A stablecoin issued by the Trump family’s crypto company briefly slipped from its dollar peg Monday, after a series of events the company later claimed to be “manufactured chaos.”
It didn’t work.
Thanks to USD1’s sound mint-and-redeem mechanism…
USD1 is issued by World Liberty Financial, the Trump family’s crypto company. It is currently the fifth-largest stablecoin in the world, with a market capitalization of $4.93 billion.
Around the same time that USD1 briefly fell below a dollar, World Liberty’s native token, WLFI, abruptly dropped roughly 7%, from $0.117 to $0.109. The token has since partially made up those losses by climbing up to $0.113 at writing.
“World Liberty’s elite engineering and security teams today successfully repelled a coordinated attack from multiple vectors,” a company spokesperson told Decrypt. “Hackers and paid-disinformation campaigns attempted to undermine trust in WLFI, but their battle-tested infrastructure and systems operated exactly as they should.”
Decrypt could not independently verify any posts made to the X accounts of World Liberty’s co-founders that appeared to be written by hackers. The World Liberty spokesperson did not immediately respond when asked if the company has identified any alleged hackers.
