Donald Trump
Trump crypto venture WLFI is a ‘huge mistake,’ investor says
Published
2 weeks agoon
By
adminThe latest Trump family business venture — originally pitched as a DeFi platform dubbed “The Defiant Ones,” but has since been rebranded as World Liberty Financial — is fraught with controversy just days after it was unveiled.
While Trump’s eldest sons, Eric Trump and Donald Trump Jr., are “ambassadors” of World Liberty Financial, CoinDesk reports that the once “Defiant” company is also linked to individuals involved in liquidity protocol Dough Finance.
Recall how Dough Finance lost $1.8 million in Ethereum (ETH) and USD Coin (USDC) to a flash-loan attack on July 12.
Zachary Folkman and Chase Herro – the duo that built Dough Finance — are bosses at the new Trump-led firm, too. They started the companies Date Hotter Girls LLC and crypto-focused Pacer Capital, respectively.
Trump first endorsed the decentralized finance project in an Aug. 22 post on Truth Social. He posted about it again on Aug. 29 (by then it was dubbed World LibertyFi).
The X accounts of two of his family members were subsequently compromised and used to promote a fake Solana-based memecoin. One of the targets was Lara Trump, who is co-chair of the Republican National Committee.
The whole initiative sounds fishy to crypto venture capitalist and Trump supporter Nic Carter, who didn’t mince words on the matter. “This is a huge mistake,” he said per Politico. “It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the goodwill that’s been built with the industry so far.”
“Goodwill?” It’s worth mentioning that some of the sector’s most famous names have been found guilty of fraud.
Former Binance CEO Changpeng Zhao received a four-month sentence in prison; crypto entrepreneur Do Kwon spent more than six months in a Montenegrin prison; and FTX founder Sam Bankman-Fried was sentenced to 25 years in prison.
Trump is also no stranger to having his business ventures marred by illegalities (see Donald J. Trump Foundation and Trump University). He is also the first former U.S. president to be convicted of felony crimes.
Trump, crypto and trust
Trump, who once said he was “not a fan” of Bitcoin (BTC), has been weaving pro-crypto policies into his stump speeches in the lead-up to the 2024 presidential election.
In May, he became the first major political candidate to accept crypto donations. Crypto celebrants then received a flurry of promises should Trump be re-elected: a government-backed crypto reserve and the firing Gary Gensler, the oft-critiqued current Securities and Exchange Commission chair.
His one-eighty won him the support and financial backing of such deep pockets as Cameron and Tyler Winklevoss — founders of the Gemini exchange — who gave $1 million in Bitcoin each to the former president.
But since then, fraudsters have targeted his so-called “MAGA” base with fake crypto websites and misleading donation centers. In June, a London-based cybersecurity company called Netcraft began monitoring several attacks surrounding the Trump campaign, discovering fraudulent donation schemes and phishing attempts.
The latest scrutiny surrounding World LibertyFi and its World Liberty Coin is no different.
For weeks, the Trump brothers teased a financial venture that would challenge traditional banking. And when it debuted, scammers had plenty of new fodder to work with.
Carter, who remains a Trump supporter (because “Trump himself is only tangentially involved”) warns that the World Liberty project “genuinely damages” the Republican nominee’s electoral prospects. Polls indicate that the presidential race against Democratic Vice President Kamala Harris is extremely tight.
“It’ll be the juiciest DeFi target ever and it’s forked from a protocol that itself was hacked. [It’s] also an obvious target for the SEC,” he wrote on Sept. 3. “At best it’s an unnecessary distraction, at worst it’s a huge embarrassment and source of (additional) legal trouble,”
Source link
You may like
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
Donald Trump
Donald Trump Makes Historic Bitcoin Payment At PubKey
Published
23 hours agoon
September 19, 2024By
adminToday, history was made as President Donald Trump became the first US president to make a Bitcoin payment.
WATCH: 🇺🇸 DONALD TRUMP MAKES FIRST #BITCOIN TRANSACTION AT NYC BAR pic.twitter.com/rAjae6agH1
— Bitcoin Magazine (@BitcoinMagazine) September 18, 2024
The former President showed up to PubKey, a Bitcoin-themed bar located in the heart of Greenwich Village, New York City, to purchase some cheeseburgers (on National Cheeseburger Day) at the establishment, which was packed with Bitcoin enthusiasts there to welcome him.
