WLFI's $22M Token Destruction: Will Trump-Endorsed Cryptocurrency Restore Confidence?
- WLFI burned 166.667 million tokens ($22.14M) from hacked wallets, reallocating them to secure recovery addresses via emergency transactions. - The breach stemmed from phishing and third-party lapses, not smart contract flaws, with frozen wallets tested for months before reallocation. - The burn-and-reallocate mechanism, designed for lost access or attacks, highlights WLFI's focus on compliance and fund protection during recovery. - The incident intensifies scrutiny over WLFI's regulatory compliance and t
World Liberty Financial (WLFI), a cryptocurrency initiative supported by the Trump family, carried out an urgent intervention on November 20, destroying 166.667 million
The emergency protocol was created to handle two main situations: investors losing access to their wallets before their tokens were vested, or bad actors exploiting weaknesses to obtain WLFI tokens
From the outset, WLFI’s token model included a burn-and-redistribute feature, empowering the deployer to retrieve tokens from breached wallets and allocate them to verified users via secure processes
Users whose wallets are still frozen and have not been verified can request recovery through WLFI’s support center, but must first complete KYC verification to restore access
The destroyed tokens account for about 1.7% of WLFI’s total token supply, according to on-chain tracking by Emmett Gallic
WLFI’s governance token, which was introduced earlier this year, has been criticized for its intricate token structure and perceived lack of openness. The recent security breach and the project’s handling of it are expected to be a significant test of its operational reliability, especially given its ties to prominent political figures
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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