World Liberty Financial, the cryptocurrency project of former President Donald Trump, began selling tokens on Tuesday. Shortly after that, the website crashed.
On September 30th, accredited investors and non-US individuals were able to join the whitelist for the highly anticipated but still mostly unanswered decentralized finance project. Zach Folkman, a co-founder of World Liberty Financial, told CNBC on Monday that “well over 100,000 people” have registered to purchase the company’s token, WLFI. The website seemed to be back up and running at the time of writing.
How many tokens got Sold?
World Liberty Financial reported that it sold more than 532 million of the 20 billion tokens that were put available for public sale, and as of Tuesday afternoon, just 5,317 distinct wallet addresses possessed the token, according to blockchain data monitored by Etherscan.
CoinDesk was informed by Sandy Peng, a WLFI advisor, that the disruptions were caused by high traffic. In the first hour following the token’s introduction, the website received 72 million unique hits, which Peng claimed “the team wasn’t expecting this level of interest.”
According to CoinDesk, the World Liberty Financial platform will be governed by the WLFI token, which is currently non-transferable. Holders will be able to influence technical advancements, protocol updates, advertising collaborations, and security risk assessment. Users will be able to lend and borrow cryptocurrency through the platform itself.
World Liberty Financial is only available to individuals who fulfill the Securities and Exchange Commission’s (SEC) accredited investor standards, despite the fact that Trump and his allies have marketed it as a tool to assist the unbanked and de-banked. A person must earn at least $200,000 (or $300,000 with a spouse) and/or have a net worth of at least $1 million, excluding their primary residence, in order to be eligible to become an accredited investor.
Trump is listed as the “chief crypto associate” in a so-called “gold paper” regarding the cryptocurrency that was produced by World Liberty Financial on Tuesday. Listed as Web3 Ambassadors are his three sons: Barron, Donald Trump Jr., and Eric.
Third-party DeFi applications, such as third-party digital wallet providers for purchasing, storing, and transferring stable coins and non-security digital assets, will be made available to users over the World Liberty Financial protocol, the study states. The tokens “ARE NOT AVAILABLE FOR U.S. PERSONS” and “HAVE NOT BEEN REGISTERED WITH ANY U.S. OR OTHER AUTHORITY,” according to the document, which is noteworthy.
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