Donald Trump’s crypto project made at least $350mn from the launch of his memecoin, a windfall that is likely to fuel concerns over conflicts of interest arising from the token.
Digital wallets owned by the entities running the scheme earned the money from sales of $TRUMP in the three weeks after it was launched in January, according to a Financial Times analysis of blockchain data.
Trump has faced a fierce backlash since he and his wife Melania launched memecoins, tokens with no practical use whose value is entirely based on speculation, just days before his return to the White House. Investors and ethics experts have said the sale of crypto tokens would in effect allow a way to channel anonymous donations to the president while also exploiting retail investors.