Trump-Backed World Liberty Financial Raises $5 Million Amid Website Crashes in $540 Million Token Sale

Oct 15, 2024, 01:52 PM

World Liberty Financial, a decentralized finance platform backed by Donald Trump and his family, launched its WLFI token sale on October 15, 20 days before the election. The project had whitelisted over 100,000 accredited U.S. investors and non-U.S. persons ahead of the sale, which required participants to join a whitelist. Rich Teo, co-founder and former CEO of Paxos, joined World Liberty Financial as stablecoin and payment lead. The project aims to raise $540 million, targeting a $1.5 billion valuation post-raise. Despite raising $5 million in the first hour of the presale, the platform faced significant technical difficulties, including website crashes and downtime, with the site offline for up to three hours. Early sales fell far short of the $540 million target.