In this news:
MELANIA Trump has reportedly helped a group of cryptocurrency traders scoop a $100 million fortune.
An investigation has revealed that the first lady’s savvy supporters struck gold by buying her meme coin minutes before it went public.
Donald and Melania Trump both launched meme coins just before he took the presidential office for a second term earlier this year.
The coins are a sort of digital collectible with no real value.
They are a highly speculative form of cryptocurrency that are mostly minted as jokes.
The president’s meme coin features a cartoon image of Trump raising his fist after surviving the attempted assassination in July 2024.
It was marketed with pictures of him raising his fist and his quote from after his assassination attempt of “FIGHT FIGHT FIGHT.”
His wife released her own crypto token, $MELANIA., which initially traded with a value of $2 billion, on the eve of his inauguration.
Donald’s daughter Ivanka Trump also released her crypto coin.
The release of the cryptocurrency meme coins drew attention at the time, especially from presidential ethics specialists, reported The Guardian in January.
Now, another British newspaper, the Financial Times, has reported that its investigation revealed traders purchased approximately $2.6 million worth of tokens just moments before the public announcement.
It noted, “A small group of traders gained a $99.6 million windfall by acquiring Melania Trump’s cryptocurrency token in the moments prior to its public release.”
The U.S. Sun has contacted the White House for comment on the paper’s findings.
Melania unveiled her crypto coin via a Truth Social post hours before her husband’s presidential inauguration.
The New York Post explained today, “The profits were swiftly realized, with approximately 81% of the purchased coins sold within just 12 hours after Melania Trump’s announcement.
“This rapid turnover strategy is common among cryptocurrency speculators, known colloquially as ‘snipers,’ who exploit early knowledge to generate massive returns.”
The BBC News reported in January that disclaimers on the websites of both the $Trump and $Melania coins said they were “not intended to be, or the subject of” an investment opportunity or a security.
It added that her meme coin came from her own incorporated company MKT World LLC, which is a firm she has used since 2021 for various ventures including selling portraits of her as first lady.
The Associated Press reported in February that Donald Trump has embraced his unofficial role as the “crypto president ” in ways that can “both help the crypto industry and enrich himself and his family.”
The news agency added in April, “The president and first lady launched meme coins a sort of digital collectible with no real value just before taking office earlier this year.
“The move was panned by critics as an unseemly cash grab that undermines an effort to legitimize digital assets.”
Finance professor Carol Alexander, of Sussex University, told The UK Sun in January: “There’s more to it than pure monetary gain for Trump.
“It’s a way of showing the world that he’s above the law.”
.png)
