The website of World Liberty Financial, the cryptocurrency initiative of former President Donald Trump, failed immediately after the token sale began on Tuesday. On September 30th, the whitelist for authorized investors and non-US individuals was made available for the much-discussed but yet mainly unanswered decentralized finance project. World Liberty Financial co-founder Zach Folkman told CNBC on Monday that “well over 100,000 people” had registered to purchase the company’s token, WLFI.
At the time of writing, the website seems to be operational again. However, World Liberty Financial reported that it sold more than 532 million of the 20 billion tokens that were put available for public sale, and thousands of unique wallet addresses possessed the token, according to blockchain data monitored by Etherscan.
Donald Trump Crypto Website Crashes After Coin Goes on Sale
As the website crashed and sales of a new digital token fell well short of the $300 million fundraising target in the first few hours, a new cryptocurrency project backed by U.S. Republican presidential candidate Donald Trump and his family had a rough start on Tuesday. The World Liberty Financial cryptocurrency project’s public token sale seemed to start at 12:40 UTC (8:40 a.m. ET), and around 3000 people purchased tokens in spite of the site experiencing multiple disruptions in the first hour.
In its first hour, the World Liberty Financial website, which is the official gateway to the WLFI token sale, saw more than 70 million unique visits, according to Peng. After the website was back up for around an hour, WLFI token sales seemed to pick up at 17:30 UTC. An Ethereum blockchain wallet linked to the token sale had more than $5.6 million worth of ether (ETH), $1.6 million worth of tether (USDT), and approximately $300,000 worth of USD Coin (USDC) tokens by 18:10 UTC.
Donald Trump advertised the sale on X (previously Twitter) over the weekend, but the project’s official Telegram and X accounts were quiet on Tuesday. Although they may get compensated, the white paper makes clear that the Trump family is not directly in charge of running or managing the project, despite their association with it.
What is World Liberty Finance and WLFI?
Additional information regarding WLFI, including its distribution and precise function inside the platform, was provided via a “gold paper” on the token that was published Tuesday morning. According to its description, World Liberty Financial is a single platform that allows users to deal with stablecoins, build liquidity pools, and borrow and lend cryptocurrencies.
Owners of token will be able to suggest future platform changes but, unless the regulations are changed in the future, all $WLFI will be non-transferable, which means they will be permanently trapped in a wallet or “smart contract,” making them impossible to trade. The WLF team said all governance decisions will be in compliance with U.S. standards to make sure any changes are legal.
WLFI token- Uses and Sale
According to project officials, the World Liberty Finance platform, which enables users to participate in lending, borrowing, and other DeFi activities, would be governed by the WLFI token. Currently non-transferable, the token will let users to vote on issues including technological modifications, protocol updates, advertising collaborations, and security risk monitoring. With a fixed price of $0.015, or 1.5 cents apiece, 20 billion tokens were set up for the public sale, with a $300 million fundraising target. The total number of tokens, including those not offered for sale to the general public, is 100 billion.
The WLFI token sale is only open to accredited U.S. investors and non-U.S. individuals. World Liberty Financial’s top executives revealed on Monday that, in advance of the token launch, the project had whitelisted more than 100,000 accredited U.S. investors. WLF is shielded from breaking U.S. securities laws by the U.S. prohibitions. In the United States, the Securities and Exchange Commission permits accredited investors to purchase unregistered securities, including shares issued prior to an initial public offering (IPO). They must fulfill certain requirements for income and net worth, such as earning $200,000 annually and having more than $1 million in total assets.
Scam Warning
- World Liberty Financial has encountered difficulties with bogus accounts and social media frauds, similar to many other nascent cryptocurrency endeavors. When users on X complained that they couldn’t buy the tokens, scammers took advantage of the situation.
- A scam message claiming that users may purchase tokens by sending money to a specific blockchain address was uploaded by an account posing as the project. Elon Musk’s X platform subsequently suspended the account as a result.
- The token presale by World Liberty Financial coincides with Trump’s previous attempts to appeal to people who are interested in cryptocurrencies and takes place just weeks before the presidential election. Trump established himself as a major player in the cryptocurrency world earlier this year by hosting the biggest Bitcoin conference.
- The project’s principal crypto evangelist is him, and its web3 ambassadors are his sons, Barron, Donald Jr., and Eric. Rich Teo, a co-founder of Paxos, and Luke Pearson, a senior cryptographer at Polychain, are both important players in the project.
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Juniper Leena is a lawyer and finance graduate. She loves to write articles about the USA economy and social security. In her free time, she enjoys playing chess. She is the head of the writing team at Fort Hunt Herald and reports to Niamh Prescott. She also completed her MBA in finance in 2018.