I’d run across this article linked somewhere earlier this past week. But, I couldn’t read it or post it, because it was behind a paywall. Well, thanks to Punctuated.Equilibrium over on MPS Friday night, here it is! Well, a goodly snip of it. Give ’em a click to read it all, because they lifted the paywall so that everyone who wants to know can read it.

The everything, everywhere, all at once corruption story.

I’m pleading with you to look at the president’s self-dealing.

1 May 2026 Written by: Isaac Saul

(snip-skipping a bit at the top)

During President Joe Biden’s term, the Department of Justice could say, at least, that it had investigated the president’s son. Republicans in Congress also conducted a yearslong investigation into the Hunter Biden business ties and how they might link back to the president. Here, though, we have nothing; every story I’m about to point to has not produced even a unified statement of concern from, say, a half dozen Republican senators worried about government corruption. 

Remember, Hunter’s story was about drawing a $50,000/month salary while his dad was vice president and then allegedly trying to arrange some business ventures he might cut Joe Biden in on once he was out of office. Republicans’ yearslong investigation never turned up any hard evidence of the latter, though there was enough smoke I still think the story was plausible.

Today, we’re talking about the president’s children launching multi-billion dollar business ventures — several of them — while the president is in office, and then explicitly exchanging all manner of domestic policy victories, foreign policy concessions, and literal pardons in the construction of those deals. Trump himself has all but admitted this is happening. He told The New York Times that “nobody cared” when he tried to separate his family business from his administration during his first term, so he isn’t even trying now.

I have tracked these stories with one of my senior editors for the last year and a half. The list of things that have happened is so long and shocking when you see it all together that I’m not entirely sure how to present it. I’ve gone back and forth; maybe I should build a flow chart? What about a spreadsheet? Should this be a YouTube video, instead of a written piece? Will anyone actually read the entire thing? Can anyone actually process this level of self-dealing, corruption, and shadiness at once? 

Ultimately, I decided that the best I can do is try to write all these instances down in an engaging way that might grab your attention and wake us all up from whatever stupor we’re in. So… here goes.

Let’s start with the cryptocurrency.

Perhaps the largest vehicle for Trump’s self-dealing has been his foray into cryptocurrency. This is a complicated space that I will try to make as straightforward and simple as possible.

In 2024, the Trump family launched a crypto company called World Liberty Financial. Trump is listed as a “co-founder emeritus.” By December of 2025, they had profited roughly $1 billion from proceeds while holding $3 billion in unsold cryptocurrency tokens, amassing a fortune larger than their entire real estate portfolio. At the same time the president was pushing his family’s new crypto venture, he was cutting crypto regulation, touting the potential of private digital currencies to help the U.S. economy, and promising to unleash the industry he and his family were simultaneously profiting from.

But the president wasn’t only directly making money in an industry he was deregulating; the Trumps benefitted through intermediaries, too. Last summer, World Liberty Financial bought a publicly listed firm and raised $750 million from investors to buy its own cryptocurrency, WLFI. The Wall Street Journal tepidly described this setup as an “unusually circular transaction with the same party as buyer and seller” that could net the Trump family an additional $500 million. 

Essentially, the Trump family launched a cryptocurrency firm while deregulating the crypto industry, then bought a separate firm that it used to buy its own cryptocurrency while also raising three quarters of a billion dollars from investors to buy that same cryptocurrency. 

Just days before he was inaugurated, Trump also launched a personal “memecoin” called $TRUMP. Memecoins are cryptocurrencies made about internet jokes, pop culture moments, or viral trends. They have no underlying value or technological purpose; the value of the coin is driven entirely by social hype. Trump created hype for his memecoin by launching it months after being elected and just three days before being inaugurated. He promoted $TRUMP on social media and, while president, even held a dinner for the top 220 holders of the coin at one of his golf resorts in Virginia. He held another one at Mar-a-Lago this past weekend. The initial coin offering released 200 million tokens of its billion-token supply to the public on the first day. The price skyrocketed 300% overnight and hit an all-time high of $74.27 on January 19, right before Trump’s inauguration. $TRUMP has since cratered, losing 97% of its value (for context, if you had bought $1,000 at its peak, your $1,000 would now be worth about $30). 

Trump, naturally, profited. The exact figures are hard to pin, but The Financial Times estimated that the scheme netted him personally about $350 million, while Trump’s holdings of the coin through a separate partnership could be worth billions more. It wasn’t just the president, either; First Lady Melania Trump launched her own memecoin, which also skyrocketed in value before a massive sell-off that she profited from (what people in the industry call a “rug pull”). Most of the people who bought and held the coin based on the hype the Trumps created ended up losing most of their money, but the coin’s creators got rich (or, in this case, richer).

