Trump launches World Freedom Finance on X-Space, draws criticism for lack of resources

A day after surviving a second assassination attempt, Donald Trump officially launched his long-awaited cryptocurrency project World Liberty Financial (WLF) at an X-Space event.

However, the startup has received criticism from the crypto community for lacking concrete information about the project.

Community back

In a recent video posted on X, Trump announced the launch date of World Financial Freedom and urged the public to join Space on that day.

Following the event, Fox reporter Eleanor Terrett said that many attendees felt “disappointed” and “didn't give any real information about the forum.”

Several X users agreed, including one who commented, “After listening for over an hour, I hung up. All I know is the DeFi platform. Another participant said there were no details on the forum, and that Trump and his team were exempt from discussion before presenting Tokinomics.

Crypto entrepreneur Wayne Vaughan said: “We're over two hours into this Trump crypto call, and they still haven't talked about what the platform is doing. Listeners dropped from 150,000 to 47,000. What a wasted opportunity!”

Overall, the overall mood of the community was pessimistic, with some members describing it as a “long sell position” and “a mockery of BTC”.

The WLF team explains the risks of token allocation.

Despite the criticism, the project team revealed some details in a separate interview with Rugged Radio. According to them, WLF aims to provide lending and borrowing services for cryptocurrencies on the Ethereum blockchain, similar to existing decentralized finance (DeFi) platforms.

They also stated that it will be more user-friendly than existing options and will use WWFI, a non-transferable management token. The group also pointed out that the token sale will be regulated by the US Securities and Exchange Commission (SEC).

Zach Folkman, head of operations and head of data and strategy at Chase Hero, emphasized that the token distribution will be “incredibly fair” with “no pre-sales and VCs, no early purchases.”

This is followed by the previous 70% of WWFI allegations being allocated to internal parties ie founders, team members and service providers.

Zack explained this by stating that the majority of the token supply, 62.66%, will be allocated to the upcoming token sale. Proceeds from the sale will cover the project's coffers and will be used to compensate founders and service providers.

Another 17.33% of tokens will be allocated for governance and community development initiatives. The remaining 20 percent will be distributed among the project's team, consultants and collaborators, the Trump Organization and the Witkoff Group, led by partner Steve Witkoff.