TechFlame reports that WLFI, a cryptocurrency project co-founded by the Trump family, has conducted multiple collateralized lending operations through the DeFi lending protocol Dolomite, sparking market concerns over insider connections, circular financing, and liquidity risks. Data shows that WLFI has used its self-issued stablecoin USD 1 and its platform token WLFI as collateral to borrow approximately $31.4 million in stablecoins, with some of the funds transferred to Coinbase Prime, suspected to be used for fiat currency conversion or over-the-counter trading. Notably, Corey Caplan, co-founder of Dolomite, also serves as an advisor to WLFI. Currently, WLFI accounts for about 55% of the deposit liquidity on the protocol, significantly increasing concentration risk. Additionally, the utilization rate of the USD 1 pool on Dolomite is as high as approximately 93%, meaning ordinary depositors may not be able to withdraw funds at any time, posing a liquidity lock-up risk. Meanwhile, due to the limited market depth of the WLFI token, a price drop triggering liquidation could lead to a chain reaction of sell-offs and potential bad debt risks, ultimately borne by other depositors. On-chain data also reveals that WLFI transferred approximately 3 billion tokens (worth about $266 million) to multiple addresses in early April, with the destination still unclear. As of now, WLFI has not responded to the related transactions.