The family of U.S. President Donald Trump has earned over $1 billion from cryptocurrency projects, according to an investigation by the Financial Times.
This figure does not account for tax deductions. Eric Trump, the politician’s son, confirmed to the publication that the actual profit is “likely much higher.”
Trump’s Crypto Empire
The centerpiece of Trump’s crypto empire is the DeFi platform World Liberty Financial (WLFI), launched by his sons. On the platform’s website, the U.S. President is listed as an “honorary co-founder.” Through two funding rounds, the project raised $590 million in investments.
In June, it was revealed that the head of the United States earned over $57 million from selling WLFI tokens. His family’s stake in the project reached $5 billion. According to Financial Times estimates, World Liberty Financial has generated at least $550 million for Trump since the beginning of the year.
The President also gained significant profits from meme coins TRUMP and MELANIA, totaling $427 million. However, the value of both coins has since plummeted by more than 90% from their historical peaks.
The WLFI-issued stablecoin USD1 enriched the Trump family by $42 million. The asset ranks fifth in market capitalization among “stablecoins,” with a figure exceeding $2.7 billion.
The President’s personal stake in the parent company of Truth Social — Trump Media & Technology Group — is valued at $1.9 billion. The firm actively invests in cryptocurrencies and filed for registration of a cryptocurrency blue-chip ETF.
On October 15, the U.S. approved the launch of a new crypto bank, Erebor, reportedly linked to the U.S. President. It was founded by the politician’s friends, including billionaire Peter Thiel. The organization plans to work with stablecoins, reports the Financial Times.
In September, the politician sued The New York Times and book publisher Penguin Random House over attacks on his meme coin.