Trump family's crypto venture says it faced 'coordinated attack' [View all]

(Bloomberg) -- World Liberty Financial, the digital-asset venture backed by the Trump family, said that it defeated an unspecified “coordinated attack” against its flagship cryptocurrency product.

USD1, the dollar-pegged stablecoin issued by World Liberty, briefly traded below $1 on Monday before climbing back to par, according to crypto data tracker CoinGecko. Stablecoins are typically designed to trade equal to the dollar to provide users with a stable medium of exchange and to serve as a store of value within the highly volatile

The stablecoin, which as about $5 billion market value, is the first product launched by the crypto project co-founded by Donald Trump Jr. and Eric Trump alongside sons of White House special envoy Steve Witkoff. The project lists President Donald Trump as “co-founder emeritus.”

“A coordinated attack was launched against USD1 this morning,” the project said on its official account on X. “Attackers hacked several WLFI cofounder accounts, paid influencers to spread FUD, and opened massive $WLFI shorts to profit from the manufactured chaos.”

https://www.msn.com/en-us/money/other/trump-family-s-crypto-venture-says-it-faced-coordinated-attack/ar-AA1WUvHZ