President Donald Trump's financial dealings have come under scrutiny after it was revealed he made more than $1.4 billion in crypto earnings last year, while hundreds of thousands of investors lost their shirts.
The controversy surrounding Trump's crypto ventures began to unfold when his family launched the main crypto firm, World Liberty Financial, in 2024, during his third presidential campaign.
Trump had been making overtures to the crypto industry beforehand, promising to fight for a national Bitcoin reserve and securing backing from billionaire executives. The industry emerged as the top sector donating in the 2024 elections, with Trump's administration subsequently scaling back efforts to police the industry and stop crypto scams.
The UAE's royal family bought nearly half of World Liberty Financial in December 2024, injecting $187 million into Trump family entities. This move was seen as a striking transaction given World Liberty's mission to 'democratize a new financial system.'
Trump's meme coin, featuring an image of his triumphant fist pump after surviving the assassination attempt in Butler, Pa., made him around $636 million last year.
Roughly two-thirds of those who bought Trump's meme coin have lost money, with total losses totaling $3.81 billion as of late June. Another analysis found that 85 percent of buyers in one of World Liberty's tokens are also in the red.