Several of the senior officials financial and technological officials appointed by the president-elect of the United States, Donald Trump, attend the «Bitcoin MENA 2024»the largest cryptocurrency convention in the Persian Gulf, taking place today and tomorrow in Abu Dhabi, capital of the United Arab Emirates. The date of this conference coincides with the unbeatable moment that bitcoin is experiencing, which shattered all records last week, reaching $100,000.
Several members of the inner circle of Trump will be part of the staff of speakers at the congress. Among them is his son Ericwho will give a presentation on Tuesday in which 6,000 attendees are expected. Later, he will offer a more intimate talk just for «whales«. This term, popular in the sector, is used to refer to cryptocurrency magnates with the potential for move markets.
In addition to Eric, another of Trump’s strong men who will participate in the event will be the billionaire Steve Witkoffnew White House envoy to the Middle East and co-founder of «World Liberty Financial», a cryptocurrency platform that Trump and his family helped launch.
Witkoff, for his part, will speak to an exclusive audience, those who have a VIP pass of “whale” valued at $9,999. Trump, on the other hand, is the main supporter of «World Liberty Financial«, and his children Eric, Donald Jr. and Barron They are ambassadors of the organization. Various company documents show that Donald Trump owns 22.5 billion WLF tokensas well as a part of its benefits.
«This congress means a lot to the crypto world, since it is one of the longest and its approach to build bridges among industry players is vital,” he said. Marshall BeardCOO of Gemini, the cryptocurrency exchange platform founded by the Winklevoss brothersTrump allies. «It is being incredible to see the rise of bitcoin, added to that of the conference. Cryptocurrencies have become a central point of the campaign in this year’s elections,” added the manager.
One of the speakers, accused of money laundering
Other congressional speakers also have close ties to World Liberty Financial, Trump’s platform. It is the case of Justin Suna 32-year-old Chinese entrepreneur, founder of the platform blockchain tronwhich aims to “empower the decentralized commerce for all human beings on the planet.” Three weeks after Trump’s victory in the presidential election, Sun announced on its social networks that it had acquired WLF tokens worth 30 million dollarsbecoming the largest investor on the platform.
On the other hand, Sun was investigated and accused by the Securities and Exchange Commission manipulate fraudulently the cryptocurrency market, using the technique of wash trading. This strategy consists of simultaneous purchase and sale of the same economic assetscreating the impression of false market activity without incurring any type of risk. Today, this practice is considered illegal in most jurisdictions.
From April 2018 to February 2019, the CBV estimates that Sun ordered its employees to carry out 600,000 wash trades of the TRX asset, between two exchange platforms that it controlled. The amount of TRX fraudulently exchanged daily ranges between 4.5 and 7.4 million. The current head of the CBV, Gary Genslerled this investigation. However, he will soon be replaced by Paul Atkins, crypto guru and Trump ally. “This case demonstrates the very high risk that investors run when crypto assets are sold without sufficient information,” he declared. Gensler.
Similarly, Sun is accused of orchestrating a campaign for which he paid various celebrities Americans, among whom were the actress Lindsay Lohan or the influencer Jake Paul, to resell crypto assets Tronix (TRX) and BitTorrent (BTT), both owned by him. These celebrities did not reveal how they were compensated or the extent of such payments, and the Securities and Exchange Commission charged them along with the Chinese magnate.
From skepticism to blind faith
Donald Trump, who has become the focus of all eyes ahead of the convention, was once skeptical regarding the cryptocurrency market. However, in his campaign he declared that he would become the “crypto president«, and that would turn the United States into »the cryptocurrency capital of the planet«.
To fulfill this promise, Trump has already revolutionized economic institutions with crypto experts. Paul Atkins, digital guru and former advisor to George W. Bush, will be the new head of the Securities and Exchange CommissionWall Street regulatory body. On the other hand, Trump will place at the head of the President’s Council of Advisors on Science and Technology to David Sacksformer PayPal executive and close friend of Elon Musk, a close friend and major donor to the Trump campaign.
Actors from various profiles will also participate in the congress, not just economic. Paul ManafortTrump’s campaign manager in 2016, will give a conference called “A life in politics with the man closest to Trump.” Besides, Changpeng Zhaofounder of the cryptocurrency exchange platform Binance, will also give a talk. Zhao served a sentence of four months in prison for a money laundering scandal in the crypto world, but will offer his knowledge to the “whales” in Abu Dhabi.
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