Latest news with #KronosResearch
Yahoo
23-05-2025
- Business
- Yahoo
Trump's Crypto Dinner Guests Admit They're Trying to Buy Him Off
Incredibly unsurprising news: The people who paid millions of dollars to get into Trump's lavish cryptocurrency dinner did soto directly influence the president's financial policy in their favor. 'I will definitely not hesitate to share my perspective,' Vincent Liu, CIO of Taiwanese-based crypto firm Kronos Research, who bought enough Trump's crypto to attend the dinner Thursday night, told The New York Times. 'It's great to see the current direction that everything's going.' 'It's kind of a fund-raiser' for Mr. Trump, Korean crypto executive Sangrok Oh and another dinner attendee, told the Times. 'And he'll always be good to his sponsors.' The dinner was held at Trump's private golf club in northern Virginia on Thursday evening for the top 220 holders of the president's memcoin cryptocurrency—after an auction that brought in $147,586,796.41. Protesters lined the entrance to the building, chanting 'shame, shame, shame!' and other holding up signs while attendees arrived. The event was promoted as the 'most EXCLUSIVE INVITATION in the world,' according to an email. While the top 220 buyers got into the gala, the top 25 buyers received much more personal, 'ultra-exclusive private VIP reception' and 'Special VIP Tour' with Trump, allowing them unfettered access to the president. There were also some other high profile attendees there (with much smaller pockets than the likes of Liu and Oh). Embattled former NBA player and reality TV star Lamar Odom posted a video on X of himself walking into the event while boos and jeers rained down on him from the crowd. 'I'm just about to pass through security and officially walk into the Trump Gala. Honestly… I'm fired up. Think about it—what meme coin has ever done this?' Odom wrote on X, plugging his own memecoin as well. '$ODOM isn't just a token, it's taking the stage at a presidential gala tonight!' Trump's cryptocurrency has been widely condemned as a blatant conflict of interest that completely blurs the lines between executive power and private business. 'Donald Trump's dinner is an orgy of corruption. That's what this is all about,' Senator Elizabeth Warren said that evening. 'Donald Trump is using the presidency of the United States to make himself richer through crypto, and he's doing it right out there in plain sight. He is signaling to anyone who wants to ask for a special favor—and is willing to pay for it—exactly how to do that.
Sydney Morning Herald
23-05-2025
- Business
- Sydney Morning Herald
Crypto investors descend on Trump's golf club for $230 million meme coin dinner
A company controlled by the Trump family and a second firm together hold 80 per cent of the remaining supply of $TRUMP coins, and have so far earned $US320.19 million in fees, including at least $US1.35 million after the dinner announcement, according to blockchain analytics firm Chainalysis. More than half of the 220 holders who attended the black-tie event are likely based outside the United States, according to blockchain analysis. In response to criticisms about Trump using his office to enrich himself from the meme coin, White House spokeswoman Karoline Leavitt said on Thursday, Washington time: 'All of the president's assets are in a blind trust, which is managed by his children. And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.' The Trump Organisation did not respond to requests for comment. Vincent Liu, chief investment officer of Taiwan-based crypto market maker Kronos Research, said he had hopes of networking with other top holders and even possibly meeting the president. 'That kind of access is rare, and it represents how digital assets are entering the mainstream.' Private cocktail reception Sheldon Zia, founder of the Cayman Islands-based crypto exchange BitMart, posted on X prior to the event that, as a top-25 holder, he was heading to not just the dinner but also to a private VIP cocktail reception before the dinner and a private VIP tour the following day. An initial announcement said the 25 VIPs – the majority of their identities so far unknown – would tour the White House. That detail has since been deleted from the $TRUMP meme website. There are also domestic Trump supporters such as Vincent Deriu, a 27-year-old New York consultant who said he already owns 'many' Trump-branded watches, 'a few pairs of' Trump sneakers, and 'more than 50' Trump NFTs. Deriu joined the dinner on Thursday for $US116,000. Trump spent an hour at the event, where meme coin holders were served an organic field green salad, filet mignon, pan-seared halibut, garlic mashed potatoes and a vegetable medley, followed by a warm lava cake, according to a photo of the gold-lettered menu posted to social media. Senior Democratic members of the House and Senate held a press conference earlier on Thursday to highlight what they described as Trump's 'corrupt' crypto practices and to push for legislation that would ban such activities. 'Donald Trump's dinner is an orgy of corruption,' Massachusetts Senator Elizabeth Warren said. Connecticut Senator Chris Murphy noted the anonymity of attendees. 'Reportedly, there's going to be a guy there tonight called Ogle,' Murphy said. 'That's it. That's all we know about this guy. He wears a mask all the time.' 'The Biden administration persecuted crypto innovators, and we're bringing them back into the USA where they belong.' Donald Trump When reached for comment by Reuters, Ogle, a crypto security specialist, said that he used a pseudonym and appeared in video interviews with his face obscured by a bandana and sunglasses to protect himself because of safety concerns related to his pro bono work, in which he says he has helped victims of crypto criminals recover more than half a billion dollars. Ogle said Murphy's accusations were 'misplaced'. 'My motive for attending this dinner is very straightforward,' said Ogle, who also serves as an adviser to Trump's cryptocurrency platform, World Liberty Financial. 