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Early Crypto Traders Had Speedy Profit on Trump Coin as Others Suffered Losses
Some traders made tens of millions off a new cryptocurrency launched by President Trump and his sons. Many others lost out.Winners and Losers. It's all Transactional. Can anybody think of any other President and their family who would've and could've weathered this sort of event without being condemned for a myriad of reasons? Seriously.
The curious trade came a little past 9 p.m. on Jan. 17 — a $1,096,109 bet less than two minutes after the soon-to-be president of the United States posted on his social media account that his family had issued a cryptocurrency called $Trump.
In those first minutes, a crypto wallet with a unique identification code beginning 6QSc2Cx secured a giant load of these new tokens — 5,971,750 of them — at the opening sale price of just 18 cents each, starting a surge in the $Trump price that would soon reach $75 per token.
This early trader, whose identity is not known, walked away with a two-day profit of as much as $109 million, according to an analysis performed for The New York Times.But the fast profits for early traders, whose names are unknown but some of whom appear to be based in China, came at the expense of a far larger number of slower investors who have cumulatively suffered more than $2 billion in losses after the price of the token crashed.
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