Donald Trump’s crypto project, World Liberty Financial, published a 13-page document on Thursday explaining its work and how tokens can be distributed, and that showed that the Republican presidential candidate and his family can take 75% of the income.
In what it calls “World Liberty Gold Paper,” World Liberty Financial, or WLF, said the Trump family will receive 22.5 “$WLFI” tokens, currently worth $337.5 million, based on the price of 1.5 cents per token at launch. this week.
Trump, who is in a deadly heat with Vice President Kamala Harris as the election reaches its closing stages, has spent months pumping up his crypto project, which he previously called “The DeFiant Ones,” a play on DeFi, which is short for decentralized finance.
On Tuesday, the project launched the WLFI token and stated on the street that it is looking to raise $300 million at a cost of approximately $1.5 billion in its initial sale. As of Thursday, only a token worth $12.9 million has been sold, according to its website.
The paper released on Thursday shows that Trump and his family are not guilty. It pointed out that none of them are directors, employees, managers or operators of WLF or its affiliates, and said that the project and the tokens are “non-political and not associated with any political campaign.”
The WLF did not respond to a request for comment. The Trump campaign referred questions to the Trump Organization, which did not immediately respond to a request for comment.
Crypto projects often release white papers before they launch their coins, providing a guide so investors can learn more about the project, goals and how future tokens will be distributed. The WLF paper says that a Delaware company called DT Marks DEFI LLC, which is connected to the former president, will receive a third of the net protocol revenue.
WLF bills itself as a crypto bank where customers will be encouraged to borrow, borrow and invest in digital currencies. The document released on Thursday defines the income of the protocol as income to the WLF “from any source, including without limitation platform usage fees, token sales, advertising or other sources of income, after deduction of agreed expenses and reserves for the continued operation of the WLF.”
The initial proceeds of approximately $30 million are earmarked to be held in a reserve intended to cover operating expenses and other financial obligations.
The remaining 25% of the protocol’s revenue is set to go to Axiom Management Group, or AMG, a Puerto Rico LLC owned by Chase Herro and Zachary Folkman, two of the co-founders.
Folkman previously owned a company called Date Hotter Girls and reportedly helped develop the crypto project Dough Finance. Herro worked on Dough and launched another crypto trading business a decade ago called Pacer Capital, which seems to be now defunct.
AMG has agreed to assign part of its rights to the protocol’s profits to a third LLC called WC Digital Fi, which is an affiliate of Trump’s close friend and political donor, Steve Witkoff, and “some of his family members.” Witkoff’s son, Zachary, is also listed as one of the founders of the project.
Folkman previously said that only 20% of WLF tokens will be allocated to the founding team, including the Trump family. The paper describes the breakdown of the expected coin allocation, with 35% of the total amount set aside for the token sale, 32.5% for community growth and incentives, 30% for initial support allocation, and 2.5% for the team and advisors.
The document specifies in fine print that these “anticipated token distribution values ​​are subject to change.” It is not clear which categories include Trump and his family.
The paper calls Trump “crypto’s leading advocate.” His three sons are all “Web3 ambassadors.”
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