{"id":433642,"date":"2024-10-17T00:30:36","date_gmt":"2024-10-16T19:00:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=433642"},"modified":"2024-10-16T15:59:07","modified_gmt":"2024-10-16T10:29:07","slug":"trumps-crypto-project-like-a-scam-wlf-only-sells-3-of-allocation","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/trumps-crypto-project-like-a-scam-wlf-only-sells-3-of-allocation\/","title":{"rendered":"Trump&#8217;s crypto project &#8216;like a scam&#8217;? WLF only sells 3% of allocation"},"content":{"rendered":"<ul>\n<li><em>Trump&#8217;s World Liberty Financial sold only 3.4% of its $300 million token allocation.<\/em><\/li>\n<li><em>Skepticism surrounds WLF, with concerns over its centralized control and website issues.<\/em><\/li>\n<\/ul>\n<p>Donald Trump\u2019s cryptocurrency venture, <a href=\"https:\/\/ambcrypto.com\/trumps-world-liberty-financial-linked-to-defi-crypto-community-concerned\/\" target=\"_blank\" rel=\"noopener\">World Liberty Financial (WLF)<\/a>, has stumbled at the starting line.<\/p>\n<p>Despite high expectations following the <a href=\"https:\/\/ambcrypto.com\/donald-trump-crypto-project-set-to-launch-what-happens-next\/\" target=\"_blank\" rel=\"noopener\">announcement<\/a> of its token sale on 15th October, the project managed to sell only 3.4% of the $300 million in tokens earmarked for public release.<\/p>\n<p>With its website facing technical difficulties, the WLF token sale, priced at 1.5 cents per token and offering a total of 20 billion tokens, attracted only $10.3 million in sales on its first day.<\/p>\n<p>This lukewarm response raised questions about the viability of Trump&#8217;s crypto initiative and its potential impact on the broader market.<\/p>\n<h2>Is Trump&#8217;s crypto project an election gimmick?<\/h2>\n<p>In fact, just a day before its highly anticipated launch, the World Liberty Financial (WLF) project <a href=\"https:\/\/ambcrypto.com\/trumps-world-liberty-finance-starts-onboarding-but\/\" target=\"_blank\" rel=\"noopener\">claimed<\/a> to have garnered interest from 100,000 potential users.<\/p>\n<p>However, reality painted a starkly different picture: Etherscan data revealed only 6,832 unique wallet addresses actually held WLFI tokens.<\/p>\n<p>The situation worsened when the project\u2019s website crashed shortly after the token sale commenced, rendering it inaccessible for several hours due to overwhelming traffic.<\/p>\n<p>Visitors were met with a \u201cwebsite under maintenance\u201d message, raising further concerns about the project&#8217;s preparedness.<\/p>\n<p>Highlighting its ambition, the project\u2019s \u201cgold paper,\u201d released on the same day, identified Donald Trump as the \u201cChief Crypto Advocate,\u201d with his sons\u2014Eric, Barron, and Donald Jr.\u2014designated as \u201cWeb3 Ambassadors.\u201d<\/p>\n<p>However, <a href=\"https:\/\/x.com\/realDonaldTrump\/status\/1846326266011762820\" target=\"_blank\" rel=\"noopener\">Trump<\/a> did not take this as a sign of defeat and utilized X to further promote the token sale.<\/p>\n<p>He said,<\/p>\n<blockquote><p>\u201cCrypto is the future, let\u2019s embrace this incredible technology and lead the world in the digital economy,\u201d<\/p><\/blockquote>\n<h2>Crytpo community critiques WLF<\/h2>\n<p>However, the crypto community received Trump&#8217;s tweet with skepticism, as noted by X user <a href=\"https:\/\/x.com\/4HumanUnity\/status\/1846333299582812319\" target=\"_blank\" rel=\"noopener\">Human<\/a>, who pointed out several reasons why Trump&#8217;s crypto project raises \u201ca number of red flags.\u201d<\/p>\n<p>He said,<\/p>\n<blockquote><p>\u201c@realDonaldTrump BEWARE World Liberty Financial reeks of a Trump University-level scam.\u201d<\/p><\/blockquote>\n<p>The user further elaborated on his concerns, pointing out that WLF exhibits centralized control while claiming to be decentralized.