Trump’s cryptocurrency project allows the former president’s family to earn 75% of the revenue
by Donald Trump Cryptocurrency project, World Liberty Financial, has published one 13 page document on Thursday, describing its mission, how the tokens will be allocated and pointing out that the Republican presidential candidate and his family could take home 75% of net revenue.
In the so-called “Golden Paper of World Freedom”, WLF said the Trump family will receive 22.5 billion “$WLFI” tokens, currently worth $337.5 million, based on a price of 1.5 cents each token at launch this week.
Trump, who is almost at odds with the Vice President Kamala Harris as the election comes to a close, Prior spent months promoting his cryptocurrency project brand building it’s called “The DeFiant Ones,” a play on DeFi, which stands for decentralized finance.
On Tuesday, the project launched the WLFI token and said in a route that it is looking to raise $300 million at a $1.5 billion valuation in its initial sale. As of Thursday, only $12.9 million worth of tokens had been sold, according to its website.
The article published Thursday found that Trump and his family bear no liability. It pointed out that none of them were directors, employees, managers or operators of WLF or its affiliates, and said the project and the tokens “are not political and have no associated with any political campaign.”
Neither WLF nor the Trump campaign immediately responded to requests for comment.
Cryptocurrency projects often release white papers before launching their coins, providing guidance so investors can learn more about their mission, goals, and future token allocations. . The WLF article states that a Delaware-based company called DT Marks DEFI LLC, connected to the former chairman, will receive three-quarters of the net protocol revenue.
WLF bills itself as a crypto bank where customers will be encouraged to borrow, lend and invest in digital currencies. The document released Thursday defines net protocol revenue as income for WLF from “any source, including but not limited to platform fees, token sales, advertising or other revenue sources.” other, after deducting agreed costs and reserves for the continued operations of WLF”.
Approximately $30 million of initial revenue is set aside as a reserve fund to cover operating costs and other financial obligations.
The remaining 25% of net protocol revenue will go to Axiom Management Group, or AMG, a Puerto Rico LLC wholly owned by Chase Herro and Zachary Folkman, two of the co-founders.
Folkman previously had a company called Date Hotter Girls and is said to have helped develop cryptocurrency project Dough Finance. Herro worked at Dough and founded another cryptocurrency trading business a decade ago called Pacer Capital, which now appears to be defunct.
AMG agreed to allocate half of its rights to net protocol revenues to a third LLC called WC Digital Fi, an affiliate of Trump’s close friend and political donor Steve Witkoff, as well as to “some members of his family”. Witkoff’s son, Zachary, is also listed as one of the project’s co-founders.
Folkman previously said only 20% of WLF’s tokens will be allocated to the founding team, which includes the Trump family. The article details the expected coin allocation, with 35% of total supply allocated to token sales, 32.5% to community development and incentives, 30% to allocation Initial support and 2.5% for team and advisors.
The document states in the fine print that “this expected token distribution amount is subject to change.” It’s unclear which category includes Trump and his family.
The newspaper calls Trump a “major crypto advocate.” His three sons are all “Web3 ambassadors”.
