Former President Donald Trump’s cryptocurrency project has warned against falling prey to scams and fake tokens linked to its upcoming decentralized finance (DeFi)-based banking venture.

What Happened: On Sunday, a message on the official Telegram channel of the hotly anticipated cryptocurrency project warned against engaging with tokens claiming to be associated with “The DeFiant Ones” or “World Liberty.”

The team behind the project reiterated that all official information would only be posted on the channel by trusted people. team. “If it’s not from us, it’s not real,” the message read.

Simultaneously, the official channel’s name was changed from “The DeFiant Ones” to “World Liberty Financial.” As of this writing, the channel had nearly 45,000 subscribers.

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Why It Matters: The warning came in the wake of the announcement of a new DeFi platform by former President Trump, speculations around which have run high due to aggressive promotions by his sons, Donald Trump Jr. and Eric Trump.

The platform, aimed at challenging traditional banking systems, was announced to his 7.5 million followers on Truth Social.

The cryptocurrency project, which would be part of the family-owned conglomerate, The Trump Organization, was earlier referred to as “digital real estate” by Eric Trump.

Price Action: As of this writing, Trump-themed Maga (CRYPTO: TRUMP) was exchanging hands at $3.91, up 0.75% in the last 24 hours. The PolitiFi token surged 42% over the past week.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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