Trump may be engaging on this next criminal enterprise: Crypto currency.

This article comes from Wall Street On Parade, a newsletter run by Wall Street watchdogs Russ and Pam Martens.
As Trump Launches a Crypto Firm, FBI Reports Crypto Fraud Has Exploded to $5.6 Billion; Representing Almost 50 Percent of All Financial Fraud

Last Thursday, the Senate Banking Committee held a hearing on combating financial frauds against consumers. During the hearing, Senator Jon Tester of Montana held up his mobile phone and said: “Everyday, everyday, I either get an email or a phone call from somebody who’s trying to screw me out of my money.”

According to the FBI, it is highly likely that a large number of the people trying to screw both you and Senator Tester out of your money are crypto fraudsters. On September 9, the FBI released its 2023 report on crypto fraud, which made the following findings:

“In 2023, the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency, such as bitcoin, ether, or tether. Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion.”

“While the number of cryptocurrency-related complaints represents only about 10 percent of the total number of financial fraud complaints, the losses associated with these complaints account for almost 50 percent of the total losses.”

“The decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the world make cryptocurrency an attractive vehicle for criminals, while creating challenges to recover stolen funds.” (Bold emphasis on the word “irreversible” was added by Wall Street On Parade.)

“Once an individual sends a payment, the recipient owns the cryptocurrency and often quickly transfers it into an account overseas for cash out purposes.”

These transactions are instant and irrevocable. Just the kind of fraud that Trump loves.

The FBI report breaks down the amount of financial fraud by age group, with the finding that people over 60 years of age are the number one target for crypto fraudsters. These seniors account for $1.6 billion of the $5.6 billion lost to crypto fraud in 2023, or 29 percent of the total.

Given the increasing role that crypto is playing in fraud against the most vulnerable citizens in the U.S., one has to seriously question Republican presidential candidate Donald Trump’s decision last evening to announce that he and his family are launching a crypto firm called World Liberty Financial.

That said, here's a clue to their involvement:

“A copy of an early internal report, known as a white paper and obtained by CoinDesk, listed Barron [Trump] as ‘Chief DeFi Visionary,’ Eric and Donald Jr. as ‘Web3 Ambassadors,’ and Trump Sr. as ‘Chief Crypto Advocate.’

“But while the Trumps will receive compensation from the project, the platform itself is ‘not owned, managed, operated or sold’ by members of the Trump family.

“[Steve] Witkoff, a real estate investor, and Eric Trump, executive vice president of the Trump Organization, are the two people calling the shots at World Liberty Financial, according to a person familiar with the project. Both are new to the crypto industry.”

Training his youngest to start the family grift businesses early.