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Trump’s WLFI Website Crashes After Token Sale Goes Live With 2.9K Holders
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Shaurya Malwa
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The Trump family-backed World Liberty Financial’s WLFI token sale went live at 12:40 UTC, selling over 220 million tokens to more than 1,700 unique wallets within the first twenty minutes.
The token sale website suffered numerous outages shortly after going live.
WLFI serves as a governance token for the platform, enabling users to participate in DeFi activities like borrowing, lending, and creating liquidity pools.
Republican Donald Trump holds the role of “chief crypto advocate,” with his sons Eric and Donald Jr. as “web3 ambassadors,” and Barron as the “DeFi visionary,” highlighting the family’s deep involvement in the project.
An anticipated token sale for the Trump family-backed World Liberty Financial appears to have gone live on the platform. Almost 2,900 investors have bought the token despite the site suffering numerous outages during its first hour.
The sale went live on 12:40 UTC, with over 344 million of the platform’s WLFI tokens sold in the first hour to around 3,000 unique wallets, blockchain data shows. A blockchain wallet connected to the token holds nearly $4 million worth of ether (ETH), $1.2 million of tether (USDT) and around $250,000 USD Coin (USDC) tokens.
WLFI will serve as a platform governance token, allowing users to engage in borrowing, lending, and other DeFi activities. The project aims to raise $300 million, valuing the venture at $1.5 billion, with 100 billion tokens released on the Ethereum blockchain.
The Trump family-backed World Liberty Financial had whitelisted over 100,000 accredited U.S. investors ahead of its Tuesday token launch, as reported. Trump is “chief crypto advocate” of the project. Two of his sons, Eric and Donald Trump Jr., are “web3 ambassadors,” while Barron holds the title of “DeFi visionary.”
In the U.S., an accredited investor is authorized by the Securities and Exchange Commission to invest in unregistered securities such as pre-IPO shares. They must meet specific income and net worth criteria, such as $200,000 in annual earnings and total assets over $1 million.
A “gold paper” about the token released Tuesday morning shed more details on WLFI, including its distribution and exact role in the platform.
World Liberty Financial is described as a unified platform where users can borrow and lend cryptocurrencies, create liquidity pools and transact with stablecoins.
The token will allow holders to propose future changes to the platform, and WLFI will be fully functional and useful for its governance at the time of completion of the token sale. However, all $WLFI will be non-transferable and locked indefinitely in a wallet or smart contract. All governance decisions will be in line with U.S. regulations to ensure any changes are complaint with laws.
“WLF strongly believes in supporting US dollar-based stablecoins and DeFi applications that seek to preserve the US Dollar’s status, ensuring it remains the global reserve currency for the next century—without compromising the freedoms that decentralized assets provide,” an excerpt from the gold paper reads.
“A key part of our mission at World Liberty Financial is to leverage the global reach and recognition of the Trump brand to bring as many Web2 users into the world of Web3 as possible,” it added.
UPDATE Oct. 15 13:45 UTC: Adds updated token sale figures, changes headline and adds information about the token.
UPDATE Oct. 15 14:04 UTC: Changes headline to reflect site outage, updates opening paragraph.