This cryptocurrency foray hasn’t just been a vehicle for self-enrichment, but also a vehicle for quid pro quos. Perhaps the most obvious and overt involved Justin Sun, a crypto billionaire who was being investigated by the SEC for fraud. Sun, in the midst of his investigation, bought $75 million of WLFI — the World Liberty Financial coin — and then became an adviser at the company. Shortly after that investment, the SEC backed off its investigation and settled with him for $10 million, a small fraction of the expected penalties he was set to pay (on top of potential prison time). Of course, it’s possible that the SEC, an organization now openly being influenced by the president, just happened to back off its investigation in the weeks following Sun’s $75 million investment into Trump’s crypto firm. 

It’s also possible that the two events are related.

The crypto story, though, hardly ended there. In late April, CBS reported that Sun was suing the Trump administration’s World Liberty Financial, alleging fraud. That’s right: Sun, whose initial case has since concluded, has now turned around and sued the Trump family, alleging that the president and his sons are illegally blocking him from selling his digital tokens that are worth as much as $1 billion. Sun also claims that World Liberty Financial tried to pressure him into investing in its stable coin, and that the company froze his tokens after he refused to commit more money to the business. 

It’s hard to identify the villain.

Sun’s apparent quid pro quo to get out from under government oversight is just one example. Changpeng Zhao, the founder of Binance, was pardoned by President Trump shortly after Zhao helped boost WLFI’s prominence by allowing the currency to be traded on the crypto exchange Binance, which Zhao started. After the pardon, Zhao became one of the Trumps’ business partners, boosting the family’s crypto empire while skating serious charges that he allowed money to flow to terrorists, cyber criminals, and child abusers on his platform.

If that’s not enough, more shocking news broke this week. According to The Wall Street Journal, World Liberty Financial inadvertently partnered with two men the U.S. government had sanctioned a month before for helping run a transnational criminal syndicate that had stolen billions of dollars from Americans through online scams. To repeat: Last fall, the Trump administration announced criminal charges against a transnational criminal syndicate for stealing billions of dollars from Americans in online scams. A month later, two of the men it sanctioned partnered with the Trump family’s crypto company. 

The evidence of crypto investments from foreign nationals operating as de facto bribes doesn’t end there. Consider the story of Sheikh Tahnoun bin Zayed Al Nahyan, the brother of the United Arab Emirates (UAE) president and one of the most powerful politicians in the Middle East (he’s served as the UAE’s national security advisor since 2016). He stewards an empire of wealth worth roughly $1.5 trillion, and a firm closely tied to him secretly signed a deal for a 49% stake in WLFI worth $500 million — including $187 million paid upfront to Trump family entities just days before Trump’s inauguration. Shortly after Trump took office, the administration undid a national security block that would have prevented the UAE from getting up to 500,000 advanced Nvidia AI chips. 

Some right-wing writers, like National Review’s Andrew McCarthy, have been brave enough to take this story head-on — but many have ignored it.

Sometimes, the favors happen en masse. The crypto industry as a whole was a top donor to Trump’s 2025 inauguration fund, and the SEC then dropped or paused over a dozen cases against crypto firms, or simply handed them huge access to government-directed crypto entities. Several of those cases, like Sun’s, were tied directly to donations. Coinbase donated $1 million; its lawsuit was dropped. Ripple ($4.9 million) and Solana ($1 million) had their tokens added to the national Digital Asset Stockpile.

I want to pause here to remind people that we spent all four years of the Biden administration talking about Hunter Biden’s alleged $50,000 a month salary while working at an energy firm in Ukraine, and the possibility that he was setting up some business deals for his father after he left the vice presidency. Rep. Marjorie Taylor Greene (R-GA) introduced articles of impeachment alleging Biden “abused the power of the Office of the Vice President, enabling bribery and other high crimes and misdemeanors, by allowing his son to influence the domestic policy of a foreign nation and accept various benefits—including financial compensation—from foreign nationals in exchange for certain favors.” 

Conversely, the final tally of investments from parties with conflicts of interest into crypto assets personally managed by the Trump family safely enters the range of billions of dollars — a scale of thousands of millions, in just one sector and in just over one year, while the president was actually in office.

It’s not just cryptocurrency.

(snip-MORE. It reads just as quickly on the page)