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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113602874695465457">Molly White (molly0xfff@hachyderm.io)'s status on Friday, 06-Dec-2024 08:45:07 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113602866410141744" rel="in-reply-to">in reply to</a></div></section><article><p>Shady crypto businessmen are already using Trump’s crypto project to funnel money to him, with Justin Sun “investing” $30 million to land an “adviser” role. That should be helpful as he seeks to get out of his various lawsuits and alleged investigations.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a> <a href="https://hachyderm.io/tags/USpol" rel="tag">#USpol</a> <a href="https://hachyderm.io/tags/USpolitics" rel="tag">#USpolitics</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4131775#notice-8074752">In conversation</a><time datetime="2024-12-06T08:45:07+09:00" title="Friday, 06-Dec-2024 08:45:07 JST">about 2 months ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113602874695465457" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113602874695465457">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3639296">Justin Sun
Pro tip: If you’re one of the shadiest players in the cryptocurrency industry and want to avoid mainstream press attention on your $30 million bribe to the US president-elect via his cryptocurrency grift, just spend another $6 million on a concept art piece involving a real banana, and eat it.d That stunt will land you no fewer than five New York Times articles (plus a letter to the editor) in the span of eight days, with not a single mention of the Trump contribution.I will give his backstory as briefly as I can, but I’m afraid it won’t be very brief. In 2017, Chinese citizen and then-resident Justin Sun launched an ICO for his Tron project, raising $70 million days after China banned ICOs, and then fled the country. He bought BitTorrent and tried to turn it into a cryptocurrency company by merging it with Tron, shocking BitTorrent executives who realized that Sun’s “market making” operations were just blatant insider trading. He did another ICO, this time shopping for a lawyer who would agree to write a letter he hoped would shield him from liability if he was later sued by the US SEC (and he was [W3IGG]). He bought the Poloniex cryptocurrency exchange from Circle, after their attempt to turn it from “shitcoin casino numero uno” (as per a former employee) into a legitimate operation failed upon the realization that the lax standards were the whole selling point. Sun promised to return it to its original anything-goes glory, at one point screaming at an employee</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/602/868/599/912/146/original/ccc57017cb144551.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/602/868/599/912/146/original/ccc57017cb144551.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3639297">Justin Sun has since amassed an even larger collection of companies, many of which he pretends he doesn’t own or control. These include the Huobi exchange (which he rebranded to HTX), BitGlobal, and the TrueUSD stablecoin project. In September 2023, Huobi/HTX was hacked for $8 million [W3IGG]. In October 2023, TrueUSD either lied about having no affiliation with a token called $TEURO, or the TrueUSD deployer was compromised [W3IGG]. In November 2023, Poloniex was hacked for over $120 million [W3IGG]. Less than two weeks later, Huobi/HTX and its Heco Chain project were hacked for $115 million [W3IGG]. In May 2024, Crypto Critics Corner put out an episode presenting a rather convincing argument that Justin Sun is insolvent. They also outlined the incredible shadiness around his companies’ “proofs of reserves”, including the fact that multiple of his companies seem to be counting the same pool of assets as reserves.23The crypto community distrusts Sun so much that an August announcement that BitGlobal (and thus Sun) would be helping to manage custody for wrapped bitcoin (WBTC) caused a mass exodus from the token. MakerDAO enthusiastically voted to stop accepting WBTC as collateral (before changing their minds after assurance that Sun didn’t have as much influence over WBTC management as they initially thought). Coinbase announced their own wrapped bitcoin product to use instead, and delisted WBTC. Kraken also announced a wrapped bitcoin product.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/602/871/578/255/359/original/19cdb7aa0a031c8e.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/602/871/578/255/359/original/19cdb7aa0a031c8e.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3639298">So all this to say: who better for Donald Trump’s World Liberty Financial to bring on as its newest “adviser”? All it took was Sun’s purchase of $30 million worth of WLFI tokens,e which appears to be about as blatant an attempt to get out of the SEC’s crosshairs as the election spending by Coinbase, Ripple, and others. I’ve mentioned WLFI’s disappointing sales in previous issues [I68, 69, 70], and indeed the project had only sold around $20 million worth of the WLFI tokens in total until Sun came along, so the $30 million purchase certainly caught Trump’s attention. World Liberty Financial announced his advisory position in a tweet that described Sun, as is his preference, as merely “an advisor to HTX” and “a supporter of BitTorrent”. It played up his attendance of the University of Pennsylvania, which would've seemed like a bizarre thing to mention if it wasn’t so clear that it was an attempt by WLFI to downplay that Sun is a Chinese national.24Now, Sun is telling reporters: “In terms of the friendly level [for] the crypto business, I think we could even say the best [jurisdiction] is the U.S.“25 He’s certainly hoping to make it so, especially for his incredibly sketchy brand of “crypto business”.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/602/872/964/107/271/original/2f4afaa08c8329b5.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/602/872/964/107/271/original/2f4afaa08c8329b5.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Friday, 06-Dec-2024 08:45:07 JST Molly White
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Shady crypto businessmen are already using Trump’s crypto project to funnel money to him, with Justin Sun “investing” $30 million to land an “adviser” role. That should be helpful as he seeks to get out of his various lawsuits and alleged investigations.
#crypto #cryptocurrency #USpol #USpolitics
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