to report any suspicious content to Telegram and remain vigilant.
The ad for the fraudulent “World Liberty Financial Airdrop” was posted in the group four days ago, and is still visible despite the warning.
Trump Releases New NFT Collection Featuring 50 Unique Trading Cards
Meanwhile, Trump continues to advocate for his pro-crypto policies. He even proposed a national Bitcoin stockpile if elected.
Last week, he released a fourth series of non-fungible token (NFT) digital trading cards. The “America First” collection consists of 50 unique cards, priced at $99 each, featuring images of Trump holding a Bitcoin.
In a tweet, Trump explained that purchasing 15 or more digital trading cards comes with an added perk: a physical card containing a piece of the suit the 45th US President wore during the June debate with Joe Biden. Additionally, five physical cards will be randomly chosen to be autographed by Trump.
Trump added that those who purchased 75 of his trading cards will be invited to a gala dinner at his country club in Jupiter, Florida.
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