Gairika Mitra
The highly anticipated token sale for World Liberty Financial (WLFI) is set to go live on Tuesday morning, October 15.
Former Republican U.S. president made the announcement on X.
This initiative aims to reshape the financial landscape, and prospective buyers are encouraged to join the exclusive X Spaces session on October 14 at 8 a.m. EST. This is to gain insights into this groundbreaking venture, as per Trump.
Over the years, Trump has evolved from being a critic of cryptocurrency to becoming a strong advocate. “We are embracing the future with crypto and leaving the slow and outdated big banks behind,” he declared in a video message on X in September.
Trump has consistently voiced his criticisms of banks and financial institutions. In August, he took to his social media platform, Truth Social, to express his opposition to traditional banking systems. Subsequently, he launched a dedicated Telegram channel, World Liberty Financial, aimed at supporting cryptocurrency and reportedly designed to bolster the value of U.S. dollar-pegged stablecoins.
World Liberty Financial: A Controversial Launch Amid Security Concerns and Centralization Criticism
During the launch of the DeFi platform, the X Spaces livestream unveiled that World Liberty Financial will serve as a comprehensive banking platform, enabling users to borrow, lend, and invest in cryptocurrency.
During the stream, the company introduced its token, WLFI. The founding team, including the Trumps, holds 20% of the tokens, while 17% is allocated for user rewards. The remaining 63% will be made available for public purchase. Notably, there will be no pre-sales or early buy-ins, and the token will adhere to SEC Regulation D, which allows fundraising without prior registration.
In closing his remarks during the platform launch, Trump underscored the importance of adopting cryptocurrency. “Crypto is one of those things we have to do. Whether we like it or not, we have to do it,” he stated.
Since its launch, World Liberty Financial has encountered numerous controversies, facing challenges related to scams and cyber threats. Notably, the X accounts of Lara Trump, Donald Trump’s daughter-in-law, and Tiffany Trump, his daughter, were compromised, raising significant security concerns about the venture.
Trump’s venture has received a lot of flak on social media as well. A well-followed X account with the handle @4HumanUnity noted that despite claims of supporting decentralized finance, insiders control up to 70% of the governance tokens, contradicting the concept of decentralization. The project’s website is registered anonymously through a service linked to Russian cybercriminals, heightening suspicions about its legitimacy. Furthermore, the code bears alarming similarities to Dough Finance, an Ethereum-based lending platform that was hacked for $2.1 million, and several team members were involved in that breach.
Read More
- Donald Trump’s World Liberty Financial Opens Whitelists; New Era of DeFi?
- Trump Debuts World Liberty Financial, Touts Crypto as Key to America’s Future
- Trump to Launch World Liberty Financial, Calls Big Banks ‘Slow and Outdated’
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
