The family of US President Donald Trump has generated pre-tax gains of around $1 billion in the past year from their diverse array of crypto-related ventures, a new investigation reveals.
Per the Financial Times, the TRUMP and MELANIA coins, memecoins tied to himself and his wife, reportedly generated around $427 million. Meanwhile, WLFI token sales fetched approximately $550 million.
“USD1 is very important to us and that should be very important, frankly, to anyone,” said Zach Witkoff, CEO of World Liberty Financial, at Token2049 event in Singapore early this month.
The stablecoin project USD1, one-to-one backed by US Treasuries, has raised $2.71 billion from the company’s gains from reserves and fees.
Besides, Abu Dhabi’s sovereign wealth fund-backed MGX reportedly provided $2 billion in funding to Binance, using USD1 stablecoin.
The investigation revealed that private investors have poured billions into the Trump family-backed crypto empire. For instance, Chinese blockchain entrepreneur Justin Sun invested $75 million in WLFI. But later faced a wallet blacklist impeding him from transferring WLFI tokens.
“My father was the first guy to run as sort of a pro crypto president. He saw the need,” said Donald Trump Jr., the eldest son of President Trump, during a panel at Token2049 Singapore. In May, the President scheduled a private dinner, limiting entry to the top 220 buyers of the memecoin, with total purchases exceeding $150 million.
Trump family members, including his sons Donald Trump Jr. and Eric Trump, have actively promoted their crypto ventures using the family brand and political influence, the FT report noted.
