World Liberty Financial, a crypto project backed by Donald Trump and his children, encountered technical glitches as the token sale opened for accredited investors on the project website. The platform repeatedly crashed, making it difficult for participants to join the early round. By 1:48 p.m. New York time, more than 500 million Ethereum-based tokens had been sold at a price of 1.5 cents each, according to the site.
The token was placed on sale on Tuesday morning for accredited investors on the project’s website, which experienced repeated outages. By 1:48 p.m. New York time, more than 500 million of these Ethereum-based tokens had been sold at a price of 1.5 cents apiece, according to the site.
Initial Sale for the Wealthy
World Liberty Financial sought to raise 300 million dollars with a valuation of about 1.5 billion through this initial sale. On September 30, the project began collecting names for its list of accredited investors, a group defined by thresholds of income or net worth, often including individuals with assets above the million-dollar mark or specific professional credentials.
Over the weekend, Trump promoted the sale in a post on X, the platform formerly known as Twitter. The project’s X and Telegram accounts had not yet posted about the sale on Tuesday. Representatives for the project did not respond to requests for comment.
Compensation for the Trump Family
The Trump-backed crypto venture sits within the decentralized finance segment of digital assets and launched a day after the former president survived a second apparent assassination attempt. A preliminary white paper, commonly used to promote crypto projects, included a warning clarifying that the effort is not owned, managed, operated, or sold by the Trump family, though Bloomberg reported that compensation could be possible.
We plan for all Americans to be able to use this platform in the future, providing tools and opportunities that have been out of reach for too long, the project stated.
Scams and Imitators of World Liberty Financial
Like many crypto ventures, World Liberty has faced scams and imitators on social media, prompting posts on X with warnings that any post resembling the project is likely a phishing attempt. For example, while some traders complained about trouble buying tokens, an X account bearing the project logo and a similar handle claimed the site was down and offered a blockchain address to purchase tokens with a prior deposit. That account was later suspended by X.
Three Weeks Before the Presidential Elections
The presale arrives three weeks before the presidential elections and aligns with Trump’s efforts to mobilize crypto-minded voters. The former president led the world’s largest Bitcoin conference earlier in the year and released his fourth NFT collection in August.
Donald Trump is described as the primary crypto advocate for World Liberty Financial, with his children Eric, Donald Jr., and Barron named Web3 ambassadors for the project. The initiative also includes Rich Teo, Paxos cofounder, leading stablecoins and payments, and Luke Pearson, a senior cryptography researcher at Polychain.