Today, crypto industry leaders attended President Donald Trump’s White House fundraising dinner. Financial Times reports that Trump family crypto ventures generated over $1 billion profit. In other news, Paxos said it mistakenly minted 300 trillion PayPal stablecoins before the crypto community quickly flagged the error — a reminder of blockchain’s built-in transparency.
Report: Crypto executives pay cash for Trump’s fundraising ballroom event
US President Donald Trump hosted a dinner Companies pledged funds for a new ballroom at the White House. Attendees included Gemini cofounders Cameron Winklevoss and Tyler Winklevoss as well as executives from Coinbase, Ripple, and Ripple.
A report from the Wall Street Journal on Wednesday revealed that among those attending the White House dinner were donors. were The Winklevosses, Coinbase Global representatives and Ripple labs. It was said that the dinner would be used to fund Trump’s White House ballroom, estimated at $250 million.
The ballroom is projected to add about 90,000 square feet — 8,361 square meters — to the White House. Cointelegraph contacted Coinbase, Ripple and Gemini for comments on the donation amount, but did not receive a reply at the time this article was published.
The dinner took place at the conclusion of day 15 of the US government shutdown. Many agencies have reduced their staffing and furloughed employees. No agreement has been reached between Democrats in Congress and Republicans as of today.
Other participants reported included representatives from Meta and Google. Amazon, Lockheed Martin, Microsoft, Lockheed Martin, Lockheed Martin, and Microsoft. Kelly Loeffler – the former Bakkt CEO who is now the Small Business Administration administrator under Trump – was also reportedly present.
Trump’s family will benefit from a crypto fortune of $1 billion thanks to his second term: report
The second term of US President Donald Trump coincides with an unprecedented amount of violence. increase in his personal wealthMuch of this money is linked to an expansive cryptocurrency empire that was built by President and his family.
Financial Times article says investigationTrump’s crypto-ventures have produced more than 1 billion dollars in profit before taxes over the last year. Trump’s son Eric confirmed that his family made actual profits of $1 billion. “probably more.”
World Liberty Financial, the crypto company that was founded by Trump’s children and allied individuals, is now at its center. sold billions of dollars Stablecoins, tokens are a good way to invest. Project, which identifies Donald Trump on its website as “co-founder emeritus,” launched last year with plans For a cryptocurrency lending app.
Trump’s June 2018 Schedule disclosed $57.4 million World Liberty Financial. In the last few months, Trump’s family has staked in the project. surged to $5 billion The token is unlocked. According to the FT, this family earned approximately $550,000,000 from WLFI in 2018.
Memecoins such as Official Trump have also been profitable to the Trump family.TRUMPMelania Trump MemeMELANIASales and Trading Fees brought in millions through the collective.
Paxos burns $300 trillion dollars PYUSD in a mistaken attempt to fat finger the coinage
On Wednesday, Paxos mistakenly PayPal USD (PYUSD), a stablecoin that is worth 300 trillion dollars, has been described as a “internal technical error.”
“This was an internal technical error,” Paxos “There is no security breach. Customer funds are safe. We have addressed the root cause.”
On Oct. 15, at 7:12pm UTC, the incident occurred. The entire amount of fuel was burnt just 22 minutes after it happened.
Nansen’s data show that PYUSD kept its dollar peg after the news but briefly saw its price drop by around 0.5%. Aave, a crypto lending and borrowing platform, also briefly froze PYUSD trading shortly after the incident.
The $300 trillion Paxos error is proof that banks need to adopt blockchain technology, executives say
While fat finger transfers occur frequently in finance, the Paxos incident highlights why blockchain enables greater transparency than traditional banking — and why banks should adopt it for that exact reason.
“Mistakes happen in every financial system — the difference with blockchain is that they’re visible, traceable, and quickly correctable,” Kate Cooper, CEO of OKX Australia told Cointelegraph. “That transparency is a strength, not a flaw,” She also added.
“As a former banker, I see this as proof that visibility builds trust. The same rails that expose an error can also strengthen governance and modernize how value moves through the financial system.”
Ryne Saxe is the CEO of Eco, which provides crosschain liquidity for stablecoins. “This level of transparency, and real-time coordination, is unheard of in today’s central banking economy.”
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
