Trump Family’s Crypto Venture Claims It Encountered ‘Coordinated Attack’

World Liberty Financial, a digital-asset venture supported by the Trump family, recently announced that it successfully thwarted a “coordinated attack” aimed at its flagship cryptocurrency product.

USD1, the dollar-pegged stablecoin issued by World Liberty, experienced a brief dip below the $1 mark on Monday before recovering to its intended value, as reported by crypto data tracker CoinGecko. Stablecoins like USD1 are designed to maintain a value equivalent to the dollar, providing users with a stable medium of exchange and serving as a reliable store of value amid the often volatile cryptocurrency market.

This stablecoin, boasting a market value of approximately $5 billion, is the inaugural product from the crypto initiative co-founded by Donald Trump Jr. and Eric Trump, along with the sons of White House special envoy Steve Witkoff. Notably, President Donald Trump is listed as a “co-founder emeritus” of the project.

On February 23, the project disclosed via its official account on X that “a coordinated attack was launched against USD1.” The statement detailed that attackers had hacked several accounts of WLFI co-founders, enlisted influencers to spread fear, uncertainty, and doubt (FUD), and opened substantial short positions on $WLFI to profit from the ensuing chaos.

USD1 gained significant attention in May 2025 when an Abu Dhabi fund announced plans to utilize the token for acquiring a $2 billion stake in the crypto exchange Binance. Earlier this year, the Wall Street Journal revealed that an Abu Dhabi royal had entered into a secret agreement with the Trump family to purchase a 49% stake in World Liberty for $500 million, just four days before Trump’s inauguration last year. However, a spokesperson for World Liberty Financial clarified that neither President Trump nor Steve Witkoff had any involvement in the transaction or in World Liberty Financial since taking office.

USD1 is redeemable on a 1-to-1 basis for dollars, with its reserves—including short-term U.S. government Treasuries and other cash equivalents—managed by BitGo Trust Co., as stated on the project’s website. BitGo serves as the issuer of the stablecoin, though they declined to comment on the recent events.

In a statement released on Monday, a World Liberty spokesperson remarked, “World Liberty’s elite engineering and security teams today successfully repelled a coordinated attack from multiple vectors. Hackers and paid disinformation campaigns attempted to undermine trust in WLFI, but our battle-tested infrastructure and systems operated exactly as they should. Today’s attack is a further demonstration that USD1 was properly designed and can be relied upon under any conditions.”

Photo: The World Liberty Financial website. (Bloomberg)

Copyright 2026 Bloomberg.

World Liberty Financial, a digital-asset venture supported by the Trump family, recently announced that it successfully thwarted a “coordinated attack” aimed at its flagship cryptocurrency product.

USD1, the dollar-pegged stablecoin issued by World Liberty, experienced a brief dip below the $1 mark on Monday before recovering to its intended value, as reported by crypto data tracker CoinGecko. Stablecoins like USD1 are designed to maintain a value equivalent to the dollar, providing users with a stable medium of exchange and serving as a reliable store of value amid the often volatile cryptocurrency market.

This stablecoin, boasting a market value of approximately $5 billion, is the inaugural product from the crypto initiative co-founded by Donald Trump Jr. and Eric Trump, along with the sons of White House special envoy Steve Witkoff. Notably, President Donald Trump is listed as a “co-founder emeritus” of the project.

On February 23, the project disclosed via its official account on X that “a coordinated attack was launched against USD1.” The statement detailed that attackers had hacked several accounts of WLFI co-founders, enlisted influencers to spread fear, uncertainty, and doubt (FUD), and opened substantial short positions on $WLFI to profit from the ensuing chaos.

USD1 gained significant attention in May 2025 when an Abu Dhabi fund announced plans to utilize the token for acquiring a $2 billion stake in the crypto exchange Binance. Earlier this year, the Wall Street Journal revealed that an Abu Dhabi royal had entered into a secret agreement with the Trump family to purchase a 49% stake in World Liberty for $500 million, just four days before Trump’s inauguration last year. However, a spokesperson for World Liberty Financial clarified that neither President Trump nor Steve Witkoff had any involvement in the transaction or in World Liberty Financial since taking office.

USD1 is redeemable on a 1-to-1 basis for dollars, with its reserves—including short-term U.S. government Treasuries and other cash equivalents—managed by BitGo Trust Co., as stated on the project’s website. BitGo serves as the issuer of the stablecoin, though they declined to comment on the recent events.

In a statement released on Monday, a World Liberty spokesperson remarked, “World Liberty’s elite engineering and security teams today successfully repelled a coordinated attack from multiple vectors. Hackers and paid disinformation campaigns attempted to undermine trust in WLFI, but our battle-tested infrastructure and systems operated exactly as they should. Today’s attack is a further demonstration that USD1 was properly designed and can be relied upon under any conditions.”

Photo: The World Liberty Financial website. (Bloomberg)

Copyright 2026 Bloomberg.