“I think it’s a great place,” Trump said to Bitcoin Magazine about PubKey, before urging the types of Bitcoin enthusiasts who frequent the bar to vote this November.
“Get out and vote, because if you vote, we cannot lose. We want to get everybody that agrees with you people — and there’s a lot of people — [to vote],” he added.
“They’ve been treating you very badly at the SEC, and we’re going to treat you very fairly.”
Regarding the payment, Trump said it was easy to make and that it went through “quickly and beautifully.”
One of the most historic transactions in #bitcoin history was just made.
President @realDonaldTrump buying burgers at @PubKey_NYC with @tpacchia.
Block height: 861871
You saw it here first. pic.twitter.com/moHUIKDxej
— PUBKEY (@PubKey_NYC) September 18, 2024
After making the transaction, Trump, escorted by one of the bar’s owners, Thomas Pacchia, introduced himself to all in attendance.
“This was one of the most important Bitcoin transactions of all time,” said Pacchia.
“President Trump came to PubKey to connect with the Bitcoin community — to show his support to the Bitcoin community,” he added.
“We are very excited he was here.”
Source link
cryptocurrency
MAGA, FIGHT, and DJT surge as Trump’s crypto project announces WLFI token
Published
3 days agoon
September 17, 2024By
adminDonald Trump-themed cryptocurrencies surged as World Liberty Financial announced a new governance token.
Fight to MAGA (FIGHT) led the charge with a massive surge of over 150%, pushing its valuation to $10.3 million. TrumpCoin (DJT) also saw a strong rally, climbing 28% to reach $0.00032, its highest since Aug. 7, with daily trading volumes near $1 million. Meanwhile, MAGA (MAGA) rose by 18% over the past day, with a daily trading volume of $11.48 million.
All these gains helped push the total market cap of political-themed tokens past $481 million. Meanwhile, the community sentiment around the tokens had also turned bullish according to Coinmarketcap data.
These tokens rallied after Donald Trump’s crypto initiative, World Liberty Financial, announced its plans to release a governance token named WLFI.
WLFI has been advertised as a non-transferable governance token, allowing holders to propose and vote on platform-related matters. Approximately 63% of the total token supply is designated for public sale, with 17% for user rewards, and the remaining 20% for the team and advisors.
While the token’s launch date remains undisclosed, the project team has confirmed that sales will be limited to accredited investors.
Despite the rise on Sept. 17, political-themed tokens have been experiencing a downturn, with their total market cap now down to $481 million.
These tokens tend to gain prominence during election seasons, potentially losing much of their relevance after the elections conclude. Traders often refer to these as “event coins” because their prices are influenced as the date of the related event approaches.
However, in the short term, these coins could see further gains if Bitcoin (BTC) breaks past its previous high, as meme coins often thrive during Bitcoin’s bull runs. Factors that could drive Bitcoin’s price higher include possible cuts in Federal Reserve rates, a weakening US dollar, and a continuing stock market rally.
Source link
Donald Trump
World Liberty Financial, Crypto Project Promoted by Trump Family, Confirms Plan for WLFI Token
Published
3 days agoon
September 17, 2024By
adminAs of now, the token will be sold only to accredited investors under what is known as a Regulation D exemption from the Securities and Exchange Commission (SEC). Regulation D exemptions allow companies to raise capital without registering securities with the SEC, primarily by offering securities to accredited investors or in small, private offerings.
Source link
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
FET price rises as CEX inflows rise ahead of Cudos merger vote
5 Crypto to Sell to Avoid Losses After Fed’s 50 bps Interest Rate Cut
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Binance CEO Says Institutional Investors Grew 40% This Year
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
Federal Reserve Cuts Interest Rates by 50 Basis Points to Address Economic Uncertainty
XRP, SOL stagnate as new rising altcoin seizes the moment with another ATH
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m
Polygon on-chain activity spikes despite MATIC price dip
The Other Satoshis: Bitcoin's Most Important Early Contributors
Trending
- 24/7 Cryptocurrency News1 month ago
Top Crypto News Headlines of The Week
- Bitcoin2 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion2 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 weeks ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Price analysis1 month ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?