Crypto Chaos: Sacks Sells, Trump’s Tokens Triumph (Sort Of) 😂💸

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In a world where fortunes are made and lost faster than a tweet can be sent, David Sacks, the illustrious czar of AI and crypto for President Donald Trump, has decided to part ways with a staggering $200 million in digital assets. One might wonder, was it a strategic retreat or merely a case of cold feet? 🤔

As reported by Bloomberg, and echoed by the whispers of the White House, Sacks and his venture-capital firm, Craft Ventures, liquidated their entire crypto portfolio—yes, that includes the big players: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)—before the grand inauguration on January 20. A preemptive strike, perhaps? 🏰

This bombshell was dropped on March 5 by none other than White House counsel David Warrington. Talk about a plot twist! 📜

Among the treasures cast aside were stakes in Coinbase and Robinhood, along with limited-partner shares in crypto funds Multicoin Capital and Blockchain Capital. Craft Ventures, not wanting to be left behind, followed suit, selling off its own interests in Multicoin Capital and Bitwise Asset Management. A veritable crypto exodus! 🚪💨

Sacks has been adamant about his disinterest in crypto since donning the mantle of the White House’s crypto czar. He even took to X (formerly Twitter) on March 3 to clarify, “Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration.” A noble stance, or a convenient one? 🤷‍♂️

Meanwhile, Democratic Senator Elizabeth Warren has been on a crusade, demanding Sacks release his financial disclosures. By divesting before stepping into the advisory role, Sacks seems to be playing the long game, distancing himself from any whiff of bias. But what of Trump’s own escapades in the crypto realm? That’s a tale for another day. 📖

Potential conflicts of interest

On the eve of his inauguration, Trump unveiled his very own memecoin, Official Trump (TRUMP)—a token with all the utility of a chocolate teapot. Yet, it soared to a dizzying height of $15 billion, only to plummet like a lead balloon, leaving its followers nursing losses in the billions. Official Trump is now down about 83.5% from its all-time high. Ouch! 😬

A recent investigation by the Financial Times revealed that the project raised at least $350 million in its first three weeks. Despite claims of innocence, the real backers appear to be Trump’s subsidiary, CIC Digital, and Fight Fight Fight LLC, which collectively own a staggering 80% of the token. Talk about a family affair! 👨‍👦‍👦

But wait, there’s more! Last September, Trump launched World Liberty Financial, a decentralized finance platform hawking the WLFI token, with his sons—Eric, Don Jr., and Barron—reportedly in on the action. This week, World Liberty Financial raised $550 million in a token sale, bringing its total funding to nearly $600 million. A veritable gold rush! 🏆

Last month, crypto.news reported that World Liberty Financial sold over 24 billion tokens, leaving a mere 950 million tokens available for purchase. A true scarcity model, or just a clever marketing ploy? 🤔

On March 6, Trump signed a second Executive Order to establish a U.S. Bitcoin reserve and a Digital Asset Stockpile. Sacks, ever the pragmatist, downplayed the inclusion of altcoins in this stockpile. A wise move or a missed opportunity? Only time will tell. ⏳

Buddying up to Binance?

In a twist that could rival any soap opera, Binance is reportedly in talks with Trump and/or World Liberty Financial to sell a financial stake in its U.S. arm. These discussions began as Binance, the world’s largest cryptocurrency exchange, sought to reestablish its presence in the U.S. market. A match made in crypto heaven? 🌌

It remains shrouded in mystery whether this stake would hinge on a

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2025-03-15 19:29