World Liberty Financial only raised $14.5 million in the new WLFI token sale over 2 weeks, equivalent to 4.84% of the target.
The Trump family's DeFi project reduced its fundraising target to $30 million. Image: Bitcoin News
According to the filing with the Securities and Exchange Commission (SEC), the World Liberty Financial (WLFI) DeFi project promoted by the family of former US President Donald Trump has adjusted its fundraising target from $300 million to $30 million, a 90% reduction.
The reason is that after more than 2 weeks since the start of the investor fundraising through the WLFI token sale at $0.015 per token, World Liberty Financial has only sold 969.26 million tokens, raising $14.5 million as of the time of writing.
Screenshot of the World Liberty Financial WLFI token sale website at 11:50 PM on October 31, 2024
The project had previously set a target of raising up to $300 million from qualified investors, with the funds allocated to this activity being 20 billion WLFI, accounting for 1/5 of the total supply.
With little demand, the team behind World Liberty Financial informed the SEC that they will end the fundraising early once the $30 million WLFI target is reached, a 10-fold reduction from the original plan.
As previously reported by Coin68, there are several reasons explaining the failure of World Liberty Financial to attract the attention of the crypto investment community, the most prominent of which include:
- Investors must undergo KYC on the project, limiting the number of people who can participate in the purchase;
- The WLFI token has limited utility beyond governance, and cannot be traded for the first 12 months;
- World Liberty Financial itself does not bring any breakthrough in the DeFi segment, but is essentially a crypto lending project.
Not stopping there, the community is also outraged that the World Liberty Financial prospectus states that in exchange for the involvement of the Trump family, the former US President will receive up to 75% of the project's future revenue, as well as an allocation of 22.5 billion WLFI, valued at $337.5 million based on the token sale price of $0.015.
In a related development, on the evening of October 31, Mr. Trump posted a message congratulating the 16th anniversary of the publication of Bitcoin's whitepaper by Satoshi Nakamoto, affirming that he will support the development of Bitcoin in the United States. This statement once again highlights Trump's pro-Bitcoin stance that he has frequently used during his campaign over the past several months.
I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi's White Paper. We will end Kamala's war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Compiled by Coin68
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