Tracing the Trump family's crypto investment WLFI, from launch to the present day

World Liberty Financial (WLFI), the crypto firm associated with the family of US President Donald Trump, made waves when it debuted late last year.

World Liberty Financial (WLFI), the crypto firm associated with the family of US President Donald Trump, has been the subject of much discussion since its launch late last year.

The project, which is being followed closely by crypto and political observers, has seen a flurry of activity in the first 100 days of Trump’s second term. From large-scale token sales to strategic shifts in cryptocurrency holdings, WLFI has been navigating the fast-paced world of digital assets while also enmeshing the president's family in the cryptocurrency sphere.

As the Trump administration prepares to mark 100 days in office, let’s take a look at what WLFI has been up to, and how the president’s crypto investments are shaking out.

Founding and ownership of Trump’s crypto investment WLFI project

The project, named World Liberty Financial and operating under the ticker WLFI, was launched on Sept. 16, with then-President-elect Donald Trump announcing the move on X. It is being founded under the guidance of real estate magnate Steve Witkoff and his son Zach, with the co-founders also including Chase Herro, a crypto investor and self-described “dirtbag of the internet,” and Zak Folkman, a social media influencer and former pickup artist.

The Trump family is also set to feature prominently in the project. President Trump is listed as “chief crypto advocate,” while his sons Eric, Donald Jr. and Barron are “Web3 ambassadors.”

The project is planning to sell its own token, with the first token sale having been announced on Oct. 15, 2024. It will see the company sell 20 billion WLFI tokens at a price of $0.015. According to the project’s “gold paper,” the WLFI tokens will confer voter rights to holders on important matters affecting the protocol, such as upgrades. The anticipated token distribution is:

35% through token sales,

32.5% for incentives and community growth,

30% for “initial supporter” allocation,

and 2.5% for “core team and advisers.”

One of the first major milestones for the project was the launch of its own token, which was announced on October 15. The first token sale will see the company sell 20 billion WLFI tokens at a price of $0.015. At the time of the announcement, the project said it had already raised $300 million from the token sale.

According to the project’s “gold paper,” the WLFI tokens will confer voter rights to holders on important matters affecting the protocol, such as upgrades. The anticipated token distribution is 35% through token sales, 32.5% for incentives and community growth, 30% for "initial supporter" allocation, and 2.5% for "core team and advisers."

Trump's involvement in crypto ventures has sparked interest and scrutiny. A group of Senators from the Banking, Housing, and Urban Affairs Committee penned an open letter to key US regulatory agencies, raising concerns over potential conflicts of interest arising from Trump's position and his family's cryptocurrency project, World Liberty Financial (WLFI).

The Senators, Harris, Markey, and Van Hollen, expressed their worries regarding the affiliations and activities of the president's adult sons, Donald Trump Jr., Eric Trump, and Barron Trump, who are listed as "Web3 Ambassadors" for WLFI, which is developing its own stablecoin, USD1.

Their involvement, the Senators noted, could be perceived to generate an "appearance of impropriety," especially given the administration's role in setting the regulatory framework for stablecoins.