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Tag: Cryptocurrency

  • Inside a Wild Bitcoin Heist: Five-Star Hotels, Cash-Stuffed Envelopes, and Vanishing Funds

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    As Kent Halliburton stood in a bathroom at the Rosewood Hotel in central Amsterdam, thousands of miles from home, running his fingers through an envelope filled with €10,000 in crisp banknotes, he started to wonder what he had gotten himself into.

    Halliburton is the cofounder and CEO of Sazmining, a company that operates bitcoin mining hardware on behalf of clients—a model known as “mining-as-a-service.” Halliburton is based in Peru, but Sazmining runs mining hardware out of third-party data centers across Norway, Paraguay, Ethiopia, and the United States.

    As Halliburton tells it, he had flown to Amsterdam the previous day, August 5, to meet Even and Maxim, two representatives of a wealthy Monaco-based family. The family office had offered to purchase hundreds of bitcoin mining rigs from Sazmining—around $4 million worth—which the company would install at a facility currently under construction in Ethiopia. Before finalizing the deal, the family office had asked to meet Halliburton in person.

    When Halliburton arrived at the Rosewood Hotel, he found Even and Maxim perched in a booth. They struck him as playboy, high-roller types—particularly Maxim, who wore a tan three-piece suit and had a highly manicured look, his long dark hair parted down the middle. A Rolex protruded from the cuff of his sleeve.

    Over a three-course lunch—ceviche with a roe garnish, Chilean sea bass, and cherry cake—they discussed the contours of the deal and traded details about their respective backgrounds. Even was talkative and jocular, telling stories about blowout parties in Marrakech. Maxim was aloof; he mostly stared at Halliburton, holding his gaze for long periods at a time as though sizing him up.

    As a relationship-building exercise, Even proposed that Halliburton sell the family office around $3,000 in bitcoin. Halliburton was initially hesitant, but chalked it up as a peculiar dating ritual. One of the guys slid Halliburton the cash-filled envelope and told him to go to the bathroom, where he could count out the amount in private. “It felt like something out of a James Bond movie,” says Halliburton. “It was all very exotic to me.”

    Halliburton left in a taxi, somewhat bemused by the encounter, but otherwise hopeful of closing the deal with the family office. For Sazmining, a small company with around 15 employees, it promised to be transformative.

    Less than two weeks later, Halliburton had lost more than $200,000 worth of bitcoin to Even and Maxim. He didn’t know whether Sazmining could survive the blow, nor how the scammers had ensnared him.

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    Joel Khalili

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  • Scaramuccis led $220 million investment in crypto mining firm tied to President’s family—‘Bitcoin transcends politics’ | Fortune

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    Anthony Scaramucci briefly served as the White House’s communications director in President Donald Trump’s first administration, but soon after became a prominent critic of the commander- in-chief. Still, that hasn’t stopped the SkyBridge Capital founder and his son, AJ Scaramucci, from backing American Bitcoin, the Bitcoin miner that counts the President’s sons Eric as a cofounder and Donald Jr. as an investor. Solari Capital, an investment firm founded by AJ Scaramucci, led a July $220 million funding round in the Trump family firm, the Scaramuccis told Fortune

    American Bitcoin raised the money before it went public via a reverse merger in September, but it never disclosed the investors. Solari Capital put over $100 million into the company, AJ said, declining to name a specific number. Anthony also put in a small check of his own and declined to say how much. Other participants in the round included the life coach Tony Robbins, the Cardano founder Charles Hoskinson, longtime investor Grant Cardone, and the serial founder Peter Diamandis.

    “Has my Dad and Don Sr. [Donald Trump], have they had their fair share of back and forth? Of course they have,” AJ told Fortune, “but Bitcoin transcends politics.”

    Bitcoin believers

    Anthony Scaramucci soared to national prominence in 2017 when President Trump tapped him to lead the White House’s communications efforts. Scaramucci was fired after only a few days on the job, however, following a report of a foul-mouthed rant against other Trump staffers.

