Donald Trump’s new crypto project, World Liberty Financial (WLF), faced a rough start as its token sale launched with technical difficulties, leading to only about 4,300 unique wallet addresses holding the token. Despite claims that “well over 100,000 people” were on the whitelist to invest, the project struggled to attract buyers due to website outages. The platform sold over 794 million tokens out of the 20 billion available at $0.015 per token. The glitchy launch could be a setback for Trump, with just three weeks until the election.
WLF, branded as “The DeFiant Ones,” aims to raise $300 million at a $1.5 billion valuation in its initial sale. The project, spearheaded by Zachary Folkman, allocates 20% of tokens to the founding team, including the Trump family. The digital coin WLFI is a Regulation D token offering to accredited investors, allowing capital raising without SEC registration. The platform is looking to enable customers to borrow, lend, and invest in crypto, with users receiving voting rights over the platform.
WLF has yet to release an official white paper or business plan, but has begun the approval process with DeFi ecosystem Aave. Meanwhile, Trump Media & Technology Group, parent of Truth Social, saw a nearly 10% drop in shares after trading was briefly halted. As Trump-related investments face challenges, the success of WLF remains uncertain amidst the competitive crypto market.
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