World Liberty Financial, the cryptocurrency project backed by the Trump family, has frozen user wallets following a series of security breaches that exposed sensitive data and allowed for phishing attacks. The company explained that it discovered these vulnerabilities in September after which they began re-allocating funds to new secure wallets for verified users. A small subset of wallets were affected according to the company’s statement, with the rest unaffected by vulnerabilities in the platform itself. The project asserts that testing new smart contract logic will help mitigate risks and ensure regulatory compliance during this process. This incident comes at a sensitive time for World Liberty as it faces scrutiny from lawmakers who are demanding an investigation into potential sales to sanctioned entities.