Financial Times: Trump makes at least $350 million profit through $TRUMP meme coin

PANews March 7 news, according to the Financial Times, Trump's cryptocurrency project made at least $350 million by launching the $TRUMP meme coin. Blockchain data analysis shows that within three weeks after the project was launched in January 2024, the operating entity received $314 million in revenue from the sale of tokens and charged a $36 million handling fee. In addition, Trump may also earn additional benefits through exchanges such as Binance to earn some tokens.

Project website Gettrumpmemes.com shows that "Trump Memes affiliate CIC Digital LLC" and Delaware company Fight Fight LLC jointly hold 80% of the tokens. Although the project is officially recognized by Trump, it is operated by Fight Fight Fight LLC and is not directly distributed or sold by Trump or its affiliates.

Some investors and ethics experts warned that the project could provide channels for anonymous donations and exploit retail investors. Tim Massad, former chairman of the Commodity Futures Trading Commission and professor at Georgetown University's Law School, said that the president should not make profits in such a way during his term, deeming this practice "very inappropriate."