A colossal 70% of Trump’s crypto project tokens are allotted to insiders
Former President Donald Trump and his sons have a new DeFi crypto project, now called World Liberty Financial (just a few weeks ago it launched as “The DeFiant Ones”). While their X posts declare, “We're on a mission to put financial power back in your hands,” the project’s whitepaper tells quite a different story.
According to the document, as reported by CoinDesk, the power will actually be almost entirely in the hands of "the founders, team, and service providers,” who will control 70% of WLFI, the project’s non-transferable governance token.
The remaining 30% of WLFI will go up for public sale and some of that money raised will also go to project insiders.
To understand how unusual this allocation is, Worldcoin (a crypto project co-founded by Sam Altman) faced backlash from the crypto community when it raised its token allocation to insiders from 20% to 25%, with one trader calling Worldcoin’s tokenomics “predatory.”
Or to put it another way, when a CoinDesk source was asked if a 70% allocation to insiders is high, they simply replied, “LMAO. Nice joke, ser.”
According to the document, as reported by CoinDesk, the power will actually be almost entirely in the hands of "the founders, team, and service providers,” who will control 70% of WLFI, the project’s non-transferable governance token.
The remaining 30% of WLFI will go up for public sale and some of that money raised will also go to project insiders.
To understand how unusual this allocation is, Worldcoin (a crypto project co-founded by Sam Altman) faced backlash from the crypto community when it raised its token allocation to insiders from 20% to 25%, with one trader calling Worldcoin’s tokenomics “predatory.”
Or to put it another way, when a CoinDesk source was asked if a 70% allocation to insiders is high, they simply replied, “LMAO. Nice joke, ser.”