    Since then, Scaramucci has come out in force against Trump and supported Joe Biden and Kamala Harris in their presidential campaigns in 2020 and 2024, respectively. But, the Wall Street financier has also been a longtime crypto advocate and Bitcoin believer, something the two families began to share in common after Trump came out in support of the crypto industry during his 2024 campaign for reelection.

    “There may be a blue and a red team, but there’s also an orange team, and that’s Bitcoin,” Anthony, referring to the color most associated with the cryptocurrency, told Fortune.

    AJ sourced the deal for Solari Capital. The younger Scaramucci was roommates with Matt Prusak, now the president of American Bitcoin, when the two attended Stanford University’s business school. “Matt is one of my closest personal friends,” AJ said. 

    When Prusak told him they were spinning off American Bitcoin from Hut 8, another Bitcoin miner, AJ jumped on the opportunity. He said he thought the company could compete in the saturated market of public companies, like Michael Saylor’s Strategy, that acquire Bitcoin and pitch their shares as a way for investors to get access to the world’s largest cryptocurrency via the stock market. 

    American Bitcoin generates its own cryptocurrency through mining, or solving complex mathematical puzzles in return for portions of the token. It then holds that cryptocurrency as well as buys more of it on the market.

    “The Scaramuccis really believe in what American Bitcoin is doing, and they were willing to put kind of their personal issues aside and say, ‘Look, we think this is a great company.’” Asher Genoot, chairman of American Bitcoin, told Fortune.

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    Ben Weiss

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  • The President’s Pardon | Sunday on 60 Minutes

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    President Trump’s pardon of Changpeng Zhao came shortly after Zhao’s company, Binance, helped catapult the Trump family’s cryptocurrency firm, World Liberty Financial, into international recognition. The firm is a major source of the Trump family’s fortune. 60 Minutes reports, Sunday.

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  • DOJ Issued Seizure Warrant to Starlink Over Satellite Internet Systems Used at Scam Compound

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    As scam compounds in Southeast Asia continue to rake in billions of dollars in stolen funds from victims around the world, United States law enforcement aims to cut scammers off at the source by issuing seizure warrants for Starlink satellite internet terminals that provide cybercriminals with connectivity. Two US warrants and affidavits seen by WIRED detail how Starlink devices are allegedly being used by cybercriminals running scam compounds in Myanmar.

    One warrant, issued on Wednesday by US magistrate judge G. Michael Harvey, authorized the seizure of nine Starlink terminals and two Starlink accounts allegedly used in scam compounds in Payathonzu, near Three Pagodas Pass at the Myanmar-Thai border. A linked affidavit, written by FBI investigators, claims that the Starlink devices and accounts played a “substantial role” in an alleged money laundering and wire fraud operation targeting US citizens—saying Starlink parent company SpaceX should “disable service” to the devices. It also claims that at least 26 Starlink dishes appeared to be on the roofs of several buildings making up one scam center of several in the Three Pagodas Pass area.

    The second warrant and affidavit—which was not issued to Starlink but focused on seizing websites used in scamming—also claims that “at least” 79 Starlink dishes appear on the roofs of buildings at the notorious Tai Chang compound in Myanmar, which US officials say is controlled by the Democratic Karen Benevolent Army, an armed group in Myanmar that was sanctioned by the US government this week. The warrant was signed on Monday by US magistrate judge Matthew J. Sharbaugh.

    Both sets of legal documents cite a WIRED investigation from earlier this year, which revealed that scam compounds in Myanmar have been using Starlink for internet access. Starlink, which is owned and operated by Elon Musk’s SpaceX, is a high-speed satellite internet service available in more than 150 countries around the world.

    The action comes as part of a new US law enforcement initiative known as the District of Columbia Scam Center Strike Force that was announced by the Justice Department, FBI, and Secret Service on Wednesday. The effort aims to combat cryptocurrency scams targeting Americans, specifically fraud that originates from an ecosystem of systematized scamming that has evolved in multiple Southeast Asian countries and is often linked to Chinese organized crime. The “Strike Force” is already operational, and the Justice Department says it has seized roughly $400 million in cryptocurrency so far that was stolen in scams.

