532
'Dumping like crazy': Trump accused of 'rugpull' scheme now valued at $32 billion
(www.rawstory.com)
this post was submitted on 19 Jan 2025
532 points (98.7% liked)
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80%. Hmm.
https://www.axios.com/2025/01/19/trump-meme-coin-what-to-know
It'd be interesting to see who is buying.
I mean, yeah, one possibility is that it's supporters getting fleeced here, which is what the article is proposing.
But I suppose, without having a lot of familiarity with the structure here, that it could also be a route to launder funds. Supposing I wanted to bribe the President to do something. If I buy this, I'm increasing the value of the asset, and most of that asset is held by Trump -- that's functionally transferring wealth to Trump's pockets.
If I buy, say, shares in a publicly-traded company, then the SEC can see what's going on. But I don't think that they have direct visibility into who is purchasing coins on a coin exchange.
EDIT: Hmm. Okay, so I'm not really in the loop on this -- not something that I've been super-interested in -- but it does sound like (a) they assert that they do have that ability and (b) exchanges have not been doing so.
https://www.sec.gov/newsroom/press-releases/2023-102
This is blatantly a bribery scheme, with untraceability as a feature. Everyone knew it was coming, and there's nothing to be done about it because the recipient now controls the Justice Dept, which is the only organization that's likely to have the resources to trace the payments.
It's all traceable.
Doesn't matter because the president is immune from the law.
This is clearly “official duties”for Trump lmao
Considering they're arguing that stuff he did before he even got elected in 2016 counts as "official presidential duties," it seems nothing is off the table as an official act.
Yep, it doesn’t feel like a pump n dump, but very public bribery.
Hard to tell for sure, but it’s got a strange flavour to it.
Time will tell.
Eventually it'll dump. I can't imagine this coin having much utility post-Trump presidency, whenever and however that ends.
I mean, I just don't have the expertise to say on the legal/regulatory side. Someone who has a background in securities and has been following the cryptocurrency situation would probably be in a better position.
I suppose that there will be people who do have such a background looking at it. The fact that it's the President -- who is in charge of the Executive Branch -- and that most media that might be reporting on it has a partisan position makes this a lot more complicated.
Still, wouldn't be the first time that we've run into high-level graft in the Executive Branch. Dealt with it then.
Lots of foreign nations. Lots.