Donald Trump’s Crypto project World Liberty Financial released 13 page document On Thursday, it described its mission, how the tokens would be distributed, and said Republican presidential candidates and their families could take home 75% of net proceeds.
WLF stated in the so-called “World Freedom Gold Book” that the Trump family will receive 22.5 billion “$WLFI” tokens, currently worth $337.5 million at a price of 1.5 cents per token. emission This week.
Trump and Vice President almost in stalemate Kamala Harris He has spent months promoting his crypto projects as the election enters its final stages, after Brand promotion It’s called “The DeFiant Ones,” a play on DeFi, an abbreviation for decentralized finance.
On Tuesday, the project launched the WLFI token, saying in a statement roadmap The company hopes to raise $300 million in the first sale at a valuation of $1.5 billion. As of Thursday, only $12.9 million worth of the token had been sold, according to its website.
Documents released Thursday showed that Trump and his family took no responsibility. It states that none of them are directors, employees, managers or operators of WLF or its affiliates, and says that the project and token are “not political and have no connection with any political movement.”
Neither WLF nor the Trump campaign immediately responded to requests for comment.
Crypto projects often publish white papers before launching their tokens, providing guidance so investors can learn more about the mission, goals, and how future tokens will be distributed. The WLF paper said a Delaware-based company called DT Marks DEFI LLC, which has ties to the former president, would receive three-quarters of the net agreement revenue.
WLF positions itself as a cryptocurrency bank, encouraging customers to borrow and invest in digital currencies. The document released Thursday defines net protocol revenue as WLF’s revenue from “any source, including but not limited to platform usage fees, token sale proceeds, advertising or other revenue sources, after deducting agreed fees and WLF’s reserves for ongoing operations.” ”.
Approximately $30 million of initial revenue was earmarked as reserves to cover operating expenses and other financial obligations.
The remaining 25% of the net proceeds from the agreement will be owned by Axiom Management Group (AMG), a Puerto Rican limited liability company wholly owned by co-founders Chase Herro and Zachary Folkman.
Folkman previously owned a company called Date Hotter Girls and reportedly helped develop crypto project Dough Finance. Herro previously worked at Dough and launched another cryptocurrency trading company a decade ago called Pacer Capital, which now appears to be defunct.
AMG has agreed to allocate half of its net agreement revenue rights to a third LLC called WC Digital Fi, an affiliate of Trump confidant and political donor Steve Witkoff, as well as “certain members of his family.” member”. Witkoff’s son Zachary is also listed as a co-founder of the project.
Folkman previously said that only 20% of WLF’s tokens will be allocated to the founding team, which includes the Trump family. The document details a breakdown of expected token distribution, with 35% of the total supply allocated to the token sale, 32.5% to community development and incentives, 30% to initial support distribution, and 2.5% to the team and advisors.
The document states in the fine print that these “anticipated token distribution amounts are subject to change.” It’s unclear which categories include Trump and his family.
The newspaper called Trump the “chief encryption advocate.” His three sons are all “Web3 Ambassadors”.
