WI faces upheaval after ‘Group Wallets’ dominates vote on USD1 growth proposal.
World Freedom Financial (WFI) is facing criticism following a management vote that approved the USD1 growth proposal despite public protests for failing to secure a vote from locked-in WLFI holders.
Onchain polling data shows that the largest “FOR” votes were cast by top wallets designated as group-connected or strategic partner addresses, according to anonymous crypto trader and researcher DeFi^2.
The top nine wallets account for 59% of the total voting power, effectively handing the small majority of holders control over the outcome of the USD1 development proposal. The largest wallet contributed 18.786% of the total voting power to WWFI Management's real-time voting base.
“This is in contrast to real voters who are low in the script, all locked out of their WMFI tokens since the TGE and unable to vote in the opening until the team allows it,” DeFi^2 said on X.
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The USD1 proposal conflicts with WWFI tokenholder incentives.
According to Defi^2, the focus of the project on the development proposal of USD1 raises the question of why it was used to expand the administrative management protocol, instead of addressing the restrictions that affect the shares of many investors.
The researcher's gold paper states that 75% of the net income will go to entities associated with the Trump family and the remaining 25% to entities associated with the Witkoff family.The real motivation becomes clear when you remember the fine print that WLFI owners are not entitled to any protocol income.
One token holder who voted against the proposal said the move would further alienate investors without providing any clear benefit. The user argued that World Liberty Financial had previously used more than nine investors' capital to build a portfolio of assets including Bitcoin (BTC), Ether (ETH) and Chainlink (LINK), but WMFI owners had not received any direct change from the holdings.
“World Liberty Financial could easily liquidate their alt assets to support their $1 incentives instead of further draining investors,” the user wrote.
Cointelegraph reached out to WMFI for comment, but did not receive a response by print.
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Global freedom applies to the US banking charter.
Earlier this month, World Liberty Financial applied for a National Trust Bank charter in the US to issue, maintain and exchange US dollar stablecoins under a single regulated entity. The move will allow the firm to buy USD1 without third-party providers, exchange dollars and USD1 free of charge, and expand its services to institutional users.
Last week, the organization launched World Freedom Markets, a new onchain lending and borrowing platform built around the USUSD1 stablecoin and the WMFI management token.
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