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'Greatest Corruption in Presidential History': Trump Family Reaps $5 Billion More in Crypto Profits (www.commondreams.org)

submitted 5 days ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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The currency, known as WLFI, is owned by World Liberty Financial, a company founded by the president's sons, Donald Trump, Jr., and Eric Trump. A Trump business entity owns 60% of the company and is entitled to 75% of the revenue from coin sales.

Crypto is now the dominant source of Trump's wealth. As an investigation by the anti-corruption group Accountable.US found last month, "President Trump's net worth could roughly be $15.9 billion, with about $11.6 billion in uncounted crypto assets," meaning that the digital currencies now make up 73% of his total net worth.

In addition to the tokens owned by World Liberty Financial, it found that two Trump-affiliated companies owned 80% of the $TRUMP meme coin as of May and had collected over $324 million in fees since Trump took office in January.

Meanwhile, Trump Media, which owns his online platform Truth Social, bought $2 billion worth of Bitcoin in July and reserved another $300 million in Bitcoin options.

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[–] grue@lemmy.world 13 points 5 days ago

Trump should've been impeached on Inauguration Day for violating the Emoluments Clause.

Inauguration Day 2017, let alone 2025!