During a Capitol Hill hearing, Democratic Congressman Waters (D-Calif.) used World Liberty Financial, a cryptocurrency lending platform promoted by Trump and his sons, as an example to highlight the heightened risks consumers face in the DeFi space.
Last week, the Twitter accounts of Trump's daughter Tiffany Trump and Republican National Committee chair Lara Trump (Trump's daughter-in-law) were hacked. Under the control of the hackers, the accounts promoted fake tokens issued with World Liberty Financial in an attempt to defraud potential purchasers. "Because of the popularity of the people behind the program, criminals took advantage of the opportunity to defraud wold-be users," Waters said. "It's up to lawmakers to consider strong protections to prevent these kinds of scams from happening."
Twitter blocked the hacked social media accounts "within minutes", according to Eric Trump, Mr. Trump's son. But Mr. Waters noted that many people were still physically harmed, buying about $1.80 million worth of fake tokens that were not actually linked to the project.
Democratic lawmaker Waters criticized Trump's cryptocurrency project during a hearing
2024-09-10 18:01:28
U.S. Democratic Party Congress Congressman Waters California Capitol Hill SEC to Trumpdesk3cryptocurrencydesktopCrypto News
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