The world's first fully liquid asset. One small glass bottle of genuine squid ink, in a box, for the discerning ink-vestor. Write with it, paint with it, or put it on pasta.
Fig. 1 — the asset, live. Scroll; it follows you down.
Other assets claim to be liquid. Ours sloshes. Each bottle holds 90 g of dark, opaque, slow-moving value, sourced from an animal famous for releasing a cloud and leaving when anyone asks a question.
“I want it back.”
— the squid
Lock in. Show up. Get stained.
Total supply
100 bottles
No more will ever be made, unless we change our minds.
Backing
1:1 by squid
Fully collateralized in cephalopod.
Peg
Stain-ablecoin
Pegged permanently to whatever it touches.
Technology
Blot-chain
Every transaction leaves a record, usually on your shirt.
Lockup
Cork
Vests whenever you find a corkscrew.
Governance
Non-binding
Holders may vote on what to do with the bottle. Results are non-binding.
Transparency
It's squid ink.
None
Yield
1 stain / drop
Compounding. Try the simulator below.
YIELD SIMULATOR v0.0.1
One stain per drop, compounding. Results not typical. Results extremely typical.
Stains yielded
7
A modest stain portfolio.
Bottle.
Box.
You own a bottle in a box.
Real receipts. No squid.
Squid ink is a smoke screen. This part isn't. Here's what public filings, court dockets and major reporting say about World Liberty Financial, Inc., the company we're making fun of. Every receipt names its source; allegations are labelled as allegations.
ITEM WLF announced $550M in token sales (release, Mar 17, 2025).
NOTE Its amended SEC Form D reports $52.1M sold in the U.S. The rest was sold abroad under Regulation S, which needs no Form D.
SOURCE: SEC Form D/A, CIK 2043140, Jul 3, 2025
ITEM Pitched as funding a DeFi platform.
NOTE The Form D/A lists $50.7M of gross proceeds paid to named related persons, about 97% of U.S. sales.
SOURCE: SEC Form D/A, Jul 3, 2025
ITEM Trump-affiliated DT Marks DEFI LLC: about 60% equity (Jan 2025).
NOTE About 40% by June 2025, then 38%. Changed through website edits, not announcements.
SOURCE: Forbes; CoinDesk, Jun 20, 2025; CNBC
ITEM Jan 2025: a UAE vehicle tied to Sheikh Tahnoon bin Zayed agrees to buy 49% of WLF for $500M.
NOTE The public learned of it from the Wall Street Journal a year later. The White House says there are no conflicts of interest.
SOURCE: Wall Street Journal, Feb 1, 2026
ITEM In Justin Sun’s federal suit, WLF’s ownership disclosure first named a single Florida owner.
NOTE Amended Aug 26, 2026: 22 members, incl. UAE citizens. WLF says counsel learned late. Sun seeks sanctions; hearing Dec 10, 2026.
SOURCE: Sun v. World Liberty Financial LLC, N.D. Cal. No. 3:26-cv-03360
ITEM Both sides agree a blacklist function froze Justin Sun’s WLFI tokens.
NOTE Sun alleges it was undisclosed. WLF disputes this and is suing him for defamation. No court has ruled.
SOURCE: Sun complaint, Apr 21, 2026; WLF suit, Miami-Dade, May 4, 2026
ITEM ALT5 Sigma’s Aug 2025 filing: Eric Trump “becomes a Director.”
NOTE A later SEC filing made him a board observer. The nomination was dropped.
SOURCE: ALT5 Sigma 8-K filings, Aug 2025
ITEM Apr 2026: about $75M borrowed against WLF’s own tokens, on a protocol co-founded by a WLF adviser.
NOTE WLF: “nowhere near liquidation.” Later reports put the debt at $150–162M; not reconciled.
SOURCE: CoinDesk, Apr 12, 2026; Unchained
ITEM Sen. Blumenthal (Senate PSI ranking member): no responsive records in 18 months; deadline Jan 4, 2027.
NOTE WLF’s lawyers dispute his claims.
SOURCE: Blumenthal letter to WLF, Nov 5, 2026
Totals as of Nov 12, 2026. No court has made findings on the merits of these disputes, and no federal enforcement action against World Liberty Financial has been publicly reported. Figures come from public filings and press reports and may change. Primary documents: SEC Form D/A · Blumenthal letter
Please scroll all the way down to continue
Every word, so you don't have to. Each card below gives the plain-English version first, then their exact words in yellow, quoted from WLFI's Terms of Service (updated Oct 1, 2026), then why it matters. Plenty of it is standard crypto boilerplate. That's sort of the point.
§2.1 · Custody
“we do not ever have custody, possession, or control of your digital assets at any time.”
The WLFI token contract has a function that freezes a holder’s tokens. WLF used it on Justin Sun’s. Both sides agree on that much.
§2.1 · Purpose
“The Interface is for informational purposes only.”
The Interface is their website. Its buttons say Supply, Borrow and Connect wallet, which is a lot of doing for something that only informs.
§2.2 · Fees
“WLFI is entitled to receive from integration and marketing fees from Dolomite.”
Typo theirs. You must accept Dolomite’s terms before you even reach these. Dolomite was co-founded by a WLF adviser, and WLF borrowed about $75M there against its own token.
§2.2 · Who you are
“exclusively for business purposes and do not intend to use any borrowing or lending services for personal, family, or household purposes.”
“Personal, family, or household” are the words consumer-credit laws use for the loans they protect. Agree that you are a business and those protections generally stop applying to you.
§2.5 · Prices
“not necessarily current to “real time” or accurate to any particular degree”
Their words: not necessarily current, and not accurate to any particular degree. Our yield simulator meets the same standard, and it is a joke.
§13 · Liability
“BODILY INJURY, OR DEATH OR OTHER INTANGIBLE LOSSES”
That is how the list of things they are not liable for ends. Whatever happens, the most they owe you is $5,000 or what you paid them, whichever is greater.
§13 · Release
“YOU WAIVE THE BENEFITS AND PROTECTIONS OF CALIFORNIA CIVIL CODE § 1542”
Section 1542 is the California law that says a release doesn’t cover claims you didn’t know about when you agreed to it. These terms have you waive it, in capitals.
§9 · Deadline
“within thirty (30) days of the date it arises or becomes known”
You have thirty days to flag a problem. After that comes a mandatory call that you must attend in person, even if you have a lawyer.
§9 · Silence
“neither a party nor its representatives may disclose the existence, content, or results of any arbitration”
Nobody may reveal that an arbitration happened, what was said in it, or how it ended, unless everyone involved consents in writing.
§9 · Crowds
“In the event that 25 or more individual claims are filed”
Twenty-five unhappy customers get heard in batches of five, with mediation breaks in between. Customer twenty-five waits a while.
§2.5 · Drafting
“To the fullest not prohibited by Applicable Law”
A word is missing from that sentence. See also “from any from any,” “set forth in Section are severable” (which section?), and “your Account” in terms for a service with no accounts.
Preamble · Who
“World Liberty Financial LLC, a Florida limited liability company”
These terms are with a Florida LLC. Delaware law governs, disputes go to Miami, and notices go to Plantation, FL. The SEC filings are from a different entity: World Liberty Financial, Inc., of Delaware.
Ink. It was always ink.
It is a liquid.
Yes. Hand it to someone.
The squid lives in the dark. So will you.
Yes. Pairs well with linguine and plausible deniability.
No. You are thinking of the ink.
All spills are final.
Edition of 100. Signed, numbered, corked. Get in before it dries up.
New listing
The squid, embroidered on a hat. Finally, a cap table you can get on. Fully diluted valuation: one hat.