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As some of Trump’s most devoted supporters from the crypto world were clinking champagne flutes at the industry-funded black-tie “Crypto Ball”, Trump was elsewhere, launching his own $TRUMP memecoin.b There had been no signal that this was coming, and it took the crypto world by surprise. Some, myself included, wondered if Trump’s Twitter was the latest casualty of a years-long slew of incidents in which high-profile Twitter accounts are compromised and used to shill fake crypto projects [W3IGG]. We had reason to be suspicious: the token was launched without any of the usual teasers and other crowdwork typical of Trump’s other crypto ventures. The wallet used to create the token was funded with deposits from Binance and Gate.io, two crypto exchanges that are not supposed to be available to US traders (and a particularly odd choice for a president demanding that crypto be “made in the USA”). His wealthy backers at exchanges like Coinbase and Kraken appeared to be as surprised as everyone else, and it took them several days to list the token — losing them substantial trading volume compared to if they had been in on the plan from the getgo.

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As some of Trump’s most devoted supporters from the crypto world were clinking champagne flutes at the industry-funded black-tie “Crypto Ball”, Trump was elsewhere, launching his own $TRUMP memecoin.b There had been no signal that this was coming, and it took the crypto world by surprise. Some, myself included, wondered if Trump’s Twitter was the latest casualty of a years-long slew of incidents in which high-profile Twitter accounts are compromised and used to shill fake crypto projects [W3IGG]. We had reason to be suspicious: the token was launched without any of the usual teasers and other crowdwork typical of Trump’s other crypto ventures. The wallet used to create the token was funded with deposits from Binance and Gate.io, two crypto exchanges that are not supposed to be available to US traders (and a particularly odd choice for a president demanding that crypto be “made in the USA”). His wealthy backers at exchanges like Coinbase and Kraken appeared to be as surprised as everyone else, and it took them several days to list the token — losing them substantial trading volume compared to if they had been in on the plan from the getgo.
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Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 25-Jan-2025 02:12:07 JST Molly White
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Trump’s memecoin did not exactly receive a warm welcome from much of the crypto world, who were horrified that their crypto president would tarnish the industry’s sterling reputation by doing a blatant cashgrab.
#crypto #cryptocurrency #USpolitics #USpol

In conversation about 5 months ago from hachyderm.io permalink