Donald Trump, noted fraudster and former president, has lent his expertise as a salesman to World Liberty Financial, a new cryptocurrency scheme.
Sales of the project’s token, WLFI, have been slow, and a closer review of the now available website gives us more insight into the true relationship between the former president and this token.
The so-called “Gold Paper” that is published on the project’s website notes that it is “inspired by the vision of Donald J. Trump” and lists him as the “Chief Crypto Advocate.” It further lists his sons Eric, Donald Jr., and Barron as “Web3 Ambassadors.”
However, on closer inspection, the Gold Paper notes that “the use of illustrative descriptive titles for team supporters of World Liberty Financial does not indicate a director, officer or employee relationship with World Liberty Financial.
“None of Donald J. Trump, any of his family members, or any director, officer, employee or principal of the Trump Organization, DT Marks DEFI LLC, or any of their respective directors, officers, employees, affiliates or principals is an officer, director, founder, or employee of, or manager, owner or operator of Word Liberty Financial or its affiliates or the WLF Platform.”
This disclaimer distancing Trump from the soon-to-be ill-fated project is repeated on the front page of the website.
Read more: VIDEO: Trump’s World Liberty Financial explained in 2 minutes
Despite making sure they were appropriately distanced from the operations of this token we are also reminded on the website that “DT Marks DeFi, LLC and its affiliates, including Donald J. Trump has or may receive approximately 22.5 billion tokens from World Liberty Financial, and will be entitled to receive significant fees for services provided to World Liberty Financial, which amount cannot yet be determined.”
To be clear, there is some exchange here, namely the Gold Paper details that, “DT Marks DEFI LLC (i) agreed to use reasonable efforts to request the owners and principals of DT Marks DEFI LLC, including Donald Trump, to promote the WLF and the WLF Protocol from time to time, and (ii) grant WLF and certain related parties the right and license to use the name image and likeness of the owners and principals of DT Marks DEFI LLC, subject to certain terms and conditions.
It continues, “For these services and rights, World Liberty Financial agrees that DT Marks DEFI LLC will receive 22.5 billion $WLFI tokens and a right to receive 75% of the net protocol revenues as defined in the services agreement after deduction of agreed operating expenses and the initial treasury reserve.”
Read more: Who is behind World Liberty Financial, Trump’s new crypto?
So, despite not being an employee, director, or officer, Trump and his related entities can earn 75% of the protocol revenues, as well as more tokens than are currently for sale on the website.
To add insult to injury, Trump’s efforts to “promote” this project “from time to time” have resulted in approximately 800 million tokens being sold so far — less than 4% of the amount he received. A good deal if you can get it.
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Source: https://protos.com/trump-gets-75-of-world-liberty-revenue-but-isnt-even-an-employee/