Andrew Tate Returns to Cryptocurrency Trading After Loss
Former kickboxing champion and controversial influencer Andrew Tate is back at cryptocurrency trading following a financial setback with Kanye West’s YZY token.
On Tuesday, Tate’s long position associated with the Trump family-linked World Liberty Financial (WLFI) token was liquidated, resulting in a total loss of $67,500 on the decentralized exchange Hyperliquid.
In spite of the loss, Tate continued to place bets on the appreciation of WLFI’s price, “immediately” establishing another long position, as reported by blockchain data platform Lookonchain in a Tuesday post on X.
The liquidation took place less than two weeks after he initiated a 3x leveraged short position on the Kanye West-linked YZY token, which brought his cumulative losses close to $700,000 within a single Hyperliquid account.
Tate’s losses occurred just one day after the WLFI token began trading on exchanges on Monday, a project associated with the Trump family.
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After the listing, WLFI experienced a decline of approximately 36%, dropping from a high of $0.331 to a low of $0.210, before slightly recovering to trade above $0.2420 as of 8:42 am UTC. According to CoinMarketCap data, WLFI is down over 21% since its launch.
Token Unlock and Project Developments
A significant token unlock introduced 24.6 billion tokens into WLFI’s circulating supply on Monday, raising the Trump family’s holdings to $5 billion.
The project had previously indicated that the WLFI allocations would initially be locked for founders, which include Donald Trump and his three sons: Donald Trump Jr., Barron Trump, and Eric Trump.
Governance Proposal Post-Dip
Following the post-launch decline of the WLFI token, the platform proposed a new governance initiative aimed at implementing a token buyback and burn program funded by protocol-owned liquidity fees.
WLFI suggested utilizing 100% of the protocol fees generated from the platform’s own liquidity positions across Ethereum, BNB Chain, and Solana to repurchase WLFI tokens from short sellers on the open market, with the intention of permanently removing them from circulation through burning.
Such mechanisms are designed to reduce the circulating supply of a token while simultaneously increasing demand through buybacks.
At the time of publication, the majority of respondents had shown support for this governance proposal. However, the proposal lacked specific information regarding the amounts generated by the platform’s fees, making it challenging to assess the potential market impact that the token buybacks could have on WLFI.
