Trump's Crypto Windfall Sparks Ethics Concerns

Donald Trump's crypto ventures have raised concerns about old-fashioned Ponzi schemes and ethics.

The president launched his own memecoin, $TRUMP, a few days before his inauguration in 2024, which reached a peak price of around $74 but later cratered to under $3 in September.

A small group of early investors made multimillion-dollar profits, while most buyers lost nearly $4 billion as of earlier this year, according to the New York Times analysis.

The president and his business partners raked in transaction fees regardless of the memecoin's price, with Trump walking away with a $636 million payout.