0311
Diamond Member
At the gala dinner President Trump held last month for those who bought the most Trump cryptocurrency, the champion spender was the entrepreneur Justin Sun, who had put down more than $40 million on $Trump coins. Mr. Sun had a good reason to hope that this investment would pay off. He previously invested $75 million in a different Trump crypto venture — and shortly after the Trump administration took office in January, the Securities and Exchange Commission paused its lawsuit against him on charges of cryptocurrency fraud.
The message seemed obvious enough: People who make Mr. Trump richer regularly receive favorable treatment from the government he runs.
The cryptocurrency industry is perhaps the starkest example of the culture of corruption in his second term. He and his relatives directly benefit from the sale of their cryptocurrency by receiving a cut of the investment. Even if the price of the coins later falls and investors lose money, the Trumps can continue to benefit by receiving a commission on future sales. Forbes magazine estimates that he made about $1 billion in cryptocurrency in the past nine months, about one-sixth of his net worth.
The message seemed obvious enough: People who make Mr. Trump richer regularly receive favorable treatment from the government he runs.
The cryptocurrency industry is perhaps the starkest example of the culture of corruption in his second term. He and his relatives directly benefit from the sale of their cryptocurrency by receiving a cut of the investment. Even if the price of the coins later falls and investors lose money, the Trumps can continue to benefit by receiving a commission on future sales. Forbes magazine estimates that he made about $1 billion in cryptocurrency in the past nine months, about one-sixth of his net worth.
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