'I'm curious by nature, I believe it will be an historic moment, and I'm fortunate to have the opportunity to go.' Ogle came in at number 22 in the contest, and holds a total of $US3.6 million worth of the $TRUMP coin. Democratic lawmakers have introduced a flurry of bills aimed at ending the ability of presidents and members of Congress to own or oversee businesses that issue or promote crypto products. Given that Republicans have majority control of both the US House and Senate, the Democratic Party has limited ability to pass legislation and call for public hearings or formal investigations. Of all of the Trump family's cascade of new crypto ventures – which now include a crypto exchange, a stablecoin, a bitcoin mining operation and digital asset ETFs – the meme coin has sparked particularly strident criticism from Democratic lawmakers and government watchdog groups, who have decried it as 'a race to the bottom for presidential grifting'. Now, even some Trump allies are starting to weigh in, with Republican Senator Cynthia Lummis, a robust and staunch crypto industry advocate, saying the dinner gives her 'pause'. Since the $TRUMP meme coin launched in January, the profits have favoured big investors: more than 60 large wallets have profited close to $US1.5 billion, with $US48 million in profits occurring after Trump posted about the contest on social media, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps, as of May 8.
The Age
23-05-2025
- Business
- The Age
Crypto investors descend on Trump's golf club for $230 million meme coin dinner
A company controlled by the Trump family and a second firm together hold 80 per cent of the remaining supply of $TRUMP coins, and have so far earned $US320.19 million in fees, including at least $US1.35 million after the dinner announcement, according to blockchain analytics firm Chainalysis. More than half of the 220 holders who attended the black-tie event are likely based outside the United States, according to blockchain analysis. In response to criticisms about Trump using his office to enrich himself from the meme coin, White House spokeswoman Karoline Leavitt said on Thursday, Washington time: 'All of the president's assets are in a blind trust, which is managed by his children. And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.' The Trump Organisation did not respond to requests for comment. Vincent Liu, chief investment officer of Taiwan-based crypto market maker Kronos Research, said he had hopes of networking with other top holders and even possibly meeting the president. 'That kind of access is rare, and it represents how digital assets are entering the mainstream.' Private cocktail reception Sheldon Zia, founder of the Cayman Islands-based crypto exchange BitMart, posted on X prior to the event that, as a top-25 holder, he was heading to not just the dinner but also to a private VIP cocktail reception before the dinner and a private VIP tour the following day. An initial announcement said the 25 VIPs – the majority of their identities so far unknown – would tour the White House. That detail has since been deleted from the $TRUMP meme website. There are also domestic Trump supporters such as Vincent Deriu, a 27-year-old New York consultant who said he already owns 'many' Trump-branded watches, 'a few pairs of' Trump sneakers, and 'more than 50' Trump NFTs. Deriu joined the dinner on Thursday for $US116,000. Trump spent an hour at the event, where meme coin holders were served an organic field green salad, filet mignon, pan-seared halibut, garlic mashed potatoes and a vegetable medley, followed by a warm lava cake, according to a photo of the gold-lettered menu posted to social media. Senior Democratic members of the House and Senate held a press conference earlier on Thursday to highlight what they described as Trump's 'corrupt' crypto practices and to push for legislation that would ban such activities. 'Donald Trump's dinner is an orgy of corruption,' Massachusetts Senator Elizabeth Warren said. Connecticut Senator Chris Murphy noted the anonymity of attendees. 'Reportedly, there's going to be a guy there tonight called Ogle,' Murphy said. 'That's it. That's all we know about this guy. He wears a mask all the time.' 'The Biden administration persecuted crypto innovators, and we're bringing them back into the USA where they belong.' Donald Trump When reached for comment by Reuters, Ogle, a crypto security specialist, said that he used a pseudonym and appeared in video interviews with his face obscured by a bandana and sunglasses to protect himself because of safety concerns related to his pro bono work, in which he says he has helped victims of crypto criminals recover more than half a billion dollars. Ogle said Murphy's accusations were 'misplaced'. 'My motive for attending this dinner is very straightforward,' said Ogle, who also serves as an adviser to Trump's cryptocurrency platform, World Liberty Financial. 'I'm curious by nature, I believe it will be an historic moment, and I'm fortunate to have the opportunity to go.' Ogle came in at number 22 in the contest, and holds a total of $US3.6 million worth of the $TRUMP coin. Democratic lawmakers have introduced a flurry of bills aimed at ending the ability of presidents and members of Congress to own or oversee businesses that issue or promote crypto products. Given that Republicans have majority control of both the US House and Senate, the Democratic Party has limited ability to pass legislation and call for public hearings or formal investigations. Of all of the Trump family's cascade of new crypto ventures – which now include a crypto exchange, a stablecoin, a bitcoin mining operation and digital asset ETFs – the meme coin has sparked particularly strident criticism from Democratic lawmakers and government watchdog groups, who have decried it as 'a race to the bottom for presidential grifting'. Now, even some Trump allies are starting to weigh in, with Republican Senator Cynthia Lummis, a robust and staunch crypto industry advocate, saying the dinner gives her 'pause'. Since the $TRUMP meme coin launched in January, the profits have favoured big investors: more than 60 large wallets have profited close to $US1.5 billion, with $US48 million in profits occurring after Trump posted about the contest on social media, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps, as of May 8.
