Replied to Molly White
@molly0xfff “#Bitcoin (and other #crypto currencies) is like rat poison squared.” - Warren Buffett
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FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year. In total, Americans reported being scammed out of around $9.3 billion via crypto, out of a total $16.6 billion in total reported Internet crime losses that year.
Prosecutors have just submitted over 200 victim impact statements in advance of Alex Mashinsky's sentencing in the Celsius fraud case. I've purchased them on PACER to make them freely available on CourtListener: https://www.courtlistener.com/docket/67604619/united-states-v-mashinsky/?filed_after=&filed_before=&entry_gte=&entry_lte=&order_by=desc#entry-140
![Hello,
Tanya.Trakht@ag.ny.gov
[EXTERNAL] Victim Impact Statement - Brandon Lawrence
I was encouraged to share my experience and aspirations, a tale that morphed into a harrowing ordeal. It's a burden I bear to this day, and I'm convinced Alex Mashinsky remains indifferent to the impact of his actions. From the outset, it seemed his maneuvers were concealed behind multiple LLCs and obscured within the minutiae of terms and conditions. It's clear to me that Alex Mashinsky was aware of his actions. He took risks like a gambler, using our funds as his stake, and ultimately, he lost.
I had secured a margin loan exceeding $60,000 for a single Bitcoin, which I was obligated to repay. Subsequently, Celsius initiated a bankruptcy filing when Bitcoin's value plummeted, diminishing my claim to merely a quarter of its worth. It was a devastating blow, especially after dedicating nearly all of my earnings for two years to overcome this oppressive loan that was meant to secure my family's financial legacy. Instead, it has become an albatross, a heavy burden on my spirit.
In my younger days, I acquired fragments of another Bitcoin valued at about $10,000. That too was taken. Now, what remains with me? Barely half a Bitcoin from the original two. I'm left to contend with the disdain of my peers who view me as a wastrel, a failure, and my reputation has been sullied. The very essence of cryptocurrency, along with my ambitions and dreams, has been tarnished. I'm saddled with a mountain of debt](https://media.hachyderm.io/media_attachments/files/114/388/444/694/684/391/original/4b61864b35bee027.png "Hello,
Tanya.Trakht@ag.ny.gov
[EXTERNAL] Victim Impact Statement - Brandon Lawrence
I was encouraged to share my experience and aspirations, a tale that morphed into a harrowing ordeal. It's a burden I bear to this day, and I'm convinced Alex Mashinsky remains indifferent to the impact of his actions. From the outset, it seemed his maneuvers were concealed behind multiple LLCs and obscured within the minutiae of terms and conditions. It's clear to me that Alex Mashinsky was aware of his actions. He took risks like a gambler, using our funds as his stake, and ultimately, he lost.
I had secured a margin loan exceeding $60,000 for a single Bitcoin, which I was obligated to repay. Subsequently, Celsius initiated a bankruptcy filing when Bitcoin's value plummeted, diminishing my claim to merely a quarter of its worth. It was a devastating blow, especially after dedicating nearly all of my earnings for two years to overcome this oppressive loan that was meant to secure my family's financial legacy. Instead, it has become an albatross, a heavy burden on my spirit.
In my younger days, I acquired fragments of another Bitcoin valued at about $10,000. That too was taken. Now, what remains with me? Barely half a Bitcoin from the original two. I'm left to contend with the disdain of my peers who view me as a wastrel, a failure, and my reputation has been sullied. The very essence of cryptocurrency, along with my ambitions and dreams, has been tarnished. I'm saddled with a mountain of debt")
The House Financial Services Republicans and the White House (now deleted) tagged either a hacked or fake account in their announcements that Paul Atkins was sworn in as SEC Chair. The "Atkins" account immediately started asking for crypto.
The May/June 2025 issue of Texas Observer magazine will be out starting May 1, featuring stories from Candice Bernd, Michelle Pitcher, Brant Deboer and more.
Become a member to support our work, and get the best of our reporting in our magazine.
Trump Media & Technology Group enters deal with Crypto. com (which has 140 million customers) and Yorkville America Digital to market investment products to retail investors through exchange-traded funds.
