【Text by Yushan Guanjin Studio】
On September 1st, the token WLFI of the World Liberty Financial project, associated with the Trump family, was officially launched on a cryptocurrency exchange. This naked business deal has made the "ambitious promises" of Trump years ago seem even more hypocritical.
In 2016, Trump stood on the campaign stage, passionately promising to the thousands of supporters below him that he would lead the "MAGA army" to "drain the swamp of Washington" (Drain the Swamp), fundamentally changing the political ecosystem in the United States.
The red-hatted supporters clapped wildly, entranced.
Those factory workers who had lost their jobs in the rust belt, those residents whose towns had been destroyed by globalization, and ordinary people who worried about their mortgages while watching Wall Street bankers receive huge bonuses—they believed this billionaire didn't need more money. They believed he would fight against the entrenched interests of Wall Street on their behalf.
Nine years later, the man's family made nearly $6 billion in paper profits through issuing "air coins." Through the "World Liberty Finance" (WLFI) acquisition project, they made a profit of $500 million with a simple transfer of hands.
At that time, Hillary Clinton was tracked and criticized for several weeks by the entire American media because she had made $100,000 from a $1,000 investment in beef futures many years ago. The White House was forced to launch an investigation.
Now, the Trump family has made hundreds of millions of dollars in profits, but the public舆论 is calm.
1
Trump once strongly despised the Wall Street elites who played the money game, at least on the surface.
During the 2016 campaign, he mercilessly attacked the Clintons for taking money from Middle Eastern countries like Saudi Arabia for the Clinton Foundation. He accused these funds of trying to gain benefits after Hillary won.
At that time, the old news of Hillary making $100,000 from a $1,000 investment in futures was brought up again, forcing the White House to launch an investigation.
Trump seized this opportunity and repeatedly emphasized his unique advantage: because he was already so rich that he didn't need to make money from politics.
He wrote it on social media, said it on TV, and shouted it at rallies, each time resonating with his supporters.
His supporters believed him.
But the facts years later proved they were wrong.
2
The people around Trump are completely different from his campaign promises.
In 2019, two unknown individuals, JD Vance and Chris Buskirk, founded an organization called Rockbridge Network. It sounds high and mighty, but in fact, it started with simple gatherings in fast food restaurants.
What did the Rockbridge Network do? "Building new institutions to enhance American security and prosperity, opening the next golden age of America." It sounds like the propaganda of a cult or the business plan of a tech startup.
But they actually succeeded. The organization quickly gained traction in Silicon Valley, attracting a large number of tech billionaires who had never participated in political donations before, as well as "outcasts" marginalized by Wall Street—such as crypto magnate Erik Tristan Voorhees and former Uber executive Emil Michael. They had money, ambition, and more importantly, resentment.
A person who participated in the event said, "You can see it as a right-wing alliance full of ambitious people, much cooler than traditional Republican activities. I heard many people say it was the most interesting meeting they've ever attended."
The most interesting meeting. That's how they understood changing American politics—not for any lofty ideals, not for the benefit of ordinary people, but simply because it was "interesting."
3
The achievements of Rockbridge Network were astonishing.
In 2023, they successfully mobilized 125,000 new voters to register. In 2024, this number doubled.
After Trump returned to the White House, these people began to cash in on their investments.
Omid Maliki, a figure expelled from Wall Street due to the Me Too scandal, was appointed to the board of Fannie Mae. He will occupy a front-row seat in the planned company privatization feast.
David Sacks was nominated by Trump as the "AI and Cryptocurrency Czar" of the White House. A government position specifically established for cryptocurrencies, which is unprecedented in U.S. history.
Emil Michael, a person who traded shell resources in the SPAC market, was appointed as the Deputy Secretary of Defense for Research and Engineering. The third most powerful position in the Pentagon was given to a financial speculator.
More interestingly, Stephen Van Berg, a private equity boss with no relevant experience, was appointed as the Deputy Secretary of Defense. His resume is special: a member of the Milken "Drexel Alumni Association."
