9/4/24: World Liberty Financial 🌎🇺🇸💻

Top News

  1. Trump’s DeFi project to be built on Aave and Ethereum

  2. Harris campaign reaches out to Coinbase for crypto advice

  3. FBI warns North Korea is trying to hack US crypto companies

Specs’ Insights

1. Trump’s DeFi project to be built on Aave and Ethereum

⌐◪-◪ → Details on Trump’s DeFi project “World Liberty Financial” are finally beginning to surface after his team circulated their white paper with industry experts. Here’s what we know so far:

The project will be a lending protocol on Aave and Ethereum. Early GitHub code appears to be a direct copy of Dough Finance, a project that was hacked for $2M in July.

The core team includes four members from Dough Finance and Trump’s three sons. Eric and Donald Jr. are listed as “ambassadors,” and Barron is listed as the “DeFi visionary” — lol.

The project’s LLC is registered to Zachary Folkman, the co-founder of Subify, an OnlyFans competitor. Folkman previously registered a company called Date Hotter Girls LLC — cringe.

While the story is still unfolding, it’s already irked many single-issue crypto voters. Personally, I’m not that excited; the project sounds like a front end for Aave with its own (non-transferable) governance token built on top. Not very innovative, but great for my Aave bags I suppose.

2. Harris campaign reaches out to Coinbase for crypto advice

⌐◪-◪ → Coinbase’s CLO, Paul Grewal, told Bloomberg that both sides — the Trump and Harris campaigns — have contacted them about digital assets. He emphasized that:

  • The Trump campaign has been more explicit in embracing crypto with specific concrete proposals.

  • The Harris campaign has reached out and expressed interest in what a new approach to crypto might look like.

As such, he believes we’ll see a pro-crypto Congress regardless of the election outcome — bullish.

On a similar note, Ripple’s CEO predicts Gary Gensler’s reign will end, even if Kamala wins — also bullish.

Personally, I’m happy to see the U.S. move closer to true bipartisan support, and I look forward to seeing what concrete policies the Harris campaign proposes for her potential Presidency.

3. FBI warns North Korea is trying to hack US crypto companies

⌐◪-◪ → The FBI just warned us that North Korean hackers are aggressively targeting crypto employees with elaborate social engineering campaigns.

The hackers are targeting senior engineers and developers who have access to administrative controls or private keys, so they can ultimately steal the target company’s crypto assets.

The attackers use high-paying job offers or contractor work to lure in their victims, eventually getting them to download and run malicious code (conferencing software, case study, game test) that more often than not is a simple keylogger that steals your login credentials and private keys.

For a more detailed breakdown, check out @punk6529’s thread, which outlines how to spot attacks like this and how to respond.

Crypto really has made it to a global stage. I’m starting to think we’re not “that early” anymore.

Everything Else

⛓️ Crypto & DeFi

  • Polygon is migrating its native token from MATIC to POL

  • Trump family members hacked to promote crypto scam

  • Mt. Gox former CEO to launch new crypto exchange this month

  • Ripple CEO says new their new stablecoin is almost ready

  • Spacecoin building DePIN project with satellites in space

  • Illiquid entities now hold 74% of the Bitcoin in circulation

  • Penpie, a DeFi protocol on Pendle, suffers $27M exploit

  • Binance reveals details on upcoming Solana liquid staking token

  • Ethena partners with EtherFi to enable USDe deposits

  • Matter Labs lays off 16% of team in restructuring

  • Ripple to add Ethereum-compatible smart contracts to XRP

  • Canto stablecoin on Comsos depegs to $0.6

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • CFTC recovers $18M from alleged commodity pool Ponzi scheme

  • SEC charges and settles with Galois Capital over custody issues

🌎 Rest Of The World

  • India becomes Sandbox’s largest supplier of content creators

  • North Korea hackers targeting crypto employees, says FBI

  • Singapore to debut first crypto-themed theater at Token2049

  • Scottish court seizes $144k Bitcoin in machete robbery

  • Switzerland’s 4th largest bank ZKB launches Bitcoin trading

🖼️ NFTs & Metaverse

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