<\/p>\n<p>He noted that the website is registered anonymously, drawing parallels to <a href=\"https:\/\/ambcrypto.com\/trumps-world-liberty-financial-linked-to-defi-crypto-community-concerned\/\" target=\"_blank\" rel=\"noopener\">Dough Finance<\/a>, a platform that suffered a $2.1 million hack, among other issues.<\/p>\n<p>As expected, the user finally concluded by saying,<\/p>\n<blockquote><p>\u201cIn short, World Liberty Financial is a high-risk, dubious scheme that poses more danger than promise. Its blend of security risks, hidden agendas, and questionable marketing makes it look far more like a scam than a credible financial endeavor.\u201d<\/p><\/blockquote>\n<p>Adding to the fray was Brian Krassenstein who said,<\/p>\n<figure id=\"attachment_433659\" aria-describedby=\"caption-attachment-433659\" style=\"width: 1172px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Brian-Krassenstein.webp\"><img decoding=\"async\" class=\"wp-image-433659 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Brian-Krassenstein.webp\" alt=\"Brian Krassenstein\" width=\"1172\" height=\"490\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Brian-Krassenstein.webp 1172w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Brian-Krassenstein-300x125.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Brian-Krassenstein-1024x428.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Brian-Krassenstein-768x321.webp 768w\" sizes=\"(max-width: 1172px) 100vw, 1172px\" \/><\/a><figcaption id=\"caption-attachment-433659\" class=\"wp-caption-text\">Source: Brian Krassenstein\/X<\/figcaption><\/figure>\n<h2>What&#8217;s next for Trump?<\/h2>\n<p>Interestingly, this news coincided with Bitcoin trading above $67,000, and Vice President Kamala Harris <a href=\"https:\/\/ambcrypto.com\/breaking-down-kamala-harris-crypto-plans-for-more-than-20-of-black-americans\/\" target=\"_blank\" rel=\"noopener\">recently launching<\/a> her \u201cOpportunity Economy\u201d campaign, which focuses on safeguarding Black American investors.<\/p>\n<p>Despite the downfall, Trump still continues to lead in Polymarket polls, capturing 58.9% of the votes compared to Harris&#8217;s 40.8%.<\/p>\n<figure id=\"attachment_433660\" aria-describedby=\"caption-attachment-433660\" style=\"width: 1634px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10.webp\"><img decoding=\"async\" class=\"wp-image-433660 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10.webp\" alt=\"Polymarket\" width=\"1634\" height=\"782\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10.webp 1634w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10-300x144.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10-1024x490.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10-768x368.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10-1536x735.webp 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket-10-1200x574.webp 1200w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/><\/a><figcaption id=\"caption-attachment-433660\" class=\"wp-caption-text\">Source: Polymarket<\/figcaption><\/figure>\n<p>While Trump&#8217;s affiliated memecoins are showing positive trends, those inspired by Harris are struggling, reflecting a stark contrast in market performance as indicated by the top Politifi Coins listed on <a href=\"https:\/\/www.coingecko.com\/en\/categories\/politifi\" target=\"_blank\" rel=\"noopener\">CoinGecko<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Execs expressed disappointment, labeling the project a &#8220;red flag.&#8221; Will this impact Trump winning odds? <\/p>\n","protected":false},"author":66,"featured_media":433665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5824,66,3,4,20],"tags":[6427],"class_list":["post-433642","post","type-post","status-publish","format-standard","has-post-thumbnail","category-memecoins","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trump&#039;s crypto project &#039;like a scam&#039;? 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