On March 27 the SEC ended an investigation into Crypto. com
#Trump #TrumpMedia #TMTG #TrumpMedia&TechnologyGroup #Crypto #ETFs #YorkvilleAmericaDigital #YorkvilleAdvisors
https://www.nytimes.com/2025/04/22/business/trump-media-crypto.html
The New York Times · Trump Media Enters Deal With Crypto Trading Platform
Yuga Labs is looking to obtain a court order to seize possession of four crypto wallets from Jeremy Cahen, co-defendant in the Yuga v. Ryder Ripps case where Yuga won a nearly $9 million judgment.
Yuga has previously tried to collect the judgment via levies on Cahen’s various banks, as well as Robinhood, Gemini, Crypto.com, Coinbase, and Binance.
They claim that these four wallets contain almost $400,000 in crypto assets Cahen moved out of his Gemini account while Yuga was attempting to collect.
“This transfer occurred before Gemini froze his accounts, showing a deliberate and calculated move to shield his assets from the Final Judgment. Cahen’s actions here are not those of an individual passively awaiting the collection process but rather an intentional effort to evade payment at all costs.”
They also claim that “Cahen has made a mockery of this Court’s Final Judgement by refusing to pay any portion of the judgment or comply with any post-judgment discovery.” (Cahen has argued that he need not comply while an appeal is pending.)
Yuga argues, citing his various Twitter accounts, that Cahen “regularly flouts [sic] his supposed wealth by sitting courtside at Los Angeles Clippers games”.
It’s not clear when he made this tweet, though. In February he was listed among the 10 Most Wanted in Puerto Rico on assault charges, and so likely wasn’t attending many Clippers games. (He has since been removed from this list, though it’s unclear if the charges were resolved.)
https://www.courtlistener.com/docket/63458882/514/1/yuga-labs-inc-v-ripps/
Replied in thread
Just dropped: my review of Softwar by Jason Lowery — the most important book on #Bitcoin you’ve never read.Lowery argues BTC isn’t money… it’s a new form of warfare.
Power projection
Digital deterrence
National defense
#Bitcoin #Softwar #Bitpower #Geopolitics #Crypto
Replied in thread
@theintercept
I tell people, whenever you hear the words "#Crypto" or "#Bitcoin", think "#MoneyLaundering".
There simply IS NO OTHER USE for an untraceable digital "currency" that is worthless until it is exchanged for ACTUAL dollars. #DogeCoin #TrumpMemeCoin #Scam #Grift
Replied in thread
@gerrymcgovern “#Bitcoin (and other #crypto currencies) is like rat poison squared.” - Warren Buffett
Continued thread
While there have been some attempts by Democratic Senators to sound the alarm with various agencies, these agencies are largely under Trump’s control. If there’s been any action on their letters, it hasn’t publicly materialized.
This is a dangerous convergence of the president’s financial interests and his power to shape policy, and it poses serious risks to all of us.
Continued thread
There’s of course also the NFTs, the bitcoin branded sneakers, and the Trumps’ personal crypto holdings, which are not well known.
And there’s also the substantial risk of insider trading in crypto, mirroring similar concerns we’ve seen raised recently about insider trading in traditional assets surrounding Trump’s tariff announcements.
![Crypto holdings
While the specifics of the Trump family’s crypto holdings remain largely unknown, financial disclosures and blockchain records shed some light. In August 2024, Trump reported holding $1 million to $5 million in ETH,21 which matched with a publicly disclosed Ethereum wallet then holding around $2.28 million worth of the token. Trump later sold sizable portions of those tokens beginning in December 2024.22
The personal crypto holdings of Trump family members who stand to benefit from market movements under Trump have not been publicly disclosed. Some seem keen to experiment with moving markets themselves, with Eric Trump tweeting “In my opinion, it’s a great time to add $ETH. You can thank me later” in February, right around the time World Liberty Financial was moving a substantial amount of ETH to Coinbase [I76].](https://media.hachyderm.io/media_attachments/files/114/355/793/328/671/818/original/3238630fea9f5bcf.png "Crypto holdings
While the specifics of the Trump family’s crypto holdings remain largely unknown, financial disclosures and blockchain records shed some light. In August 2024, Trump reported holding $1 million to $5 million in ETH,21 which matched with a publicly disclosed Ethereum wallet then holding around $2.28 million worth of the token. Trump later sold sizable portions of those tokens beginning in December 2024.22
The personal crypto holdings of Trump family members who stand to benefit from market movements under Trump have not been publicly disclosed. Some seem keen to experiment with moving markets themselves, with Eric Trump tweeting “In my opinion, it’s a great time to add $ETH. You can thank me later” in February, right around the time World Liberty Financial was moving a substantial amount of ETH to Coinbase [I76].")
