World Liberty Financial (WLFI), a cryptocurrency project with associations to former President
Donald Trump, has permanently taken out of circulation 47 million WLFI tokens, which are valued at over $11 million.
The project announced on X, formerly Twitter, on September 2nd, in
a statement, that this burn represents the first significant step in deploying their planned buyback and burn governance model, designed to bolster the token’s economic foundations.
According to their declaration, the tokens were retrieved directly from the project’s unlocked Treasury holdings and subsequently sent to burn addresses, effectively expunging them from the total supply indefinitely.
WLFI articulated that this action is intended to concentrate token ownership among dedicated, long-term holders, while concurrently diminishing the overall number of tokens available on the market.
“We are building for decades, not mere days,” WLFI communicated in their formal announcement, acknowledging that the token’s performance in the immediate short-term may have been underwhelming for some investors.
Nonetheless, the platform emphasized that initial supporters who acquired tokens within the $0.015 to $0.05 range have already experienced a level of market acknowledgement of the governance token’s intrinsic worth.
Security measures against phishing attacks
In tandem with the token burn, WLFI has implemented comprehensive security protocols by blacklisting numerous wallet addresses suspected of being compromised through private key theft.
This intervention is a direct response to warnings from cybersecurity authorities regarding hackers exploiting
Ethereum’s EIP-7702 standard to
target those claiming WLFI tokens.
The widespread blacklisting actions have successfully thwarted attempted thefts from the project’s Lockbox system, with on-chain records validating that the compromised addresses were indeed blocked.
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WLFI is currently providing assistance to legitimate token holders who have been impacted and require aid in recovering access to their assets.
WLFI praises token launch
WLFI and its leadership have celebrated the initial token offering as a top performer in the cryptocurrency sphere.
Eric Trump, son of the former US President, publicly declared the token debut to be a triumph in
a post on X, accentuating the substantial price growth from its initial offering price.
He highlighted that WLFI fluctuated between $0.20 and $0.28 within the first 24 hours after its public launch, which translates to almost a 20-fold increase for early adopters who had acquired tokens at the initial price of $0.015.
Despite this initial surge, WLFI’s market valuation has seen a decrease of around 50% since its debut on Monday. The token is currently valued at approximately $0.22 on prominent exchanges.
However, the project has addressed the performance claiming it’s “uncommon”.
According to the team:
“WLFI was initially listed at $0.20. After absorbing early sellers and ~$6B in perp volume on Binance alone, WLFI still trades above list—very uncommon for day-1 launches.”