Promoted by Former President Donald Trump and his son’s cryptocurrency project, World Liberty Financial launched its token sale on Tuesday, the WLFi. After launching the WLFi token, its Trump Crypto website crashed shortly afterward.
According to CNBC, World Liberty Financial co-founders Zachary Folkman claimed on Monday that “well over 100,000 people” had signed up to buy its token, WLFi. Now the site appeared inline gained,
Notable, just 5,317 unique wallet addresses held the token as of launch day, as per the blockchain data from Ethercnacn, and World Liberty Financial said it sold more than 532 million tokens of the 20 billion made available for public sale.
Why the Trump Crypto website crashed after its token went on sale
Sandy Peng, a WLFI adviser, told CoinDesk that the website crashed result form accure excessive traffic. Sandy said, “The team wasn’t expecting this level of interest”. Plus, he added the website received 72 million unique visitors in the first hours after the token launched.
The report further suggests that the WLFI token will be nontransferable for now and will use to regulate the Wrrld Liberty Financial platform. Moreover, the holder will have to express in the protocol upgrade technical changes, promotional partnership, and monitoring security risks.
In addition, the platform will allow users to borrow and lend cryptocurrencies.
Who can purchase the WLFI token?
Despite Trump and his allies promoting World Liberty Financial as a means to help the unbanked, only people who meet the Security and Exchange Commission’s accredited investors requirements can buy WLFI.
To qualify to purchase this token, an individual 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, not including his or her primary residence.
World Liberty Financial released a so-called “gold paper” about the token, which depicts Trump as a “main crypto ally.” His three sons – Eric, Donald Trump Jr., and Barron – are listed as “Web3 ambassadors.”