Continued thread
The Trumps have cashed out around $390 million from their memecoins. A month after their launch, the SEC stated that memecoins do not fall under SEC authority.
![Memecoins
Days before Trump’s inauguration, he dropped the $TRUMP memecoin, horrifying even some of his most devoted crypto industry supporters who described the cash-grab as “absolutely preposterous … plumbing new depths of idiocy” [I75]. Shortly after, the Trump family launched a $MELANIA memecoin, seemingly seeking a second windfall. While memecoin valuations are challenging to calculate accurately, the Financial Times estimated in early March that he and his team had profited at least $350 million from the stunt.16 On April 15, the Trump-controlled wallet appeared to cash out an additional $4.6 million.17
The $MELANIA token team also appeared to cash out around $4.5 million in late March and early April.17 On April 7, Bubblemaps reported insiders had moved more tokens, notionally worth around $30 million, from project’s designated “community” wallets and began selling them.18 This followed reports that the $MELANIA token team is the same group involved in malfeasance around $LIBRA, a token affiliated with Argentina’s president Milei, and a widespread insider trading scandal involving Solana-based memecoins [I77].](https://media.hachyderm.io/media_attachments/files/114/355/789/737/841/855/original/14fdd97c7551c478.png "Memecoins
Days before Trump’s inauguration, he dropped the $TRUMP memecoin, horrifying even some of his most devoted crypto industry supporters who described the cash-grab as “absolutely preposterous … plumbing new depths of idiocy” [I75]. Shortly after, the Trump family launched a $MELANIA memecoin, seemingly seeking a second windfall. While memecoin valuations are challenging to calculate accurately, the Financial Times estimated in early March that he and his team had profited at least $350 million from the stunt.16 On April 15, the Trump-controlled wallet appeared to cash out an additional $4.6 million.17
The $MELANIA token team also appeared to cash out around $4.5 million in late March and early April.17 On April 7, Bubblemaps reported insiders had moved more tokens, notionally worth around $30 million, from project’s designated “community” wallets and began selling them.18 This followed reports that the $MELANIA token team is the same group involved in malfeasance around $LIBRA, a token affiliated with Argentina’s president Milei, and a widespread insider trading scandal involving Solana-based memecoins [I77].")
Continued thread
Two of Trump’s sons are involved in a new bitcoin mining venture called American Bitcoin in which an existing bitcoin mining firm, Hut8, essentially donated 20% of their company to the Trumps in exchange for getting in on their profitable self-dealing.
![Bitcoin mining
In late March, Trump’s sons Eric and Donald Jr. announced their investment in a bitcoin mining company called American Bitcoin [I81], where Eric Trump also took the Chief Strategy Officer role. The company was created through a deal with existing American bitcoin mining firm Hut8, which contributed “substantially all” of its bitcoin mining machines. This deal raised eyebrows among observers including VanEck analyst Matthew Sigel, who commented, “I don’t fully understand the rationale of selling 61,000 miners in exchange for an 80% stake in a subsidiary that they previously owned 100% of.”14 It seems to me that Hut8 determined a 20% donation to the Trump family was worth the benefits of getting looped into the Trump crypto empire.
Eric Trump announced plans for the company to go public and hinted at a future partnership with World Liberty Financial. They also intend to stockpile some of the bitcoin they mine, again adding potential upside if Trump successfully boosts bitcoin prices.15](https://media.hachyderm.io/media_attachments/files/114/355/785/749/510/416/original/3eacd04551595aae.png "Bitcoin mining
In late March, Trump’s sons Eric and Donald Jr. announced their investment in a bitcoin mining company called American Bitcoin [I81], where Eric Trump also took the Chief Strategy Officer role. The company was created through a deal with existing American bitcoin mining firm Hut8, which contributed “substantially all” of its bitcoin mining machines. This deal raised eyebrows among observers including VanEck analyst Matthew Sigel, who commented, “I don’t fully understand the rationale of selling 61,000 miners in exchange for an 80% stake in a subsidiary that they previously owned 100% of.”14 It seems to me that Hut8 determined a 20% donation to the Trump family was worth the benefits of getting looped into the Trump crypto empire.
