The TRUMP token is down 96% from its peak, and 85% of secondary market wallets for WLFI are underwater, reflecting a broader downturn in the sector.
  • jaybone@lemmy.zipEnglish
    46 minutes

    reflecting a broader downturn in the sector.

    What sector is that, the money laundering sector?

  • cideyav138@lemmy.mlEnglish
    32 minutes

    I thought this was just a mechanism for Trump to take bribes?

    I’m sure there are idiots who tried to play the pump n dump and some MAGAs who deserve whatever comes to them, but I bet a good number of people who “lost money” were insiders recruited to pump the price for political favors.

  • JasonDJ@lemmy.zipEnglish
    5 hours

    3.8 Billion Dollars doesn’t disappear. Saying that the buyers “lost” 3.8 Billion Dollars is only telling half the story, and IMO the least important half.

    Buyers spent 3.8 billion dollars on a coin that is worthless. So who received the 3.8 billion dollars? Most of it went to the people who sold the coin originally.

    In other words, Trump fleeced his base. Again.

    • flamingo_pinyata@sopuli.xyzEnglish
      4 hours

      I’m not sure he actually fleeced the big buyers. One of the main “problems” in paying a bribe is how to present the payment as something legitimate.

      If you can maybe just innocently “invest” in some crypto scheme. Totally legitimate investment, just so happened it failed, oh well.

    • b161@lemmy.blahaj.zoneEnglish
      4 hours

      Just like the amount the working class “lost” during covid was exactly the same amount that the ruling class “earned”.

  • Lucky_777@lemmy.worldEnglish
    6 hours

    If you knew anything about crypto, you knew this was huge rug pull bait. Win the election, spin up your own coin. The mindless MAGA base buys it up from the election win hangovers then pull the rug.

    Easy money.

    • CannonFodder@lemmy.worldEnglish
      3 hours

      The rug pull on MAGAts was only icing on the cake. The main purpose of this was for large scale bribes to the Trump family.