Trump Family-Backed Crypto Project Makes $1M Gain in ETH Following Tame Token Sale
2024-11-07

World Liberty Financial, the decentralized finance (DeFi) project backed by the family of the former president and now president-elect Donald Trump, has made $1 million in unrealized gains following a muted token sale last month.
The company slashed its fundraising goal to $30 million from $300 million on Oct. 31 due to lack of demand from investors. It has sold 1.02 billion WLFI tokens so far, around half of the new goal.
But it's not all doom and gloom for World Liberty Financial as ether {{ETH}} has risen by more than 16% since 01:00 UTC on Wednesday, turning the paltry $15.3 million it has raised, into $16.25 million. Etherscan shows that the token sale wallet has not liquidated any tokens and that it currently holds 4,234 ETH and $4.2 million worth of stablecoins.
Ether is currently trading at $2,818, its highest level since August, after a market-wide rally that came as a result of Donald Trump's win in the U.S. presidential election.
However, one of the key issues for World Liberty Financial is that the WLFI token is "non-transferrable" which means that investors can't liquidate or trade it with other assets for profit. This could change in the future in the event of a governance vote, although no timelines have been set.
Token sales have slowed of late with just $364,000 worth of WLFI being sold since Nov. 1.
The project was alleged as a "scam" by Skybridge Capital founder and managing partner Anthony Scaramucci despite being endorsed by Trump on X.