Eric Trump announced plans for the company to go public and hinted at a future partnership with World Liberty Financial. They also intend to stockpile some of the bitcoin they mine, again adding potential upside if Trump successfully boosts bitcoin prices.15")
Continued thread
Trump is reportedly exploring launching a crypto game, which is a sector that has faced regulatory scrutiny. SEC lawsuits naming crypto gaming tokens as securities have been dropped, and Rs in Congress just voted to overturn a CFPB consumer protection rule for game assets.
![A crypto game
Fortune recently reported that Trump plans to release a blockchain-based real estate-themed game similar to Monopoly.8 Unlike many traditional games where players use in-game currencies that can’t be transferred outside of the game, crypto games often aim to use cryptocurrencies for game economies, attracting players with promises of earning real money simply by playing a video game. Blockchain games, sometimes dubbed “play-to-earn” games, have a troubled history, struggling to balance in-game economies where wealthier players can simply pay to win, poorer players can’t afford to play at all, and more and more new players must constantly join to sustain token prices.b Games like Axie Infinity, which surged in popularity in late 2021, spawned a form of digital sharecropping where wealthier individuals leased in-game assets to those in the Philippines and other lower-wage areas, who were promised they could earn more playing these video games than from other local jobs.9 Other moral issues arose from children playing games with gambling-like mechanics, where they were encouraged to spend (and often later lose) real money on new characters or items. Then, of course, there was the record-breaking $625 million Axie Infinity exploit by North Korean hackers in March 2022 [W3IGG], which caused players’ tokens to plummet in value and never recover.
Before the second Trump administration, play-to-earn games faced new regulatory scrutiny. In its lawsuits against Coinbase](https://media.hachyderm.io/media_attachments/files/114/355/781/595/718/206/original/ad431211bc875ecd.png "A crypto game
Fortune recently reported that Trump plans to release a blockchain-based real estate-themed game similar to Monopoly.8 Unlike many traditional games where players use in-game currencies that can’t be transferred outside of the game, crypto games often aim to use cryptocurrencies for game economies, attracting players with promises of earning real money simply by playing a video game. Blockchain games, sometimes dubbed “play-to-earn” games, have a troubled history, struggling to balance in-game economies where wealthier players can simply pay to win, poorer players can’t afford to play at all, and more and more new players must constantly join to sustain token prices.b Games like Axie Infinity, which surged in popularity in late 2021, spawned a form of digital sharecropping where wealthier individuals leased in-game assets to those in the Philippines and other lower-wage areas, who were promised they could earn more playing these video games than from other local jobs.9 Other moral issues arose from children playing games with gambling-like mechanics, where they were encouraged to spend (and often later lose) real money on new characters or items. Then, of course, there was the record-breaking $625 million Axie Infinity exploit by North Korean hackers in March 2022 [W3IGG], which caused players’ tokens to plummet in value and never recover.
