World Liberty Financial, a decentralized finance protocol backed by President Trump, gets off to a rocky start with its website crashing and token sales falling far short of goal.



World Liberty Financial (WLFI), a DeFi (decentralized finance) protocol backed by Donald Trump and his family, began selling tokens to the public on October 15, 2024. However, reports have revealed that the official website crashed due to excessive traffic as soon as the token sale began, and token sales are far below their target.

Everything About Trump's World Liberty Financial Token as Sale Attracts Millions in Minutes
https://www.coindesk.com/markets/2024/10/15/trump-familys-world-liberty-finance-token-sale-appears-to-go-live-selling-220m-wlfi-in-minutes/



Trump's coin sale misses early targets as crypto website crashes
https://www.cnbc.com/2024/10/15/trumps-coin-sale-misses-early-targets-as-crypto-website-crashes.html

Donald Trump-Backed World Liberty Financial Raises More Than $8 Million in Initial Token Sale - Unchained
https://unchainedcrypto.com/donald-trump-backed-world-liberty-financial-raises-more-than-8-million-in-initial-token-sale/

Trumps' crypto project World Liberty suffers website crash amid token sale – DL News
https://www.dlnews.com/articles/defi/world-liberty-website-crashes-amid-wlfi-token-launch/

Trump's World Liberty Financial Website Crashes During Token Sale - Decrypt
https://decrypt.co/286381/trump-world-liberty-financial-site-crashes-token-sale

World Liberty Financial Website Crashes After Token Launch
https://www.cryptotimes.io/2024/10/16/world-liberty-financial-token-launch-hits-tech-issues/

Trump-backed WLFI token sale faces platform issues amid strong demand | Bitcoin Insider
https://www.bitcoininsider.org/article/261206/trump-backed-wlfi-token-sale-faces-platform-issues-amid-strong-demand

Trump family-backed WLFI token pre-sale resumes after website outage, $7.9 million raised so far
https://cryptoslate.com/trump-family-backed-wlfi-token-pre-sale-resumes-after-website-outage-7-9-million-raised-so-far/

WLFI is a new cryptocurrency project supported by Donald Trump, who is running in the 2024 US presidential election as a Republican presidential candidate, and his family . WLFI is described as an integrated platform where users can lend and borrow cryptocurrencies, create liquidity pools , and trade with stablecoins. According to WLFI's documents, Trump is the 'Cryptocurrency Promotion Director' of WLFI, and his three sons are 'Web3 Ambassadors,' but according to a disclaimer, none of them are legally involved.

WLFI made a big announcement that it would start selling its tokens to the public from 12:40 UTC on Tuesday, October 15, 2024. Trump also made a big announcement about the token sale, posting on his X (formerly Twitter) account, 'This is your chance to help shape the future of finance' and 'Join the whitelist now and get ready for Tuesday.'




However, within an hour of the token sale, WLFI's official website went down multiple times, and even at the time of writing, a 403 error message was displayed when accessing the official website. Sandy Peng, co-founder of blockchain network Scroll and advisor to WLFI, explained to cryptocurrency media CoinDesk that the reason for the downtime was 'excessive traffic to the website.' In addition, he said, 'The team did not expect this level of interest,' emphasizing the high level of attention WLFI has received.



According to WLFI's

blockchain data , within an hour of the start of the sale, approximately 344 million tokens (approximately 770 million yen) were sold to about 3,000 wallets, and by the afternoon of the same day, 532 million tokens (approximately 1.19 billion yen) had been sold to 4,500 wallets. In this sale, tokens were sold at a fixed price of $0.015 (2.24 yen) per token, with WLFI's target amount set at $300 million (approximately 45 billion yen), and the total number of tokens allocated for the general sale is 20 billion tokens.

The official website, which serves as the portal for WLFI's token sale, recorded 72 million unique visitors in the first hour of the sale, Peng said. At the time of writing, WLFI's official website was down, but it appears to have come back online intermittently by switching hosting services.

CoinDesk reports that the Ethereum blockchain wallet connected to the token sale holds $5.7 million worth of Ethereum, $1.6 million worth of Tether, and $300,000 worth of USD Coin tokens.




According to WLFI officials, the tokens will be used to govern the WLFI platform, which is designed to allow users to participate in borrowing, lending and other DeFi activities. The tokens will be non-transferable for the time being and will give users voting power on issues such as protocol upgrades, technology changes, promotional partnerships and oversight of security risks.

At the time of writing, only non-U.S. residents and accredited U.S. investors can purchase WLFI tokens. WLFI has whitelisted more than 100,000 accredited U.S. investors prior to the token sale. The reason WLFI has strict purchase restrictions only for Americans is to avoid violating U.S. securities exchange regulations.

In the United States, accredited investors are permitted by the Securities and Exchange Commission to invest in unregistered securities, such as pre-IPO stocks. Accredited investors must meet certain criteria, including an annual income of at least $200,000 and total assets of at least $1 million.



According to WLFI co-founder Zachary Folkman, 20% of WLFI tokens will be allocated to the founding members, including the Trump family.

Related Posts:

in Note, Posted by logu_ii