[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news-aggregator-70percent-of-world-liberty-fin1450191c45c-1fd6-7d1d-9f80-0c9240dc7bc1":3},{"id":4,"timestamp":5,"title":6,"content":7,"link":8,"preview":9,"tags":10,"predictedTags":11,"showTags":12,"source":13,"reactions":14,"selfReactions":15,"logo":16,"sourceId":17,"sourceUserId":18,"asset":19,"tagsCategories":20,"totalComments":21,"lang":22,"unique_views_count":23,"enrichStatus":19},"70percent-of-world-liberty-fin1450191c45c-1fd6-7d1d-9f80-0c9240dc7bc1","1725574746000","70% of World Liberty Financial’s Tokens Are Reserved for Insiders: Report","\u003Cp>A draft white paper obtained by CoinDesk reveals that 70% of the World Liberty Financial project governance token, WLFI, is reserved for insiders, including founders, team members, and service providers.\u003C/p>\u003Cp>The white paper also shows that WLFI will not be transferable until there’s regulatory clarity for such tokens.\u003C/p>Token Allocation\u003Cp>Former U.S. President Donald Trump and his sons have heavily \u003Ca href=\"https://x.com/realDonaldTrump/status/1829141447087648796\" target=\"_blank\">promoted\u003C/a> World Liberty Financial, positioning it as a revolutionary tool in finance and claiming it could empower everyday people. The platform has also been pushed as a solution to what the Trump family describes as a “rigged” traditional finance system.\u003C/p>\u003Cp>Despite these promises, the proposed allocation of WLFI tokens has raised concerns within the crypto community.\u003C/p>\u003Cp>According to the\u003Ca href=\"https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays/?utm_term=organic&utm_content=editorial&utm_medium=social&utm_campaign=coindesk_main&utm_source=twitter\" target=\"_blank\"> report\u003C/a>, most of them will be controlled by a select group of insiders, with only 30% allocated for public sale. Notably, a portion of the funds raised from this public sale is also set aside for project insiders, while the remaining funds will be held in a treasury to support operations.\u003C/p>\u003Cp>The story claims that when an advisor to such early-stage projects was asked about the 70% allocation for insiders, they responded by calling it a “joke.”\u003C/p>\u003Cp>This allocation model also differs from those used by other major blockchain projects. For instance, Ethereum’s Genesis block reserved roughly 16.6% of its ether (ETH) supply for early contributors, while Cardano kept about 20% of its ADA tokens. In comparison, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is estimated to hold around 5% of the total supply.\u003C/p>\u003Cp>However, World Liberty Financial has yet to finalize its tokenomics, with the project’s team reportedly working on adjustments.\u003C/p>Tokens Will be Non-transferrable\u003Cp>WLFI tokens will also be non-transferable. This means that once purchased, they cannot be traded or transferred between users, a move intended to safeguard against potential securities law violations.\u003C/p>\u003Cp>The white paper specifies that they will be locked indefinitely in a wallet or smart contract until possibly unlocked through governance procedures that comply with legal requirements.\u003C/p>\u003Cp>Purchasers will also undergo screening to ensure they are not on sanction lists, though the document erroneously refers to FinCEN instead of the Office of Foreign Assets Control (OFAC).\u003C/p>\u003Cp>Meanwhile, the project has also attracted unwanted attention from fraudsters and hackers. Recently, the X accounts of Lara Trump, wife of Eric Trump, and Tiffany Trump, Donald Trump’s youngest daughter, were \u003Ca href=\"https://cryptopotato.com/donald-trump-relatives-x-accounts-hacked-to-promote-fake-crypto-token/\" target=\"_blank\">hacked\u003C/a> and used to promote a fraudulent crypto token pretending to be World Liberty Financial.\u003C/p>\u003Cp>The post \u003Ca href=\"https://cryptopotato.com/70-of-world-liberty-financials-tokens-are-reserved-for-insiders-report/\">70% of World Liberty Financial’s Tokens Are Reserved for Insiders: Report\u003C/a> appeared first on \u003Ca href=\"https://cryptopotato.com/\">CryptoPotato\u003C/a>.\u003C/p>","https://cryptopotato.com/70-of-world-liberty-financials-tokens-are-reserved-for-insiders-report/","https://cryptopotato.com/wp-content/uploads/2024/09/World_Liberty.jpg","[\"AA News\",\"Crypto News\",\"DeFi\",\"Donald Trump\"]","[\"Cardano\",\"ADA\",\"ADA\",\"X\"]","[{\"img\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/coins-lib/full-library/color/ADA.png\",\"name\":\"ADA\"},{\"name\":\"X\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/protocols/x.png\"}]","145",[],[],"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/news-feeds/sources/cryptopotato.png","CryptoPotato",null,"","[\"Crypto\"]","0","EN","1"]