Before the second Trump administration, play-to-earn games faced new regulatory scrutiny. In its lawsuits against Coinbase")
![Since his inauguration, Trump has been hard at work bulldozing regulatory or legal barriers for crypto companies that could require registration with financial regulators, more burdensome oversight, customer support programs and recourse for players whose in-game and/or crypto assets are stolen, and limits on gambling mechanisms in games — all things that would cut into crypto gaming companies’ profits. The Securities and Exchange Commission has practically broken the sound barrier in its race to drop investigations and enforcement actions (including the lawsuits involving Binance and Coinbase naming the gaming tokens as securities). They’ve also declared most cryptocurrency assets exempt from its authority, and invited crypto executives and lobbyists to write their own rules. The Trump administration has been working to shut down the CFPB entirely, with vocal support from crypto industry executives [Debanking]. Meanwhile, Congress is chipping away CFPB regulations where both the House and Senate recently voted to overturn the CFPB’s rule on crypto games, which also would have applied broader protections for crypto holders outside of the gaming sector. These votes fell along party lines, with all Democrats and Independents opposing the removal of the rule and all Republicans except for one token Senator supporting its nullification.1213 All that remains is for Trump to sign the bill eliminating the rule, in a move that will personally profit him.](https://media.hachyderm.io/media_attachments/files/114/355/783/579/621/334/original/6a2d7616e1035654.png "Since his inauguration, Trump has been hard at work bulldozing regulatory or legal barriers for crypto companies that could require registration with financial regulators, more burdensome oversight, customer support programs and recourse for players whose in-game and/or crypto assets are stolen, and limits on gambling mechanisms in games — all things that would cut into crypto gaming companies’ profits. The Securities and Exchange Commission has practically broken the sound barrier in its race to drop investigations and enforcement actions (including the lawsuits involving Binance and Coinbase naming the gaming tokens as securities). They’ve also declared most cryptocurrency assets exempt from its authority, and invited crypto executives and lobbyists to write their own rules. The Trump administration has been working to shut down the CFPB entirely, with vocal support from crypto industry executives [Debanking]. Meanwhile, Congress is chipping away CFPB regulations where both the House and Senate recently voted to overturn the CFPB’s rule on crypto games, which also would have applied broader protections for crypto holders outside of the gaming sector. These votes fell along party lines, with all Democrats and Independents opposing the removal of the rule and all Republicans except for one token Senator supporting its nullification.1213 All that remains is for Trump to sign the bill eliminating the rule, in a move that will personally profit him.")
Continued thread
Trump owns 53% of the Trump Media company, which has recently announced it’s getting into crypto. Three days after Trump Media announced a partnership with Crypto.com, Crypto.com got the news that the SEC was dropping its investigation into their company.
![Truth Social and Truth.Fi
Trump Media & Technology Group, behind Trump’s Truth Social platform, is also newly exploring the cryptocurrency world. Trump owns about 53% of the shares, estimated to be worth around $2 billion, in the publicly traded company, which recently submitted filings to allow the trust holding his shares (controlled by Donald Trump Jr.) to sell them [I81].
In January, the company announced it would enter the fintech space with a brand called Truth.Fi, focusing on “America First investment vehicles”.6 On March 24, TMTG announced a partnership with Singapore-based crypto exchange Crypto.com — a company under SEC investigation, that had in August 2024 received a Wells notice informing them of an impending enforcement action [I68]. On March 27, only three days after the partnership announcement, Crypto.com revealed that the SEC had dropped its investigation [I81].
Simultaneously with its announcement about entering fintech, TMTG announced it would allocate up to $250 million of its cash reserves into investment vehicles including bitcoin and other cryptocurrencies.7 By investing in crypto, the company (and thus Trump) stands to profit from Trump’s own actions to pump crypto prices, including announcing a bitcoin strategic reserve to “elevate this critical industry”, and exploring avenues to use government money to buy bitcoin [I80].](https://media.hachyderm.io/media_attachments/files/114/355/780/088/847/446/original/f71ed3f480e2c50d.png "Truth Social and Truth.Fi
Trump Media & Technology Group, behind Trump’s Truth Social platform, is also newly exploring the cryptocurrency world. Trump owns about 53% of the shares, estimated to be worth around $2 billion, in the publicly traded company, which recently submitted filings to allow the trust holding his shares (controlled by Donald Trump Jr.) to sell them [I81].
In January, the company announced it would enter the fintech space with a brand called Truth.Fi, focusing on “America First investment vehicles”.6 On March 24, TMTG announced a partnership with Singapore-based crypto exchange Crypto.com — a company under SEC investigation, that had in August 2024 received a Wells notice informing them of an impending enforcement action [I68]. On March 27, only three days after the partnership announcement, Crypto.com revealed that the SEC had dropped its investigation [I81].
Simultaneously with its announcement about entering fintech, TMTG announced it would allocate up to $250 million of its cash reserves into investment vehicles including bitcoin and other cryptocurrencies.7 By investing in crypto, the company (and thus Trump) stands to profit from Trump’s own actions to pump crypto prices, including announcing a bitcoin strategic reserve to “elevate this critical industry”, and exploring avenues to use government money to buy bitcoin [I80].")