Trump fortune balloon by billions after family firms crypto token starts trading
8 days ago
- #Trump
- #cryptocurrency
- #finance
- Trump family's cryptocurrency venture, World Liberty Financial, launched $WLFI tokens, adding $5bn to their fortune.
- $WLFI tokens debuted at $0.30 but fell to $0.20 on the first trading day, with $1bn traded in the first hour.
- The token's market cap reached nearly $7bn, ranking it as the 31st largest crypto token.
- Major exchanges like Binance, OKX, and Bybit list $WLFI tokens.
- Trump family has earned around $500m from the project, with ownership of 25% of tokens boosting their fortune by $5bn.
- Trump, labeled a 'co-founder emeritus,' owns an unspecified amount of $WLFI but is barred from selling them.
- Early investors were drawn to $WLFI due to Trump's backing and expectations of value growth.
- Making tokens tradable enables price speculation, trading fees for exchanges, and broader investor interest.
- Critics, including Democratic lawmakers, argue Trump's crypto ventures create conflicts of interest amid regulatory changes.
- The White House denies conflicts, stating Trump's assets are managed by his children in a trust.