World Liberty Financial, a cryptocurrency project endorsed by Donald Trump and his sons, faced significant technological challenges as it launched its token for accredited investors on Tuesday.
The initiative launched its first token sale on the World Liberty Financial website intending to raise $300 million at a $1.5 billion valuation. However, investors attempting to take part in the offer were frustrated by the site’s numerous outages. Over 500 million Ethereum-based tokens had been sold for 1.5 cents each as of 1:48 p.m. New York time.
On September 30, the project started taking names for its approved list of certified investors. These investors must fulfill specific requirements, like having a net worth of more than $1 million. Although the project’s accounts on Telegram and X have not yet offered updates on the sale’s status, Trump actively advertised the sale over the weekend on his social media network, X (previously Twitter).
World Liberty Financial highlighted in a recent article that it wants to make the platform available to all Americans by providing possibilities and resources that have historically been inaccessible. An early white paper said that the Trump family does not control, manage, run, or sell the effort, even if they might be compensated for their prominent role as the project’s principal crypto promoter.
World Liberty Financial’s problems are made worse by worries about social media fraud and impersonation. The initiative has included cautions about possible phishing scams after its release to reduce these dangers.
An imposter account on X deceived traders on the day of the token sale by stating that the project’s website was unavailable and providing an address for the presale deposit. After that, this account was suspended.
Trump seems to be targeting the cryptocurrency community, which has demonstrated growing political activity since the token presale took place just weeks before the presidential election.
The former president has already introduced multiple collections of non-fungible tokens (NFTs) and served as the keynote speaker at significant Bitcoin conferences. Along with prominent members of the cryptocurrency community, such as Paxos co-founder Rich Teo, his kids, Barron Trump, Donald Jr., and Eric Trump, are recognized as web3 ambassadors for the project.
Also Read: World Liberty Financial surpasses 100K whitelist signups
