Crypto
Trump’s ambitions for US to be ‘crypto capital of the planet’ are concerning allies
Months after Donald Trump and his eldest sons were found liable for civil fraud associated with a family business, the Trumps have sparked new concerns with a growing family venture — cryptocurrency.
The Republican presidential candidate has embraced a newfound love for cryptocurrency — he owns more than $1 million in digital currency — and sons, Don Jr and Eric, are considering forming a crypto startup called World Liberty Financial. But that plan has concerned Trump’s allies in the crypto sphere.
The X accounts of Trump’s youngest daughter, Tiffany Trump, and Lara Trump, Eric’s wife who co-chairs the Republican National Committee, were hacked earlier this week, with posts directing users to fake links for the project, according to World Liberty Financial.
World Liberty Financial then warned X users to avoid clicking on links shared from those profiles. The two women are not involved in the crypto project.
Not long after the incident, Nic Carter, a Trump supporter and general partner at cryptoasset firm Castle Island Ventures, advised the startup to stop in its tracks.
“Is there something that we, as crypto twitter, can collectively do to stop the launch of world liberty coin? I think it genuinely damages trump’s electoral prospects, especially if it gets hacked…it’s also an obvious target for the SEC,” Carter wrote on X.
“At best it’s an unnecessary distraction, at worst it’s a huge embarrassment and source of (additional) legal trouble.”
Carter then bluntly told Politico that the startup was a “huge mistake”.
“It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the good will that’s been built with the industry so far,” he said.
The hacks took place days after the Trump family started promoting the new project. The former president posted a video to his X account, stating his ambition for the US to become “the crypto capital of the planet.” Despite joining X just two months ago, World Liberty Financial has more than 50,000 followers so far.
But some experts warned that such significant promotion pre-launch could cause issues down the line.
Austin Campbell, blockchain expert and adjunct professor at NYU Stern School of Business, also shared concerns about World Liberty Financial’s rollout.
“It’s a very typical playbook of smaller operators or more amateur operations in the crypto space to try to generate a lot of hype before revealing the details,” he told Politico. “That makes them susceptible to all sorts of nonsense.”
Another source in the cryptocurrency insider, who remained anonymous, told Politico about having “a laundry list of concerns” about how the project could imperil the industry’s reputation.
Trump has made a U-turn on cryptocurrency in recent years. After leaving the White House in 2021, Trump called Bitcoin a “scam.” He explained: “I don’t like it because it’s another currency competing against the dollar… I want the dollar to be the currency of the world.”
But in recent months, the former president has become a staunch supporter. In May, his campaign announced it would accept cryptocurrency contributions as part of a wider effort to build a so-called “crypto army” before the November election.
Although the official plans about the startup haven’t been announced, CoinDesk obtained portions of a white paper for the project.
The document called World Liberty Financial “a borrowing and lending service strikingly similar to Dough Finance”, a blockchain app that was hacked for $2m in July.
Four people who built Dough Finance are named as World Liberty Financial team members, and all of Trump’s sons — even NYU college freshman Barron, who the white paper calls “DeFi visionary”, CoinDesk reported.
The startup will also offer non-transferable governance token. Although World touted itself as a “decentralized” platform, the white paper revealed that 70 percent of its tokens will be “held by the founders, team, and service providers.”
Despite the recent hacks, a World Liberty Financial spokesperson told Politico: “We take security very seriously and put it first and foremost, above anything.”
Kraken Valued at $13 Billion After Deutsche Börse Stake
Deutsche Börse has taken a minority stake in crypto exchange Kraken, marking one of the clearest signs yet of Europe’s largest market operator deepening its exposure to digital assets.
The German exchange group said it invested $200 million in Payward, Kraken’s parent company, securing roughly a 1.5% fully diluted ownership. The transaction values Kraken at about $13.3 billion, according to reporting by Bloomberg.
The move builds on an existing relationship between the two firms and signals a broader push to integrate traditional financial infrastructure with crypto markets. The partnership is expected to focus on regulated offerings, including tokenized assets and derivatives, while improving liquidity for institutional clients.
As part of the collaboration, Kraken will integrate with 360T, Deutsche Börse’s foreign exchange trading platform. The connection is designed to provide Kraken users with access to bank-grade foreign exchange liquidity, potentially streamlining the conversion between fiat currencies and digital assets.
The companies also plan to expand the use of Kraken Embed, a service that allows institutions to offer crypto trading and custody under their own brands. The initiative targets banks, fintech firms, and asset managers seeking to enter the digital asset space without building infrastructure from scratch.
