Trump’s New Crypto Site Crashes Hours After Launch

CNBC reports:

Donald Trump’s new crypto project is off to a rough start. World Liberty Financial, which aspires to be a sort of crypto bank, launched its token sale on Tuesday, a day after project co-founder Zachary Folkman said “well over 100,000 people” are on the whitelist to invest.

But WLF’s website suffered regular and lengthy outages for much of the morning and early afternoon, contributing to a limited number of sales. Only about 4,300 unique wallet addresses hold the token as of Tuesday afternoon.

The platform says it has sold more than 532 million tokens at $0.015 per token. That is less than 3% of the 20 billion tokens made available for public sale.

The Verge reports:

CoinDesk reports that the WLFI token, which will be non-transferrable for now, will be used to govern the World Liberty Financial platform. Holders will be able to have a say in protocol upgrades, technical changes, promotional partnerships, and oversight of security risks. The platform itself will let users borrow and lend cryptocurrency.

Despite Trump and his associates’ promotion of World Liberty Financial as a tool to help unbanked and de-banked people, only those who meet the Securities and Exchange Commission’s (SEC) accredited investor requirements can purchase WLFI.

To qualify as an accredited investor, a person must have an income of at least $200,000 (or $300,000 with a spouse) and/or a net worth of at least $1 million, excluding their primary residence.

The grifting is utterly endless.

Trump announces tonight that you now have an amazing opportunity to lose your life savings on his crypto scam. pic.twitter.com/J9jcT54PA7

— Ron Filipkowski (@RonFilipkowski) October 16, 2024