The inaugural token sale for the Trump family’s World Liberty Financial cryptocurrency project has hit a snag, with tokens sold reaching just over 3.4% of its $300 million target after the website crashed.
The sale of WLFI, the platform's token, kicked off on October 15 with 20 billion tokens, each priced at 1.5 cents, open to the public. However, after just 14 hours, only 687 million tokens, equivalent to about $10.3 million, had been sold.
Data from Etherscan shows that there are only 6,832 unique wallet addresses holding WLFI, far below the more than 100,000 registrations that the project team had advertised a day before the Token's launch.
World Liberty Financial's website shows that the WLFI Token is far from reaching the $300 million target it set for its public sale. Source: World Liberty Financial
World Liberty Financial’s website also crashed shortly after the token sale and was inaccessible for several hours, apparently due to high traffic. Some observers saw a “site under maintenance” message when trying to access the page.
According to the project’s white paper released on October 15 — and referred to as the “gold paper” — WLFI’s total supply is 100 billion tokens, of which 35% will be distributed in token sales to eligible participants.
Donald Trump's children, Eric, Barron, and Donald Trump Jr., are listed as the platform's “Web3 Ambassadors.”
Trump, who is running for president as a Republican — referred to as the platform’s “Chief Crypto Patron” in the white paper — posted on X on October 15 to promote the token sale.
“Cryptocurrency is the future, embrace this amazing technology and lead the world in the digital economy,” he said in a video.
In the United States, tokens and platforms are only available to accredited investors — those approved by the Securities and Exchange Commission to invest in unregistered securities, typically earning over $200,000 per year and owning assets over $1 million.
The WLFI token is not tradable but will serve as a governance token for the upcoming Ethereum-based DeFi platform.
World Liberty Financial plans to operate as a version of popular DeFi protocol Aave, according to a governance proposal it filed for the protocol earlier this month.
Of the WLFI Tokens not available to the public, 32.5% will be allocated to community growth and incentives, 30% will be for “initial support allocation,” and 2.5% will be distributed to the team and advisors.
During an X Spaces event on October 14, the platform's chief operating officer, Zak Folkman, reiterated information about the project, confirming that the platform will allow users to borrow and lend cryptocurrencies, create and interact with liquidity pools, as well as trade with stablecoins.
