According to ChainCatcher, Democratic Congresswoman Waters (California) used World Liberty Financial, a cryptocurrency lending platform promoted by Trump and his sons, as an example at a hearing on Capitol Hill to emphasize the higher risks consumers face in the DeFi field.

Last week, the Twitter accounts of Trump's daughter Tiffany Trump and Republican National Committee Chairwoman Lara Trump (Trump's daughter-in-law) were hacked. Under the control of the hackers, these accounts promoted fake tokens issued with World Liberty Financial in an attempt to defraud potential buyers. Waters said: "Because of the popularity of the people behind the project, bad actors took advantage of this opportunity to defraud potential users. It is the responsibility of lawmakers to consider establishing strong protections to prevent this type of scam from happening."

According to Trump's son Eric Trump, Twitter blocked the social media accounts controlled by hackers "within minutes." But Waters pointed out that many people were still actually harmed by buying about $1.8 million worth of fake tokens that were not actually related to the project.