A Shiny New Rug: World Liberty Financial

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20 Oct 2024

153

Cryptocurrency can be risky due to market volatility and lack of regulation. Use reputable platforms, avoid emotional trading, and only invest what you can afford to lose. Be cautious and remember, not your keys, not your crypto.

You won’t have to spend long in the crypto space before you find your first scam. And it’s fair to say that in the world of crypto, scams come in many different shapes, sizes and types.

Because of this, we see some pretty bold scams unfold. Typically though, people will tend to wrap their scam in a veil of legitimacy, hoping to appear to potential marks as a worthwhile project.

Sometimes though, we see none of this. Sometimes, the scam is right there in front of your face waiting for you to see it. And sometimes, people simply don't care.

In today’s article, we’ll be taking a quick look at World Liberty Financial. If the name sounds familiar to you, it’s probably because you’ve recently seen at least one or more members of the Trump family shilling it in recent weeks.

Shilled directly to the community. Source: x.com

Promising its holders a “DeFi Revolution” WLFI promises to be a golden ticket to a new era of financial services. So, is this credible? Or, is it just a shiny new rug? Let’s go check it out and see!

A De-Fi Revolution

Like politics, crypto is often full of hype, buzzwords and overall world salad. Revolutionary and visionary get thrown around a lot when you’re dealing with technology and often, people use these buzzwords to hide the fact that their roadmap might be a tad thin.

Some basic social media OSINT shows that it’s the president's youngest son who appears to be the driving force behind the latest venture. Touted as a crypto “whizz kid” WLFI professes to be the latest trend in de-fi, that hopes to change the way we think about money.

However, one of the problems we also see with the average crypto scam is that once you start digging around, it becomes pretty easy to identify something with a lack of substance. Maybe the roadmap is questionable, or the dev team is unreliable. Or, maybe the project has some unavoidable flaws that change the dynamic for the end users.

Identifying these can be pretty simple when you know what you’re looking for and ultimately, being able to do this correctly will save you from a lot of stress when trying to analyse a project.

So, with all that said the 100 billion token question now reveals itself. Namely, is WLFI just another sketchy grift or does it have some form of true utility or value?

Taking a look at this project’s terms and conditions is going to be the best way of finding this out.

The Fine Print

Putting politics to the side for a moment, for many people the words “Trump, Investment and Money” draw instant suspicion. With a pretty large list of past failed and unsupported projects, many people are rightly wary of any new offering that promises a significant return on investment.

If you’re in that crowd, keep reading because it's unlikely you’re going to be disappointed. In fact, some of the fine print regarding the project is outright ridiculous and we’ve screen captured a few of the best parts.

🚩 Non Transferrable 🚩
Purchased tokens are non-transferrable and locked indefinitely. Meaning that while plenty of meme coins have functionality WLFI has….nothing.

🚩Not Tradable for Money 🚩
While many people look for the utility that bridges crypto and traditional finance, WLFI has no such intentions. Not only will you never receive any money for your WLFI tokens, but you’ll be unable to purchase goods and services. So, no profit, no functionality and no use case. A true shitcoin!

🚩Fully Indemnified 🚩
Red flags will come in all shapes and sizes and some of the best are regarding indemnity. And this project has some crackers. By purchasing WLFI, you agree to no class actions, accept that your token will guarantee a loss and agree to no private marketing or sales of the token.

So, even if you find a way to recover your losses, WLFI will never let you take it. Are you sold on investing yet?

🚩 It’s On You 🚩
One of the best bits is the part where by purchasing the token, you agree to acknowledge that you’re able to correctly understand the technology and project that you’re agreeing with. Because of this, all assumption of risk is passed along directly to you. That’s very kind of them.

So, Are You In?

There are so many terrible parts to this project that it’s really hard to pick just one, but there’s still at least one solid contender that deserves a mention.

One of the key selling points of crypto is its decentralised nature. So, with WLFI you’d expect that processing a transaction would be quick and easy. Trade crypto, receive shitcoin.

No. You’ll need to KYC for this project. Which is great. Now, not only have you invested in a shitcoin but when your data is inevitably onsold for profit, the whole world will know about it as well.

In all seriousness though, the concept of KYC definitely deserves a mention here though as privacy is a concern.

While your data may not be sold outright, it’s reasonable to assume that in signing up, you’ve opened yourself up to a barrage of political advertising and messaging. If there was ever a time to use a burner, it is now. Or you could just, you know, not get involved at all.

The cherry on top of all this is that there’s a part in the terms and conditions that allows for compensation to company advisors and service providers. Provisions within this clause allow up to 75% of the project revenues to flow back into the pockets of these “advisors”.

Note: If you want to buy WLFI don’t bother. Simply send your ETH to 0x463F6AF1B85Db7F96c25D41Cc8f09FE4A48544A3 instead and you’ll get a useless NFT of burning money in return. Which, is far more than you’ll ever get should you purchase the WLFI tokens for real.

In Closing

If you’re smart enough to recognise this for the quick and easy wealth transfer attempt that it is, then it’s fair to say you aren’t the target market for this project. Sadly, it appears that the project is aimed at catching out those with little knowledge of the space, which will further tarnish the reputation of crypto in general.

This project appears to be the “Hotel California” of cryptocurrency. Your money can be checked out any time you like, but it can never leave.

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