Trump-Backed Platform’s Crypto Token Sale Hits $10M Amid Site Upheaval

The first token sale for the Trump family, World Freedom Financial, has so far fallen flat, with the number of tokens sold at $300 million up 3.4% from what was sold when the website crashed.

The platform's token sale, WLFI, went live on October 15 with 20 billion tokens being offered to the public at 1.5 cents each – but 14 hours later, only 687 million, worth around $10.3 million, had been sold.

Etherscan data shows that 6,832 unique wallet addresses hold WINs, which is more than 100,000 fewer registrants than the project team expected to see the day before the token's launch.

World Liberty Financial's website went down shortly after the tokens went on sale and was down for several hours, due to heavy traffic. Some observers were given a “site under maintenance” notice when trying to access the site.

According to the project's white paper released on October 15 – the so-called “gold paper” – the total supply of WMFI will be 100 billion tokens, 35% of which will be distributed to qualified participants in the token sale.

Former President Donald Trump's sons Barron, Eric and Donald Trump Jr. are listed as the platform's “Web 3 Ambassadors.”

Trump, the current Republican presidential candidate – named the platform's “Chief Crypto Advocate” in a white paper – took to X on October 15 to demonstrate the token sale.

“Crypto is the future, let's embrace this amazing technology and lead the world in the digital economy,” he said in the video.

Today is the day! @WorldLibertyFi token sale is live. Get your $FLFI tokens now. Buy $WLFI here: pic.twitter.com/j8ewxa13wp

– Donald J. Trump (@realDonaldTrump) October 15, 2024

In the United States, the tokens and the platform are only available to accredited investors – those licensed by the Securities and Exchange Commission to invest in unregistered securities earning more than $200,000 per year and having more than $1 million in assets.

WLFI tokens will not be tradable, but will serve as governance tokens for the soon-to-be-launched Ethereum-based decentralized finance (DeFi) platform.

Related: Trump crypto project offers Aave link in administration proposal

World Liberty Financial plans to run Aave as the popular DeFi protocol, according to a governance proposal it submitted for the protocol earlier this month.

Of the remaining WWLFI tokens that are not reserved for the public, 32.5% will be allocated to community development and incentives, 30% to the “initial backer allocation” and 2.5% to the team and advisors.

During an October 14 event at XSpace, the platform's CEO Zach Folkman reiterated the project's information, confirming that the platform will allow users to borrow and lend, create and connect with liquidity pools, and trade with stablecoins.

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