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COINDESK DAILY: Inside Trump's Crypto Project; Ripple's Upcoming Stablecoin To Launch in 'Weeks': Garlinghouse
Sep 4, 2024
Donald Trump, the former President, dives into his new cryptocurrency project alongside his sons, sparking interest in the crypto world. He discusses the innovative app linked to this venture. Meanwhile, Brad Garlinghouse, CEO of Ripple Labs, shares anticipation about the upcoming launch of Ripple's US dollar-pegged stablecoin, RLUSD. Both guests touch on the challenges facing Bitcoin miners as profitability hits rock bottom, highlighting the dynamic and ever-changing landscape of cryptocurrency.
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Quick takeaways
- Trump's crypto project, World Liberty Financial, faces scrutiny due to potential links to a significant DeFi hack and security concerns.
- Bitcoin miners are seeing record low profitability, impacted by declining prices and increased competition, leading to reduced market capitalization for mining firms.
Deep dives
Emerging Trump Crypto Project Raises Concerns
A recently revealed white paper suggests that a Trump-associated cryptocurrency project, World Liberty Financial, may be linked to a significant DeFi hack involving $2 million. This project appears to offer a borrowing and lending service similar to Do Finance, a blockchain app that was recently compromised. Investigations indicate that the team behind World Liberty Financial has potentially incorporated code directly from the hacked app, raising eyebrows about the project's security and legitimacy. Currently, the application is still under development and has not been released to the public.
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