Key Points:
- World Liberty Financial, promoted by Donald Trump and his sons, experienced major outages during its token sale launch on Tuesday.
- Over 500 million tokens were sold at 1.5 cents each by 1:48 p.m. New York time, even though the website struggled with outages.
- World Liberty Financial aims to raise $300 million at a $1.5 billion valuation, with Trump appealing to crypto voters just weeks before the presidential
World Liberty Financial, a crypto project endorsed by Donald Trump and his sons, suffered major technology problems on its first day selling tokens Tuesday.
Trump-backed Crypto Project Launches Amid Major Tech Issues
A sale that kicked off this morning for accredited investors on the project’s website went down repeatedly, leaving would-be buyers in a lurch. More than 500 million Ethereum-based tokens had sold for 1.5 cents, according to Etherscan, despite the technical woes.
World Liberty Financial sought to raise $300 million at a $1.5 billion valuation and started taking names for its approved list of accredited investors on September 30th. To be one, an investor needs to have a net worth above $1 mln among other things.
Read more: World Liberty Financial Will Launch a Token Sale on October 15
World Liberty Financial Targets $300M Fundraising Ahead of Election
Donald Trump had teased the token sale over the weekend in a post on X, but on Tuesday, its official X and Telegram accounts kept mum. The Trump-backed project-which is part of the decentralized finance sector launched just a day after the former president survived a second assassination attempt.
While the effort is most closely associated with Trump and his sons, one early white paper emphasized that the cryptocurrency effort is “not owned, managed, operated or sold” by the Trump family, though they may receive compensation.
The token presale also comes amidst Trump’s efforts to court crypto voters ahead of the upcoming presidential election. Amid complaints from some traders regarding outages across social media, scammers quickly exploited the confusion: at one point, a phishing account tweeted false claims about buying tokens via a fake deposit address.
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