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The Observer: How the US president and his clan ushered in a new golden age of corruption
The Observer - How the US president and his clan ushered in a new golden age of corruption
The presidency and personal gain now go hand in hand – and no one has been able to do anything about it
Patricia Clarke
Technology Reporter
Sunday 11 May 2025
Over the course of the last eight months, Justin Sun, a Chinese-born billionaire best known for paying $6.2m for a banana at an art auction, made another series of unusual investments. He spent $75m buying crypto tokens from World Liberty Financial (WLF), a firm backed by the Trump family.
Five weeks after Donald Trump became president, the US securities regulator shelved a civil fraud case against Sun that could have cost him millions in fines and repayments.
When it was founded last year, WLF promised to liberate Americans from “the big banks and financial elites”. The firm listed President Trump as “chief crypto advocate”; his sons as “visionaries and ambassadors”; and the two sons of his Middle East envoy, Steve Witkoff, as cofounders. Witkoff Sr was listed as “cofounder emeritus”.
Now the Trumps, the Witkoffs and Sun – the banana-buyer – are in business together. Sitting beside Sun and Eric Trump at a crypto conference in Dubai this month, Zach Witkoff, Steve’s son, announced a new deal. It involved a crypto token called Tron, whose price Sun had been accused of manipulating in the shelved fraud case.
“Tron is just an incredible technology,” Witkoff Jr said, “and we’re lucky to be partners with you.” There is every chance that a WLF-Tron partnership will enrich Sun, President Trump, his family and the family of his advisers.
/snip
The presidency and personal gain now go hand in hand – and no one has been able to do anything about it
Patricia Clarke
Technology Reporter
Sunday 11 May 2025
Over the course of the last eight months, Justin Sun, a Chinese-born billionaire best known for paying $6.2m for a banana at an art auction, made another series of unusual investments. He spent $75m buying crypto tokens from World Liberty Financial (WLF), a firm backed by the Trump family.
Five weeks after Donald Trump became president, the US securities regulator shelved a civil fraud case against Sun that could have cost him millions in fines and repayments.
When it was founded last year, WLF promised to liberate Americans from “the big banks and financial elites”. The firm listed President Trump as “chief crypto advocate”; his sons as “visionaries and ambassadors”; and the two sons of his Middle East envoy, Steve Witkoff, as cofounders. Witkoff Sr was listed as “cofounder emeritus”.
Now the Trumps, the Witkoffs and Sun – the banana-buyer – are in business together. Sitting beside Sun and Eric Trump at a crypto conference in Dubai this month, Zach Witkoff, Steve’s son, announced a new deal. It involved a crypto token called Tron, whose price Sun had been accused of manipulating in the shelved fraud case.
“Tron is just an incredible technology,” Witkoff Jr said, “and we’re lucky to be partners with you.” There is every chance that a WLF-Tron partnership will enrich Sun, President Trump, his family and the family of his advisers.
/snip
3 replies
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