Former kickboxing champion and controversial influencer Andrew Tate has returned to cryptocurrency trading following a financial setback with Kanye West’s YZY token.
Tate’s long position on the Trump family-associated World Liberty Financial (WLFI) token was liquidated for a loss of $67,500 earlier Tuesday on the decentralized exchange Hyperliquid.
Despite the setback, blockchain data from Lookonchain shows that Tate “immediately” opened a new long position on WLFI, signaling continued confidence in the token’s potential.
The liquidation comes less than two weeks after Tate took a 3x leveraged short on the Kanye West-linked YZY token, bringing his total losses on a single Hyperliquid account close to $700,000.
Tate’s loss came just a day after the Trump family-linked decentralized finance project, World Liberty Financial (WLFI), debuted on exchanges on Monday.
Following its listing, WLFI dropped roughly 36%, falling from a high of $0.331 to a low of $0.210, before rebounding slightly to trade above $0.2420 as of 8:42 a.m. UTC. According to CoinMarketCap, the token remains down more than 21% since its launch.
WLFI proposes token buyback after 36% post-launch drop
In response to the WLFI token’s post-launch decline, the platform introduced a governance proposal to implement a token buyback and burn program funded by protocol-owned liquidity fees.
The proposal suggests using 100% of fees generated from the platform’s liquidity positions across Ethereum, BNB Chain, and Solana to repurchase WLFI tokens from short sellers on the open market and permanently remove them from circulation through burning.
Such mechanisms aim to reduce the circulating supply and potentially increase demand for the token.
At the time of publication, most respondents had voiced support for the governance proposal.
However, the plan does not disclose the total fees generated by the platform, making it challenging to gauge the potential impact the token buybacks could have on WLFI’s market performance.
