David Sacks, Trump’s crypto czar, recently sold off $200 million worth of crypto assets, while Trump launched several new cryptocurrency projects.
Sacks' Crypto Asset Sale
David Sacks and his firm Craft Ventures liquidated $200 million in crypto assets. According to Bloomberg, Sacks sold his portfolio, including Bitcoin, Ethereum, and Solana, before Trump's inauguration on January 20. Sacks also divested his stakes in Coinbase and Robinhood, along with his shares in crypto funds Multicoin Capital and Blockchain Capital. Craft Ventures followed suit, selling their interests in Multicoin Capital and Bitwise Asset Management.
Trump's Memecoin and Other Ventures
On the eve of his inauguration, Trump launched his memecoin, Official Trump, which peaked at $15 billion but then lost more than 83% of its value. The project is backed by Trump’s subsidiary CIC Digital and Fight Fight Fight LLC. Additionally, Trump created the World Liberty Financial platform with the WLFI token, in which his sons are reportedly involved. The platform has raised $550 million in token sales, reaching a total funding of $600 million.
Ties with Binance
Binance is reportedly in talks with Trump and/or World Liberty Financial to sell a financial stake in its U.S. arm. The SEC, under Trump-appointed leadership, has halted numerous investigations into crypto-related companies, including Binance, that began under President Joe Biden.
David Sacks has distanced himself from crypto assets to avoid conflicts of interest. Meanwhile, Donald Trump actively promotes cryptocurrency initiatives, despite their controversial results.
