Donald Trump Crypto Website Crashes After Coin Goes on Sale

A new cryptocurrency project backed by U.S. Republican presidential candidate Donald Trump and his family had a rough start on Tuesday as the website crashed and sales of a new digital token fell well short of the $300 million fundraising target in the first few hours.

The website of World Liberty Financial, the cryptocurrency initiative of former President Donald Trump, crashed immediately after the token sale began on Tuesday.

On September 30th, the whitelist for authorized investors and non-US individuals was made available for the much-discussed but yet mainly unanswered decentralized finance project. World Liberty Financial co-founder Zach Folkman told CNBC on Monday that “well over 100,000 people” had registered to purchase the company’s token, WLFI.

At the time of writing, the website seems to be operational again. However, World Liberty Financial reported that it sold more than 532 million of the 20 billion tokens that were put available for public sale, and thousands of unique wallet addresses possessed the token, according to blockchain data monitored by Etherscan.

A new cryptocurrency project backed by U.S. Republican presidential candidate Donald Trump and his family had a rough start on Tuesday as the website crashed and sales of a new digital token fell well short of the $300 million fundraising target in the first few hours.

The public token sale of the World Liberty Financial cryptocurrency project appeared to begin at 12:40 UTC (8:40 a.m. ET), and around 3,000 people had purchased tokens despite the site experiencing multiple disruptions in the first hour.

In its first hour, the World Liberty Financial website, which is the official gateway to the WLFI token sale, saw more than 70 million unique visits, according to Peng. After the website was back up for around an hour, WLFI token sales appeared to pick up at 17:30 UTC. An Ethereum blockchain wallet linked to the token sale had more than $5.6 million worth of ether (ETH), $1.6 million worth of tether (USDT), and approximately $300,000 worth of USD Coin (USDC) tokens by 18:10 UTC.

Donald Trump promoted the sale on X (formerly Twitter) over the weekend, but the project’s official Telegram and X accounts were quiet on Tuesday. Although they may get compensated, the white paper makes clear that the Trump family is not directly in charge of running or managing the project, despite their association with it.

Further details on WLFI, including its distribution and precise function within the platform, were provided in a “gold paper” on the token that was published Tuesday morning.

World Liberty Financial is described as a single platform where users can trade stablecoins, create liquidity pools, and borrow and lend cryptocurrencies, according to the gold paper.

Owners of token will be able to suggest future platform changes but, unless the regulations are changed in the future, all $WLFI will be non-transferable, which means they will be permanently trapped in a wallet or “smart contract,” making them impossible to trade. The WLF team said all governance decisions will be in compliance with U.S. standards to make sure any changes are legal.

The WLFI token will govern the World Liberty Finance platform, which enables users to participate in lending, borrowing, and other DeFi activities, according to project officials. Currently non-transferable, the token will let users to vote on issues including technological modifications, protocol updates, advertising collaborations, and security risk monitoring. With a fixed price of $0.015, or 1.5 cents apiece, 20 billion tokens were set up for the public sale, with a $300 million fundraising target. The total number of tokens, including those not offered for sale to the general public, is 100 billion.

The WLFI token sale is only open to accredited U.S. investors and non-U.S. individuals. World Liberty Financial’s top executives revealed on Monday that, in advance of the token launch, the project had whitelisted more than 100,000 accredited U.S. investors.

WLF is shielded from breaking U.S. securities laws by the U.S. prohibitions. In the United States, the Securities and Exchange Commission permits accredited investors to purchase unregistered securities, including shares issued prior to an initial public offering (IPO). They must fulfill certain requirements for income and net worth, such as earning $200,000 annually and having more than $1 million in total assets.

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