Trump Guilty. Now What?😕
Trump Guilty. Now What?😕
Crypto bettors still in favour. Musk talking to Trump about crypto policy? 1,500 new Bitcoin millionaires every day. $473M lost to crypto fraud in 2024. a16z donates $25M to pro-crypto PAC Fairshake.
Hello, y'all. I thought this was America people … yeah | Guilty until proven innocent huh? | That's how we working huh? | Okay …🎙️
Do try the Music Quiz Game 👉 Asset - Music Nerd
This is The Token Dispatch 🙌 find all about us here 🤟
Donald Trump just bagged a less-than-desirable record as the first former US president convicted of a crime.
34 felony counts for fudging business records.
His reaction?
“This was done by the Biden administration in order to wound or hurt a political opponent [...] The real trial is going to be November 5 by the people” - Trump.
Now what? Trump is due to be sentenced on July 11.
Could be jailed for up to four years.
Legal experts reckon that's unlikely.
But, Trump is expected to appeal the conviction though it does not prevent him from standing in November's election.
Trump's crypto boost
The crypto world doesn’t seem to care much.
Following the conviction, Donald Trump's cryptocurrency holdings have surged.
In just 24 hours, his wallet saw an influx of nearly $500,000 across various tokens, including Ethereum, pushing his total crypto assets to over $12 million.
Arkham Intelligence links the wallet to Trump through his August 2023 financial statements. Notably, his largest holding is in the TRUMP memecoin.
Before the verdict, Trump's crypto stash was valued at around $9 million.
The increase comes amid heightened support from his followers, who are pouring money into his wallet, viewing his conviction as a politically motivated effort to undercut his campaign.
Read: 'Give Me Liberty, or Give Me Death!' 🤌
Unshaken confidence in crypto circles
On Polymarket, where over $142 million is staked on the "Presidential Election Winner 2024," Trump's odds to win have remained stable around 54%.
Also, speculation on whether Trump will be jailed before the election saw a modest uptick—from 14% to 20% right after the verdict—before settling back to 17%.
Crypto supports
Kennedy Welcomes Trump’s Crypto Shift
At Consensus 202 , Robert F. Kennedy Jr., who's running for president as an independent, shared his thoughts on Donald Trump's latest nod to Bitcoin.
Despite their clear differences, Kennedy gave a thumbs-up to Trump’s crypto shift.
"I'm delighted that he did that. The hostility of the Biden administration to Bitcoin is driving this technology abroad.”
Crypto ally Republican Senator Cynthia Lummis called it a “biased political persecution.”
Biden's crypto outreach
President Biden's re-election campaign is now dialling into the cryptocurrency community, seeking insights on "crypto community and policy."
Why Now? The outreach comes as the Biden team reacts to backlash over potential anti-crypto legislation and gears up for a tight presidential race. Could be a response to Trump’s campaign.
Ethereum co-founder Joe Lubin
Lubin sees crypto becoming a central issue in American politics.
Bipartisan Support: Crypto is gaining traction across the political spectrum.
Trump's Embrace: The former President's support adds weight to the movement.
Judicial Wins: Recent court decisions favour crypto, shifting the legal landscape.
“Most of the people who are empowered by the technology realise that decentralisation is consistent with American principles like free market capitalism and democracy.”
But guess who is not chuffed? Anthony Scaramucci.
He has been critical of Trump since he was fired from his job as White House Communications director in 2017.
Block That Quote 🎙️
Elon Musk, you know who.
“Pretty sure I’ve never discussed crypto with Trump, although I am generally in favour of things that shift power from government to the people, which crypto can do.”
The buzz began with a Bloomberg report suggesting Musk advised Trump on crypto matters and even floated the idea of Trump speaking at the upcoming Republican national convention.
“Many of the nation’s most important leaders in technology and innovation are concerned with the damage done to their industry by Biden’s failures,” Trump spokesperson.
Adding to the intrigue, The Wall Street Journal hinted at Trump considering a role for Musk in a potential new administration, focusing on economic and border security policies.
And then.
1,500 New Bitcoin Millionaires Every Day
With Bitcoin soaring past $68,000 and hitting new all-time highs, the number of crypto millionaires is exploding.
Data shows around 1,500 new "millionaire wallets" are created daily, highlighting the life-changing wealth many are experiencing.
A recent CNBC survey also revealed that 83% of millennial millionaires hold crypto. George Walper, president of Spectrem Group, which conducted the survey.
“I’m not sure the wealth management industry has recognised that they really need to think of these as completely different generations,” …“Most firms were hoping to ignore it. But millennial millionaires are not going to just ‘grow out’ of crypto.”
And we are “not psychopaths”
A study of 500 Canadian Bitcoin holders reveals they're more like financially literate, growth-oriented individuals who value personal development and community over material possessions.
This study contradicts a sensationalised 2022 study that labeled Bitcoiners as "psychopaths." Instead, the new research paints a much more positive picture.
In The Numbers 🔢
$473 million
That’s how much cybercriminals have made off in 2024 - Immunefi.
While that's a significant sum, it actually represents a decrease in hacking activity compared to 2022 and 2023.
12% decrease: Total losses in May were $52 million, down from $59 million the previous year.
Continuing trend: This follows a 23% decline in Q1 2024 compared to 2023 and April's record low.
Two major attacks: Gala Games and Sonne Finance hacks accounted for 78% of May's losses, with $21 million and $20 million stolen, respectively.
Ethereum and BNB Chain targeted: 62% of attacks hit these two networks.
Decentralised protocols vulnerable: All attacks targeted DeFi protocols, with no centralised exchanges affected.
Fraud remains minor: Only 13.6% of losses ($1.7 million) were attributed to fraud.
Last year, over $2 billion was lost to hacks and exploits, which was significantly lower than the $4.2 billion stolen in 2022.
A16z Crypto writes $25 Million Cheque
a16z Crypto has ramped up its support for the pro-crypto super PAC Fairshake with an additional $25 million donation, bringing its total contributions to $47 million.
Chris Dixon of a16z Crypto noted that the funds will help Fairshake's mission to back political candidates who favour clear crypto regulations and American entrepreneurship in the blockchain space.
With contributions now totalling $78 million from leaders in the crypto world, including recent donations - $25 million from Ripple and ongoing support from industry giants like Coinbase and the Winklevoss twins.
Fairshake is playing a pivotal role in advocating for crypto-friendly policies.
The Surfer 🏄
Do Kwon and Terraform Labs are settling with the SEC over fraud charges related to the collapsed LUNA and TerraUSD coins. The settlement agreement is still tentative, with filings due by June 12.
FTX lawyers and advisors in the bankruptcy process have charged over $500 million in fees so far. The Official Committee of Unsecured Creditors' counsel and advisors have charged $81 million. Overall, those overseeing the bankruptcy process have requested over $700 million in fees and expenses.
Hong Kong has officially expelled all unlicensed crypto exchanges. The Securities and Futures Commission (SFC) required exchanges to apply for a license or shut down. Over 22 exchanges applied for licenses, but many withdrew their applications before the deadline.
If you like us, if you don't like us .. either ways do tell us✌️
If you dig what we do, show us love on Twitter and Instagram🤞
So long. OKAY? ✋