Written by: Eric, Foresight News
On the evening of February 23, Beijing time, Eric Trump, the second son of U.S. President Trump and co-founder of World Liberty Financial (WLFI), retweeted a post regarding Binance listing more USD1 trading pairs. However, shortly after, Eric Trump deleted the tweet.
Amid the pessimistic atmosphere of the bear market, speculation surrounding this simple action was magnified. The exchange rate of USD1 to USDT on Binance once decoupled to 0.9802, and WLFI's price briefly dropped nearly 10%. As of the time of writing, the price fluctuations of USD1 and WLFI have returned to normal.
With the price drop, there was a flood of FUD on X, such as claims that Eric Trump deleted all crypto-related tweets and that there might be issues within the Trump family.
Soon, WLFI took to clarify that World Liberty Financial had faced a coordinated attack, where attackers hacked the accounts of several WLFI co-founders, bribed KOLs to spread panic, and heavily shorted WLFI in an attempt to profit from the artificially created chaos. Subsequently, WLFI's official account tweeted again to clarify that the contracts of WLFI and USD1 were not attacked; only the X accounts were hacked, and USD1 still had sufficient funds to support it.
Is that really the case?
After the fiasco "triggered by the tweet deletion", some supporters of WLFI or onlookers noted that they indeed saw many posts on X about "Eric Trump" deleting all crypto-related tweets, but in reality, Eric simply un-retweeted the WLFI official announcement regarding "more USD1 trading pairs will be listed on Binance" and did not delete tweets in bulk.
Many users joked that the industry is on the edge of being discredited, where any minor movement could lead to unexpected results, and everyone is on edge. As a crypto project personally endorsed by the U.S. presidential family, if they were to give up, it might indicate that crypto is indeed doomed.
Although the WLFI incident itself did not have a significant impact, it did raise many questions. The foremost being speculation about the true internal situation of WLFI.
Just before this "attack" began, well-known on-chain detective ZachXBT tweeted a cryptic message indicating that he would release a major investigation on February 26 targeting one of the most profitable companies in the cryptocurrency space, which had discovered several employees abusing internal data for insider trading over a long period.
Given the timing coincidence, many naturally linked "ZachXBT's exposure" with "Eric Trump's tweet deletion," believing WLFI might have been preemptively deleting some evidence. However, data from Polymarket shows that people do not seem to believe WLFI is the target being exposed.
Some opinions also suggest that WLFI's clarification was due to the negative consequences resulting from Eric Trump's tweet deletion, wanting to shift the blame to "non-existent hackers" to calm the public outrage. The most straightforward reason is that if hackers indeed "hacked" multiple WLFI co-founders' X accounts, merely un-retweeting is too unreasonable.
Moreover, the WLFI team's claim of "massive shorting of WLFI" has also been questioned. Currently, no data shows anyone shorted WLFI tokens beforehand; only small USD1 sales were present on-chain at the time of the incident, so the claim that someone had preemptively shorted WLFI could be completely unfounded. Given these facts, it is understandable that theories suggesting WLFI's clarification was an attempt to cover up other facts (such as deleting some evidence against ZachXBT's exposure) have emerged.
From a completely neutral perspective, this farce seems more like a concentrated eruption of mutual distrust in the current crypto circle.
Before the Lunar New Year, Binance launched a highly profitable USD1 financial product, which successfully placed USD1's issuance volume just behind USDT and USDC, while also providing substantial liquidity for trading USD1 and other tokens. However, this kind of giveaway activity also planted a seed of doubt in many users' minds: is such a large-scale subsidy a precursor to bad news?
Eric Trump may have just accidentally hit the button to un-retweet, but CT has concocted countless conspiracy theories, imposing a large number of "underlying reasons" onto Eric Trump's actions. Crypto retail investors have been tortured to the point where they are cautious about the slightest movement, and similar flawed clarifications from WLFI, if not in the current market environment, might not have even fermented.
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