Further developments are expected, subject to regulatory approval. These include enabling trading of derivatives listed on Eurex, Deutsche Börse’s derivatives exchange, through Kraken’s platform.
The investment underscores a growing convergence between established financial institutions and the crypto sector. For Kraken, the backing from Deutsche Börse provides capital and strategic alignment with one of Europe’s most influential financial market operators. For Deutsche Börse, the stake offers a direct foothold in a global crypto platform at a time when competition for digital asset infrastructure is intensifying.
The deal also reflects a broader trend of legacy financial firms moving beyond exploratory partnerships toward equity investments in crypto companies. By combining trading, custody, and tokenization capabilities, both firms are positioning themselves to capture a larger share of institutional flows into digital assets.
Key Takeaways:
- Alameda moved $16 million worth of SOL to a wallet linked with repayment efforts, signaling ongoing FTX creditor payouts.
- Alameda still holds 3.5 million SOL ($294 million), meaning supply overhang may impact solana markets.
- FTX-era asset releases since 2022 suggest continued distributions could shape liquidity next.
Alameda Unstakes SOL, Signals Ongoing Creditor Distributions
Alameda Research has transferred roughly $16 million worth of solana ( SOL) tokens after unstaking the assets, in a move that points to continued creditor repayments tied to the collapse of FTX.
Blockchain data tracked by Arkham Intelligence shows the tokens were sent to an address previously associated with distribution efforts. The transaction follows a similar pattern observed in recent months, where unstaked assets were routed to wallets linked to reimbursing creditors.
While there has been no official confirmation that the latest transfer will be distributed immediately, the repetition of this process suggests it forms part of a structured repayment strategy rather than a one-off movement.
Unstaking allows previously locked tokens in proof-of- stake networks to be withdrawn and made liquid. In this case, it enables Alameda to free up assets that can be redirected toward obligations stemming from FTX’s bankruptcy proceedings.
The latest transfer comes about a month after a comparable transaction, when Alameda moved a similar tranche of SOL to the same destination address. That earlier move reinforced expectations that such transfers are tied to ongoing creditor payouts.
Despite the asset sales, Alameda retains a substantial position in solana. The firm still holds approximately 3.5 million SOL, valued at around $294 million, according to Arkham data.
Solana remains one of the largest digital assets by market value, with a capitalization of about $47 billion. The token has traded near $82 in recent sessions, significantly below its peak of $293 reached early last year.
Alameda, founded in 2017 by Sam Bankman-Fried, was once a dominant trading firm in the crypto market. It played a central role in providing liquidity across exchanges and operated extensively in spot and derivatives markets.
Its fortunes shifted dramatically following the collapse of FTX in late 2022, which triggered a wave of insolvencies and legal proceedings. Since then, asset recovery and creditor repayment have been central to the restructuring process.
The steady movement of funds such as SOL highlights the scale and complexity of unwinding Alameda’s positions. Each transfer offers a signal, albeit indirect, of progress in returning value to creditors.
Every Colorado Buffaloes First-Round Pick In NFL Draft History
Justice Department sues Connecticut over sanctuary policies
Federal judge says Delaware labor officials must give data to ICE
FBI says suspects tried to rob Offset outside a Florida casino when he was shot in the leg
GA commission offers utility relief for TSA agents as shutdown lingers
Florida High School Football Rankings: Top 25 teams – Oct. 21
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
99th annual Pony Swim held in Virginia
Indiana Members Credit Union announced as new anchor tenant at Bottleworks District
Video: How Stephen Miller Is Adjusting Trump’s Immigration Agenda
Biden DOJ weaponized FACE Act against pro-life Americans, 882-report alleges
Mass drone warfare is Europe’s rising security threat
Man accused in Molotov cocktail attack of OpenAI CEO’s home charged with attempted murder
Embattled Rep Tony Gonzales announces plans to resign amid sexual misconduct allegations
-
Atlanta, GA1 week ago1 teenage girl killed, another injured in shooting at Piedmont Park, police say
-
Georgia1 week agoGeorgia House Special Runoff Election 2026 Live Results
-
Arkansas4 days agoArkansas TV meteorologist Melinda Mayo retires after nearly four decades on air
-
Pennsylvania1 week agoParents charged after toddler injured by wolf at Pennsylvania zoo
-
Milwaukee, WI1 week agoPotawatomi Casino Hotel evacuated after fire breaks out in rooftop HVAC system
-
Austin, TX7 days agoABC Kite Fest Returns to Austin for Annual Celebration – Austin Today
-
World1 week agoZelenskyy warns US-Iran war could divert critical aid from Ukraine
-
World1 week agoIndonesia receives bodies of peacekeepers killed in southern Lebanon