Key Takeaways
- World Liberty Financial reduced its WLFI token sale target from $300 million to $30 million due to low demand.
- DT Marks DEFI LLC, which is linked to Donald Trump, will receive the proceeds only after World Liberty Financial reaches its $30 million goal.
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Donald Trump’s cryptocurrency project, World Liberty Financial, has reduced its fundraising goal from $300 million to $30 million. SEC filing Dated October 30th.
According to the SEC filing, World Liberty Financial stated: “The company only plans to sell up to $30 million worth of tokens before closing the current sale.”
Due to overwhelming demand for WLFI tokens, World Liberty Financial will end the token sale once it reaches its revised $30 million target, a significant decrease from its original target.
Since launching in mid-October, the project’s wallet has attracted more than $14 million in cryptocurrency investment, but initial momentum quickly waned.
The token sale started with high expectations, but even experienced a website crash on launch day, after which demand waned.
Designed as a governance token, the WLFI token currently has little value to investors because the protocol it is intended to govern is not yet operational.
World Liberty Financial’s fundamentals are raising concerns among investors, as there is no clear mechanism for the token to generate value.
Trump’s company, DT Marks DEFI LLC, will receive 22.5 billion WLFI tokens, worth more than $330 million based on the public sale price.
Meanwhile, the company has sold nearly a billion of the 20 billion available WLFI tokens, worth $1.5 billion, but these tokens remain frozen, preventing secondary market trading.
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