Yahoo
21-04-2025
- Business
- Yahoo
Bitcoin Hits $87,000, But Analysts Advise Caution on Bull-Run Expectations
Bitcoin's price crossed the $87,000 threshold on Sunday, marking the first time it has reached this level since April 2. The world's largest cryptocurrency is currently trading at approximately $87,325, reflecting a 2.4% increase in the past 24 hours. Analysts attribute this rally to a resurgence in institutional interest, particularly highlighted by the recent acquisition of 3,459 BTC by Strategy, formerly known as MicroStrategy. Despite reporting unrealized losses of $5.91 billion on its BTC holdings in the first quarter, Strategy's actions suggest a renewed commitment to Bitcoin amid market uncertainty. Dominick John, an analyst at Kronos Research, noted that the rally is also fueled by an uptick in global liquidity, driven by an expanding M2 money supply that reached $90.2 trillion across the U.S., Europe, Japan, and China from December to February. The positive net flow of $15.8 million into U.S. spot Bitcoin exchange-traded funds last week further indicates growing institutional confidence in the crypto. While Bitcoin has shown resilience, analysts caution that it is too early to declare a new bull market. Peter Chung, head of research at Presto Research, emphasized that ongoing negotiations regarding U.S. tariffs still contribute to market nervousness. He stated that clarity on these matters is essential for stabilizing broader markets. The upcoming Federal Open Market Committee meeting on May 6 and 7 will be closely watched, as the CME FedWatch Tool currently predicts a 12.4% chance of a 25-basis-point rate cut. John added that sustaining capital inflows will depend on the U.S. Federal Reserve maintaining lower interest rates. In addition to Bitcoin, other major cryptocurrencies experienced upward momentum, with Ether rising 0.97% to $1,632 and XRP gaining 1.38% to $2.11. However, Solana saw a decline of 0.87%, trading at $140.2. Sign in to access your portfolio
Yahoo
04-04-2025
- Business
- Yahoo
DeFi TVL Falls Below $95 Billion, Down 30% From December Levels
The total value locked (TVL) in decentralized finance (DeFi) has experienced a significant decline, falling over 30% since its peak in December 2022. Currently, the TVL stands at approximately $94.49 billion, down from a high of $137 billion recorded on Dec. 17. This decline is attributed to a challenging macroeconomic environment and the still-maturing nature of the DeFi ecosystem. Recent data from DefiLlama indicates that DeFi's TVL recently reached a low of $88 billion, reflecting a broader downturn in the crypto market. Analysts point to various factors contributing to this drop, including reduced user confidence and a decrease in active addresses for major cryptocurrencies like Bitcoin and Ethereum. Market participants are grappling with uncertainty stemming from ongoing inflation concerns and geopolitical tensions. Kevin Guo, Director at HashKey Research, noted that while the DeFi sector has seen advancements, it still lacks the necessary maturity to integrate effectively with institutional financial products. Complicated interfaces and higher fees may deter retail investors, while seasoned traders remain reliant on the liquidity offered by licensed exchanges. Vincent Liu, Chief Investment Officer at Kronos Research, emphasized the importance of innovation within the DeFi space for regaining market momentum. He also mentioned that potential changes in U.S. tariffs and forthcoming Consumer Price Index data could influence a market recovery. Despite the current fluctuations, LVRG Research Director Nick Ruck asserted that DeFi remains a viable option for long-term investment.
