World Liberty Financial (WLFI), a crypto venture backed by the Trump family, announced today that it was able to stop two hacking attempts from compromised end-user wallets.
According to the team’s post on X, the attacks did not come from a WLFI vulnerability, but from users who had lost their private keys.
WLFI’s designated security wallet made a blacklist of compromised addresses before launch and was successfully able to prevent attempted theft of funds from its lockbox system.
The project has also confirmed it is actively helping impacted holders unblock their access to their accounts.
Historic Multi-Exchange Launch Marks Major Milestone
WLFI referred to its token launch, which occurred across the major decentralized exchange (DEX) and centralized exchange (CEX) platforms, as a “historic success.”
The project reiterated that no tokens were moved, and the retail investors had first rights to tokens, ahead of the founders, partners, and team members, a rare feat in the crypto space.
Despite $6.1 billion of trading volume, WLFI has stayed above its $0.20 listing price. It has also executed a $2 million on-chain token buyback and burned 47 million WLFI to help defend price stability.
Also Read: Trump Family Wealth Surges By $6 Billion Following Success of World Liberty WLFI Token Launch
Security Fears Emerge After Ethereum Exploit Incident
The successful effort to defend against compromised wallets came on the heels of a previous cyberattack associated with an Ethereum EIP-7702 exploit.
On September 2, 2023, WLFI token holders reported that hackers had drained the funds through malicious delegate contracts, and panic ensued throughout the community, UnoCrypto reported.
It raised concerns regarding the safety of investors on the heels of WLFI’s launch, which added volatility to the early trading period of WLFI, not to mention the challenges faced by the people behind WLFI.
While the blacklisting mechanisms halted any additional theft, the project is still under scrutiny regarding overall industry vulnerabilities linked to Ethereum-based tokens.
Market Performance Shows Both Growth and Caution
As of the writing of this report, WLFI is sitting at $0.2326 with a 4.47% decline over the past 24 hours, but still showing a price increase over the past week.
WLFI has a real-time trading volume of $1.25 billion over 24 hours and a market cap of well over $6.36 billion, with 27 billion WLFI in circulation.
Although the price decrease follows a few cautious attacks in the market, WLFI’s high levels of trading signify that investors have confidence in this specific project and its long-term vision.
The WLFI team states that there have been no insider or team sales; the only tokens contributing to the circulating supply are those from presale unlocks.
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Community-First Strategy Strengthens WLFI’s Position
WLFI has emphasized its community-first initiative in its mission, emphasizing that early retail supporters, buying in at $0.015 and $0.05, are the focus over founders and insiders.
This atypical prioritization, paired with significant liquidity at launch, allowed for the early participants to exit should they choose to, while the auction price did remain above its listing of $0.20.
With participation from industry leaders like Justin Sun, who is providing WLFI with yield support on HTX and refusing to sell, it has established both economic and reputational momentum.
Despite security challenges, WLFI has continued to communicate that it is a high-profile issuer in the crypto world.
Also Read: World Liberty Joins Digital-Asset Treasury Boom With Plan For $1.5B WLFI Holding Company