VBIT Hong Kong
The previous week, Donald Trump Jr., Trump's eldest son, announced plans for a new crypto platform intended to address inequalities in banking services. To promote it, he launched a Telegram channel called The DeFiant Ones, marking the Trump family's entry into decentralised finance (DeFi). Its subscriber count was approaching 13,000, offering another preview of the anticipated project.
In an X (formerly Twitter) post the previous Thursday, Trump Jr. said rumours about the crypto project were circulating. He invited people to the official Telegram channel for announcements and direct information rather than speculation.
An administrator's announcement said the Telegram channel was the project's only authorised communication platform. It urged users to stay alert to scams and said the team would never initiate private messages.
Trump Jr. first outlined the project the previous week as a cryptocurrency platform to address unequal access to banking. His 7 August X hint about a forthcoming major DeFi announcement intensified discussion and speculation about a new meme coin. His brother Eric Trump also hinted at a major announcement on X, fuelling the rumours.
The family's growing interest aligned with Donald Trump's recent turn towards crypto. The Republican presidential candidate sought the community's support by promising industry-friendly policies. At the 2024 Bitcoin conference in Nashville, he pledged to make the US the world's crypto capital if re-elected and to dismiss SEC chair Gary Gensler, viewed as an industry opponent, on his first day in office.
