The Trump Empire’s Latest Grift: A Cryptocurrency Scam to Prey on the Vulnerable
In a move that reeks of desperation and opportunism, former President Donald Trump has announced the launch of a new cryptocurrency platform, The DeFiant Ones, which promises to "take a stand" against the "big banks and financial elites" that have allegedly "squeezed" the average American. But don’t be fooled – this is nothing more than a thinly veiled attempt to fleece the vulnerable and unwary.
Trump’s sons, Donald Jr. and Eric, have been touting the platform as a way to bring financial inclusion to the unbanked and underserved communities. But the truth is that this is just a clever marketing ploy to get people to invest in a highly speculative and risky asset. And, as we all know, Trump’s track record on financial matters is abysmal. Remember Trump University, the "educational" institution that was accused of defrauding students and settled for a paltry $25 million?
But the real question is: what exactly is The DeFiant Ones? Is it a decentralized autonomous organization? A coin? A trading market? A cryptocurrency blog or publication? The answer, much like the platform itself, remains shrouded in mystery. And that’s exactly what Trump and his team want – to keep the public in the dark while they rake in the profits.
And don’t even get me started on the so-called "benefits" of cryptocurrency. The notion that it can help the unbanked access financial services is a myth perpetuated by the crypto crowd. In reality, cryptocurrency is a highly speculative and risky asset that is primarily used for speculation, not payments. And, as the Center for American Progress has pointed out, there is no systematic evidence that crypto transactions are less expensive than traditional financial transactions.
But what’s even more galling is that Trump himself has been caught with his hand in the cookie jar. He has between $1 million and $5 million in a "virtual ethereum key," according to his financial disclosures. And, oh, those NFTs he sold? They lost value almost immediately after being purchased. Trading volume of his NFTs was down 99 percent by April. It’s clear that Trump is more interested in lining his own pockets than in genuinely helping people.
So, to all the gullible and unsuspecting souls out there, beware of The DeFiant Ones. It’s just another Trump scam, designed to prey on your vulnerabilities and separate you from your hard-earned cash. Don’t fall for it.
