Trump's Crypto Promises Crash Amid Multimillion-Dollar Losses

Donald Trump's promises to crypto investors were broken, but his own fortune in the sector has grown exponentially. The U.S. president stoked enthusiasm for a market he once called a 'scam,' and thousands of investors lost millions as a result.

Trump's children founded World Liberty Financial (WLF), a company that traded digital assets, which became one of the Trump Organization's most valuable assets. WLF signed dozens of deals with firms in the sector, accumulating tokens in a strategic reserve. These tokens rose in price due to the Trump effect, but soon plummeted as the crypto market fell.

The $TRUMP memecoin, launched by Trump and his associates, reached a market value of over $10 billion before collapsing within hours. A report by Nansen estimates that nearly one million investors who bought $TRUMP lost at least $3.81 billion.