Ahead of the 2024 presidential election, the Trump family's World Liberty Financial digital asset project is planning a major token sale, potentially raising several hundred millions.
What Happened: DL News reported on Tuesday that the project aims to sell 30% of its WFLI tokens, valuing the sale at $1.8 billion. If successful, this could generate $537 million.
The white paper clarifies that while the platform is not owned or managed by Trump, he and his family might still receive compensation. The allocation of 70% of tokens to insiders has sparked debate.
Onchain analysts have noted the project’s ties to Dough Finance, a previous DeFi protocol that suffered a $2.1 million hack in July.
Also Read: FTX Moves To Settle $600M Robinhood Shares Dispute With $14M Payment Amid Bankruptcy Proceedings
Why It Matters: The timing of this token sale is noteworthy, given Donald Trump‘s ongoing presidential campaign.
The cryptocurrency project could pose significant issues if he returns to the White House, with concerns being raised about potential conflicts of interest.
Trump has promised to transform the U.S. into the "crypto capital of the world."
Despite the grand announcement, many have questioned the feasibility and follow-through of such promises. The upcoming token sale by World Liberty Financial adds another layer of complexity to Trump's ambitious crypto-related plans.
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