The Trump family, specifically the president's three sons, are deeply involved in the WLFI DeFi protocol project, and the president himself promoted the project during his campaign.

WLFI Warns Users Not to Engage Multiple reports emerged Wednesday night on social media, revealing that Witkoff's account had been used to promote a fake BARRON token.

Trump Family's DeFi Project Hit by Fake Barron Token Scam

Several reports emerged late Wednesday on social media, revealing that X account holder Zach Witkoff had his account used to promote a fake Barron token.

As per the social media reports, Witkoff's X account was used to post about a meme coin based on Barron and the president himself, which would soon endorse the said crypto coin. While the posts were up on Witkoff's account for a short period, they were quickly deleted.

Social media users and crypto enthusiasts were quick to notice the posts, and many took to Twitter to report the incident. Some users also pointed out that the posts were related to a recent crypto scam involving a meme coin named after the president.

WLFI soon caught wind of the reports and released a statement via X. It confirmed that Witkoff's account had been compromised and warned users not to engage with any posts. The DeFi project also said the team was working to retrieve the account.

"Please be aware that @zachwitkoff's account was compromised, and a fake Barron meme was posted. Please do not engage. We are resolving the issue ASAP," read the statement from WLFI.

About an hour after WLFI's statement on the matter, Witkoff's account was retrieved. "Account was hacked thanks to the @X and James Musk for hopping on this quickly. You guys are the best!" Witkoff wrote.

He also thanked his "friends" at crypto platform MoonPay, including MoonPay President of Enterprise Keith Grossman. "And of course everyone at X. Also to James Musk for hopping on this quickly. You guys are the best!"

"Thanks to the quick response from the @X team and @elonmusk we were able to get @zachwitkoff’s account back quickly. Now, let's get X verified Elon. We appreciate you!" MoonPay CEO Ivan Soto-Wright said in a separate tweet.

"Also how about a sorry to all the people (myself included) who lost a ton of money due to your negligence," replied one user to Witkoff's tweet.

How about a sorry to all the people (myself included) who lost a ton of money due to your negligence

"I lost 458 sol on the Barron token. Where do I go to get a refund?" asked another user, referring to approximately $90,000 in Solana (SOL) lost on the token.

"I lost 30 sol thanks zach. Hope you're happy. And X still shadow banning me for no reason. Maybe help other people instead of yourself for once," said another user.

"One of zach's X account got hacked and posted about a Barron defi coin being endorsed by the president himself. People bought the defi coin and lost money. Now zach is able to get his account back quickly thanks to X and Elon Musk,” commented another user.

"Meanwhile I get flagged and suspended for no reason and X doesn't give a response to other users who get their accounts flagged or suspended for no reason. Elon where you at?"

The exact amount lost to the exploit of Witkoff's account is unclear at this time, and the losses claimed by some users have yet to be verified.

The incident comes as the Trump family's DeFi project, dubbed WLFI, is making headlines with its new initiative.

On Tuesday, WLFI announced its Macro Strategy, which involves a new strategic crypto token reserve. The DeFi project said the initiative will "bolster" growth around Bitcoin, Ethereum, and other major crypto assets.

"This new initiative will see WLFI (NASDAQ: WLFI) build a war chest of major crypto assets, starting with BTC, as the project aims to rally the community around the world's leading digital gold," the statement reads.

"As part of this strategy, WLFI will deploy a portion of its treasury into Bitcoin (BTC) and other major crypto assets, which will be held in a multi-signature hardware wallet."

Blockchain analytics firm Arkham Intelligence has identified a wallet belonging to the Trump family's crypto project. The wallet holds various altcoins and memecoins, but has yet to purchase BTC.