Foreign investments surge into Trump family's cryptocurrency holdings, boosting their substantial wealth.
Revamped Report:
Hold on to your hats, folks! The Trump family's riches have hit a new high, courtesy of cryptocurrency, according to a recent report by State Democracy Defenders Action. This nonpartisan organization estimates that a whopping 40% of Trump's net worth now comes from digital assets, amounting to an impressive $2.9 billion!
This crypto boom stems from Trump's personal memecoins, TRUMP (4.69%) and Melania (4.96%), and a substantial stake in World Liberty Financial (WLFI), a crypto exchange affiliated with Trump, launched in 2024.
While the group behind the study maintains its nonpartisan stance, it's led by long-standing critics of the president. Yet, the numbers are enough to make finance gurus do a double-take.
Trump's crypto empire could expand even further. World Liberty Financial recently announced that MGX, a firm backed by Abu Dhabi, plans to invest a staggering $2 billion into the Trump-linked exchange by purchasing its new stablecoin, USD1.
In fact, USD1 has been chosen as the official stablecoin for MGX's investment into Binance, as confirmed by World Liberty Financial co-founder Zach Witkoff at Token2049 on May 1.
Cozy Connections Abound
World Liberty's website sheds some light on the close-knit relationship between the Trumps and the operation: a family-affiliated entity owners a 60% stake and holds 22.5 billion $WLF tokens.
But it's not a one-man show. Other key players include David Sacks, Trump's White House Crypto Czar, who stands to profit from USD1's custodial deal with BitGo - a company in which he still holds a stake. This arrangement was allowed due to a March 5 conflict-of-interest waiver from the White House Counsel.
Steven Witkoff, Trump's Middle East Envoy, is also listed as a co-founder of WLFI, alongside the president's two sons. The details regarding their financial involvement, however, remain elusive.
And let's not forget Justin Sun, a crypto sector heavyweight, who dropped $30 million on WLFI just weeks after Trump won the 2024 election. This deal granted a Trump-affiliated holding company, DT Marks DEFI LLC, an impressive 75% share of the net protocol revenues.
As Trump's crypto empire continues to grow, so do concerns about conflicts of interest. The Trump administration has shown a gradual relaxation of oversight when it comes to the digital asset industry, leading some to question if crypto cronyism is running rampant.
So far, the Trump administration's U.S. Securities and Exchange Commission has dropped numerous lawsuits and investigations against crypto and blockchain companies, including Dragonchain, Coinbase, Gemini, Uniswap, and Ripple. This shift towards a less aggressive regulatory approach could signal a focus on consolidation of wealth, influence, and, quite possibly, dinner invitations to Mar-a-Lago.
From the Logistics Sector: $20 Million Earmarked for Trump's Memecoin
- Trump's digital assets now contribute 40% to his net worth, worth approximately $2.9 billion, as per a report by State Democracy Defenders Action.
- Trump's personal memecoins, TRUMP and Melania, and a substantial stake in World Liberty Financial (WLFI), a crypto exchange linked to Trump, have significantly boosted his wealth.
- World Liberty Financial's latest investment of $2 billion from MGX, backed by Abu Dhabi, will be used to purchase WLFI's new stablecoin, USD1.
- USD1 has been chosen as the official stablecoin for MGX's investment into Binance, as confirmed by Zach Witkoff, co-founder of World Liberty Financial.
- The Trump family, David Sacks, Steve Witkoff, and Justin Sun are among the key players in World Liberty Financial.
- Steve Witkoff, Trump's Middle East Envoy, is listed as a co-founder of WLFI, alongside Trump's two sons.
- Justin Sun bought $30 million worth of WLFI shares weeks after Trump won the 2024 election, securing a 75% share of the net protocol revenues for a Trump-affiliated holding company, DT Marks DEFI LLC.
- The Trump administration's gradual relaxation of oversight in the digital asset industry has led some to suspect that crypto cronyism may be prevalent.
- The U.S. Securities and Exchange Commission, under the Trump administration, has dropped multiple lawsuits and investigations against crypto and blockchain companies like Dragonchain, Coinbase, Gemini, Uniswap, and Ripple, potentially indicating a consolidation of wealth and influence.
