Trump's Crypto Dinner Raises Red Flags Over Potential Predatory Scheme
A recent dinner hosted by President Donald Trump has raised suspicions about potential predatory schemes in the crypto market. According to Russ Buettner of The New York Times, the event appears to be a way for Trump and his family to profit from investors.
Buettner notes that this is not the first time Trump's crypto dealings have been criticized. In fact, his previous venture was widely panned by the crypto industry for being a 'rug pull' or pump-and-dump scheme.
The tokens in question are essentially worthless unless someone else is willing to pay more for them. They don't have any inherent value and can't be used to purchase other goods.
Buettner estimates that those who bought the tokens when Trump first entered office made over $10 million each, while almost everyone else lost around $700 million.