Former President Donald Trump's cryptocurrency project, World Liberty Financial, launched a token sale on Tuesday, but its website crashed shortly after.
A whitelist of much-hyped but still little-described decentralized finance projects was made available to accredited investors and people outside the United States on September 30th. According to CNBC, World Liberty Financial co-founder Zach Folkman claimed on Monday that “well over 100,000 people” have registered to purchase the company's token WLFI. As of publishing, the site appears to be back online.
But as of Tuesday afternoon, only 5,317 unique wallet addresses held the tokens, according to blockchain data tracked by Etherscan, and World Liberty Financial said only 5 of the 20 billion tokens available for public sale. It announced that it had sold over 32 million tokens.
WLFI Advisor Sandy Penn said: coin desk The outage was caused by excessive traffic. “The team did not expect this level of interest,” Penn said, adding that the website received 72 million unique visits in the first hour after the token was launched.
coin desk We report that WLFI tokens are currently non-transferable and will be used to manage the World Liberty Financial platform. Holders will have a say in protocol upgrades, technology changes, promotional partnerships, and security risk monitoring. The platform itself allows users to lend and borrow cryptocurrencies.
Even though Trump and his associates have touted World Liberty Financial as a tool to help the unbanked and unbanked, WLFI can only be purchased through securities transactions. Only those who meet the SEC's accredited investor requirements. To qualify as an accredited investor, you must have an income of at least $200,000 (or $300,000 if you have a spouse) and/or a net worth of at least $1 million, excluding your primary residence. There is.
World Liberty Financial released a so-called “gold paper” on the token on Tuesday, which lists Trump as the “lead cryptocurrency associate.” His three sons, Eric, Donald Trump Jr., and Barron, are listed as Web3 ambassadors.
According to the paper, the World Liberty Financial protocol “gives users information and access to third-party DeFi applications, including third-party digital wallet providers for acquiring, holding, and transferring stablecoins and non-secure digital assets.” We are planning to provide it.” Notably, the paper states that the token is “not available to U.S. persons” and “not registered with the U.S. or any other authority.”