Who is Milken? A financial giant in the 1980s who created waves in high-yield corporate bonds and hostile takeovers. He was sent to prison for 98 economic crimes. When the mainstream forces of Wall Street targeted him, Trump also joined in, saying, "You can be happy with much less money."
Thirty years have passed, and the tides have turned. The "raiders" who were once persecuted by the mainstream forces of Wall Street now enjoy high-ranking positions in Washington. And the Trump who once mocked Milken's greed is now standing alongside these people.
History is truly ironic.
4
While these new elites were busy dividing government positions, the Trump family's business was also active.
In December 2022, Trump started selling NFT digital trading cards, mainly featuring images of him wearing superhero costumes or playing golf. This almost comical product brought him millions of dollars in revenue.
In September 2024, just before the presidential election, the Trump family announced the launch of the cryptocurrency project "World Liberty Finance." This project hasn't yet launched the promised "decentralized finance" services, but has already raised $550 million in token sales.
According to the offering documents, the Trump family-controlled companies own 60% of the project's shares and can receive 75% of the net income. In other words, the money from supporters buying the tokens mostly went into the Trump family's pockets.
This January, just days before Trump officially took office as president, he and his wife Melania each launched individual meme coins. These cryptocurrencies have no actual value and are purely speculative tools.
In January, the meme coins generated over $11.4 million in revenue for Trump-related entities. However, the coin prices soon plummeted. Early investors made a fortune, while latecomers lost everything.
This is a classic "shearing the sheep" game.
A cryptocurrency exchange displayed a cartoon image of President Trump holding a cryptocurrency token. AFP
5
Recently, the Trump family's operations have become even bolder.
According to the New York Times, the World Liberty Finance project has planned the acquisition of the payment company Alt5 Sigma. Alt5 subsequently raised $750 million from external investors and used this money to directly purchase WLFI tokens from World Liberty Finance.
Did you understand? The same group is both the buyer and the seller. With a simple transfer of hands, $750 million moved between affiliated companies, ultimately resulting in approximately $500 million ending up in the Trump family's pocket.
Former SEC official Cory Friel commented, "This structure brings the worst practices of the cryptocurrency ecosystem into the regulated public market."
Don Jr. wasn't concerned. At a business forum in Qatar, he said, "They will attack you anyway, so we might as well play freely."
Play freely. This is how they understand their father's political legacy—not responsibility, not mission, but a game. A game that can endlessly raise money.
From the real estate empire to the "air coin" estate, this transformation took less than three years. The family that once took pride in skyscrapers now earns a living by issuing worthless digital tokens.
6
Former White House official Anthony Scaramucci spoke plainly: "Now anyone in the world can simply click a few times on the mouse to deposit money into the bank account of the President of the United States."
Michael Johnston, a scholar who has studied corruption for 50 years, said: "I have been observing and writing about corruption, and my head is still spinning."
Even Trump's supporters couldn't take it anymore. When Tucker Carlson was asked about the Trump family's business in a podcast, he directly replied, "It looks like corruption, yes."
However, Trump's base still defends him. Those rust belt workers who voted for him, those town residents who believed he would "drain the swamp," and those ordinary people who thought he didn't need money and thus wouldn't be corrupt, are still finding reasons for every decision the man makes.
What they don't know is that the man who once promised to fight against the Wall Street elites is now surrounded by even greedier new elites. These elites are not satisfied with the profits of the traditional financial market; they want to create a brand-new, even crazier money-making game.
And what they're making money from is the money of those ordinary people who still believe in the promise of "draining the swamp."
The swamp hasn't been drained—it's been dug deeper.
This article is an exclusive piece by Observers, and it is not allowed to be reprinted without permission.
Original: https://www.toutiao.com/article/7545401891111371291/
Statement: This article represents the views of the author. Please express your opinion by clicking the [Up/Down] buttons below.