7 days ago
A cryptocurrency trader who had amassed over $11 million in profits with TRUMP memecoin has given it all back, accumulating more than $21 million in losses amid the tariffs crash . This weekend, Donald Trump started a trade war by implementing tariffs against China, Canada, and Mexico, crashing all markets worldwide. While Canada and Mexico tariffs are currently on hold, China has retaliated, imposing their own tariffs against the United States. Under the macroeconomic uncertainty, most cryptocurrencies struggle at low prices, leaving many traders underwater, with massive realized and unrealized losses. Interestingly, TRUMP coin is one of the most affected in all this mess, punishing Donald Trump’s fans who bought it. TRUMP whale trader loses $21M after profiting $11M In particular, a crypto whale trader went from heaven to hell while trading TRUMP, the memecoin created by Donald Trump. On January 18, this trader sold all his 860,895 TRUMP for $23.8 million, after buying for $12 million. Lookonchain reported the over $11 million profit at that time, seeing the memecoin going from $13.94 to $27.67. However, as it happens with most memecoin traders, the whale sized up his bet and made another TRUMP purchase. 15 days ago, he spent $33.9 million to buy 766,083 TRUMP at $44.25 before the tariffs crash. According to Lookonchain ’s post , the 766,083 TRUMP holdings are now worth $12.85 million at $16.84 per token. This results in $21 million of unrealized losses, which ended up erasing all the trader’s previous gains. This whale who made a $11.8M profit on $TRUMP spent another $33.9M to buy 766,083 $TRUMP at $44.25 and has now lost $21M. He lost all his profits and over $9M of his initial capital! https://t.co/WTxtGTRK8z pic.twitter.com/SR3Vq0dNA3 — Lookonchain (@lookonchain) February 4, 2025 Donald Trump’s crypto activity Notably, the outcomes fruit of Donald Trump’s trade war have made analysts wonder if the US President was “the worst insider trader ever,” as Finbold reported. This is because Trump’s team have been signaling a bullish bias toward crypto, especially by buying a lot of cryptocurrencies . Receive Signals on US Congress Members` Stock Trades Stocks Stay up-to-date on the trading activity of US Congress members. The signal triggers based on updates from the House disclosure reports, notifying you of their latest stock transactions. Enable signal On the other hand, traders like hoeem , on X, these movements are part of a smart trading plan. As described , the President launched TRUMP, absorbing the liquidity of all altcoins, while World Liberty Fi bought Ethereum ( ETH ). The plan continued after releasing MELANIA’s memecoin, followed by the tariffs crash, all allowing “world liberty fi to buy cheap ETH,” in his words. Then, Donald Trump has put Canada and Mexico tariffs on stand by, which the market reacted positively to. After that, his team announced a press conference on February 4 to talk about the U.S. crypto strategic reserve, followed by bullish posts on ETH from Eric Trump, the President’s son. In my opinion, it’s a great time to add $ETH . — Eric Trump (@EricTrump) February 3, 2025 If the market now reacts positively for the upcoming events, this plan will prove itself extremely profitable for insider traders. Nevertheless, unaware investors, like the TRUMP whale trader, will either lose millions of dollars or need to hold with conviction amid the uncertainty to avoid realizing the losses. Featured image from Shutterstock The post Trader gives all his profit back and loses $21M with TRUMP amid tariffs crash appeared first on Finbold .
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
zkLend Faces Major Hack: $9 Million in Ethereum Stolen
A hack on zkLend resulted in the theft of over $9 million in Ethereum. The protocol is negotiating with the hacker for the return of stolen funds. Continue Reading: zkLend Faces Major Hack: $9 Million in Ethereum Stolen The post zkLend Faces Major Hack: $9 Million in Ethereum Stolen appeared first on COINTURK NEWS . Finbold
Trump Picks Brian Quintenz to Lead CFTC in Major Crypto Oversight Shift
Donald Trump has selected Brian Quintenz to lead the Commodity Futures Trading Commission (CFTC) , signaling a major shift in crypto regulation. Quintenz, formerly a CFTC commissioner from 2017 to 2021, was most recently the Head of Policy at Andreessen Horowitz’s crypto division (a16z). His appointment reflects plans to expand the CFTC’s role in overseeing digital assets. A Fox Business reporter, citing three sources, confirmed the decision. Although the White House has not made an official statement, current acting CFTC Chair Caroline D. Pham congratulated Quintenz, highlighting his past contributions. “Brian has successfully led important initiatives before, and I trust he will do the same for crypto and innovation,” Pham said. The CFTC is preparing for broader responsibilities, particularly in stablecoin regulation and market oversight. The agency will soon host discussions on stablecoins, prediction markets, and digital asset rules. Policymakers increasingly stress the need for clear and enforceable crypto regulations. One of Trump’s major proposals is shifting oversight of Bitcoin and Ethereum from the Securities and Exchange Commission (SEC) to the CFTC. These two assets account for nearly $2.2 trillion in market value, about 70% of the global crypto market. Former CFTC Chair Christopher Giancarlo, also known as “Crypto Dad,” supports this change, arguing that the CFTC is better suited to regulate them as digital commodities. He recently stated that, with proper funding and leadership, the CFTC could start regulating digital commodities immediately under Trump’s presidency. Congress is considering legislation to redefine the roles of the CFTC and SEC in crypto oversight. The bipartisan “BRIDGE Digital Assets Act,” introduced by Tennessee Congressman John Rose, suggests a collaborative approach. A 20-member advisory committee from the private sector would help shape regulations, ensuring the industry has a say in policy decisions. Despite the ambitious plan, concerns exist about the CFTC’s ability to manage these new responsibilities. With a $400 million budget and 700 employees, it is significantly smaller than the SEC, which has a $2.4 billion budget and 5,300 employees. Expanding crypto regulation would require a substantial funding increase and additional staff. Some traditional stakeholders, such as agricultural commodity traders, are wary of the CFTC’s growing focus on digital assets. Lawmakers must address these concerns to secure bipartisan support for regulatory changes. Finbold
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