Donald Trump’s World Liberty Financial, which intends to rank as a crypto bank, hit a roadblock earlier on Tuesday. This crypto project is promoted by the Republican Presidential Candidate and his sons.
For context, Trump is listed as World Liberty Financial’s chief crypto advocate, while Eric, Donald Jr., and Barron Trump are named its Web3.0 ambassadors.
World Liberty Financial Falls Short of Expectations
World Liberty Financial suffered regular and lengthy outages during the launch of its token sale on October 15. The project co-founder Zachary Folkman said that “well over 100,000 people” are on the whitelist to invest. The project began accepting names for this approved list of accredited investors in the last two weeks.
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The outages contributed to the reduced number of LFI sales. Etherscan data showed that only 4,720 unique addresses hold the token at this time. This corresponds to a little above 4% of the total registrants. According to World Liberty Financial, it has sold over 532 million tokens at 15 cents per token.
This hardly covers 3% of the 20 billion tokens available for public sale. For the better part of the token sale, the official website kept displaying a page saying, “We are under maintenance.”
The crypto project planned to raise $300 million through the initial token sale, which would value it at $1.5 billion. In one of its posts, the World Liberty project highlighted its goal.
“We plan for all Americans to be able to use this platform in the future, giving everyone access to the tools and opportunities that have been restricted for far too long.”
Impact of World Liberty Financial Outage on Donald Trump
An early whitepaper contained a disclaimer stating the effort is “not owned, managed, operated or sold” by the Trump family. However, the project noted that they may receive compensation. The token pre-sale is scheduled for about three weeks before the US presidential elections. Market experts noted that this is an attempt for Donald Trump to garner support from crypto voters.
However, this rocky token sale may impact his chances as the perception could be better in the community. Some on-chain sleuths have already highlighted its connection to Dough Finance, a Decentralized Finance (DeFi) protocol attacked in July. About $2.1 million left the protocol as a result of the hack.
Several key figures behind Dough, including Folkman, Chase Herro, and Octavian Lojnita, are now part of WLF’s leadership team.
Winning Odds in Favor of Donald Trump
In the meantime, the winning odds are still in Trump’s favor per Polymarket data. His chances became boosted after many in the US Congress became friendlier towards him.
Most Polymarket bettors are looking forward to his tenure, and crypto supporters await his potential impact on the industry. According to an eToro report, many American retail investors are rebalancing their portfolios in anticipation of the election.
With the unclear political scene, more and more people are buying cryptocurrencies to hedge their investments in case of economic turmoil.
