Crypto
Trump coin post on Truth Social
A Trump coin post on Truth Social (Shutterstock)
Bigly news

Trump doubles down on crypto with launch of Truth.Fi

Trump Media announced the launch of its financial services project, sending the stock soaring.

Yaël Bizouati-Kennedy

Today, Trump Media — the parent company of Truth Social — announced the launch of the financial services and FinTech brand Truth.Fi, which will focus on bitcoin and other cryptocurrencies, as well as “customized” ETFs and separately managed accounts.

Investors loved the news, and Trump Media & Technology Group stock shot up nearly 17% in premarket trading and is up 6.6% as of 10:55 a.m. ET. 

The company’s board approved “up to $250 million, to be custodied by Charles Schwab,” according to the press release. CEO and Chairman Devin Nunes said:

“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations.”

President Trump is doubling down on his crypto endeavors despite what some perceive as a potential conflict of interest. This latest venture follows the launch (just before the inauguration) of crypto tokens trump and $MELANIA. 

Last week, a group of senators, including Sen. Elizabeth Warren, wrote a letter to Congress about their concerns around these coins, “including the threats from consumer ripoffs, corruption, and foreign influence, and President Trump’s conflicts of interest,” a statement read.

Crypto Twitter seems mostly bullish on this latest announcement. 

Sid Powell, CEO and cofounder of Maple, told Sherwood News that this shows that Trump’s inner circle “is serious about crypto” and that the move is positive for the industry.

“It benefits the sector by bringing it more into the mainstream and shows that companies are increasingly considering holding crypto assets on their balance sheets,” Powell said. “It reinforces the narrative that it is strategically important for the US to win in this sector."

Some experts have had more muted reactions, noting that this underscores both the growing importance of digital assets and the dangers of having high-profile endorsements.

“While it is a great idea that major political figures are bringing the crypto space into the mainstream, it also brings transparency issues, regulatory risks, and potential market instability,” Patrick Gruhn, former head of (now defunct) FTX Europe and founder of Perpetuals.com, told Sherwood.

According to Gruhn, while market sentiment is always very sensitive to high-profile endorsements, trust, security, and sensible regulation are essential for long-term success.

“The future of crypto should be about technological advancement and financial democratization,” Gruhn said, “not the temporary high hype and speculation can bring.”

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider

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Crypto industry lifts on news of Iran ceasefire

News of a ceasefire between the US and Iran has sent cryptocurrencies and digital asset equities rallying, with privacy-focused token Zcash jumping 27% in the last 24 hours and leading market gains.

The price swing, which helped boost the total crypto market capitalization by 4.8% in the period, has resulted in $474.7 million in short positions liquidated worldwide, data from CoinGlass shows.

Since the ceasefire was announced:

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

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The FBI revealed in a Monday press release that Americans submitted 181,565 complaints of schemes involving cryptocurrency and reported losses totaling around $11.4 billion last year, a 22% increase from 2024.

The age range most affected were people older than 60. Those in this category had the highest crypto complaint count at 44,555 with losses at $4.4 billion, per the annual report from the Internet Crime Complaint Center, a division of the FBI tasked with gathering intelligence on cybercrime.

One cybercrime the report pointed to was cryptocurrency investment fraud, which are sophisticated long-term scams using psychological manipulation, an appearance of legitimacy, and exploitation of cryptocurrencies to deceive victims into investing large sums of money. 

“These scams are largely perpetrated by organized criminal enterprises based in Southeast Asia using victims of human trafficking as forced labor to run the scam operations,” per the report. 

The FBI report comes as the crypto ecosystem is still reeling from a recent $270 million exploit that was planned six months in the making, a change from the initial estimate of multiple weeks.

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Aave sinks as another service provider leaves

The native token of the largest lending protocol in DeFi has shed roughly $163 million in market capitalization, dropping nearly 11% over the past 24 hours, after news that another service provider is leaving. 

Chaos Labs on Monday announced it was stepping down as a risk manager for the Aave DAO, citing concerns over V4 of the protocol and the recent exit of other core contributors. 

The risk management firm, which has been contributing to Aave since November 2022, decided to end its engagement with the protocol in part because of a “fundamental misalignment on how risk should be managed at Aave,” Chaos Labs CEO and founder Omer Goldberg said on X. 

The V4 protocol introduced a new smart contract code base. “When that architecture is rewritten from scratch, the risk infrastructure must follow. As a result, while the scope changed materially, the resourcing did not. Aave Labs may be comfortable with those trade-offs. We are not,” Goldberg stated.  

Chaos Labs’ termination comes after service providers Aave Chan Initiative and Bored Ghosts Developing Labs announced leaving due to centralization concerns with Aave Labs, which is headed by the protocol’s founder, Stani Kulechov. 

In response to Chaos Labs’ recent decision, Kulechov said, “There is no disruption to the Aave Protocol, its smart contracts, asset listings, or network deployments.” Kulechov added that Aave was not supportive of several elements of Chaos Labs’ initial proposal, such as a higher-risk management payment of $8 million. 

Aave has a total value locked of over $24 billion. V4 went live at the end of March and has seen around $10 million in deposits in the first week.

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