    “The Department of Justice will not stand by while Chinese organized crime victimizes Americans and bleeds dry the hard-earned investments of American citizens,” Jeanine Pirro, the US attorney for the District of Columbia, said in a press conference. “We have seized websites being used by these compounds in Southeast Asia that are used to victimize Americans. We are seeking warrants to see satellite terminals and accounts being used by the perpetrators to connect to the internet.”

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    Matt Burgess, Lily Hay Newman

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  • Crypto market plunges as Bitcoin falls below $97,000 | Fortune

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    When Bitcoin dipped under $100,000 early last week, some in the crypto world thought it couldn’t get any worse. It did. As of Friday mid-day, Bitcoin was trading at below $97,000 for the first time since May and is down about 22% since its all-time high of about $126,000 just last month. 

    Ethereum and Solana, two other major cryptocurrencies known as altcoins, have also sputtered. The former is down about 3% in the last week to about $3,236, and the latter is down about 12% to just under $142 during that time. 

    The crypto market’s dip comes amid sentiment that a December rate cut from the Federal Reserve is growing less likely. Lower interest rates are typically a spur for crypto speculation.

    The crypto sector has experienced a rough first half of November, continuing the downward trend which started during the flash crash of October 10. 

    “This is clearly triggered by macro risk adjusting on the back of a more hawkish Fed stance and a vacuum in macro data of inflation and jobs,” said Jasper De Maere, desk strategist at Wintermute. “[The] probability of 25 basis points rate cuts in December dropped from 70% only three days ago to around 50% today, leading to a rebalancing of risk.” 

    Bitcoin has been especially volatile in the last six weeks. The beginning of ‘Uptober’ was true to its moniker, as Bitcoin crossed the $125,000 threshold for the first time in its history. Its downward spiral began on October 10, the day where traders saw $19 billion in their positions evaporate. That only worsened when Federal Reserve Chair Jerome Powell expressed doubt about another rate cut at the end of the year. That doubt has only magnified since, as this week Fed policymakers have echoed Powell’s caution. 

    The recent crypto boom has been spurred in large part by the favorable regulatory policies from President Donald Trump’s administration. But the last month has erased much of those winnings for the sector, and the darkness might linger, according to some analysts. 

    “The crypto market has set lower local lows, confirming the downward trend,” said Alex Kuptsikevich, chief market analyst at FxPro. “The bearish signal – the death cross – is already looming over the first cryptocurrency.”

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    Carlos Garcia

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  • These are the 37 donors helping pay for Trump’s $300 million White House ballroom

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    WASHINGTON (AP) — President Donald Trump says his $300 million White House ballroom will be paid for “100% by me and some friends of mine.”

    The White House released a list of 37 donors, including crypto billionaires, charitable organizations, sports team owners, powerful financiers, tech and tobacco giants, media companies, longtime supporters of Republican causes and several of the president’s neighbors in Palm Beach, Florida.

    It’s incomplete. Among others, the list doesn’t include Carrier Group, which offered to donate an HVAC system for the ballroom, and artificial intelligence chipmaker Nvidia, whose CEO, Jensen Huang, publicly discussed its donation.

    The White House hasn’t said how much each donor is giving, and almost none was willing to divulge that. Very few commented on their contributions when contacted by The Associated Press.

    A senior White House official said the list has grown since it was first released in October, but some companies don’t want to be publicly named until required to do so by financial disclosure regulations. No foreign individuals or entities were among the donors, according to the official who spoke on condition of anonymity to discuss details that haven’t been made public.

    Here’s a look at the divulged donors:

    Tech giants (8):

    Amazon Background: Trump was once highly critical of company founder Jeff Bezos, who also owns The Washington Post, but has been much less so lately. Amazon donated $1 million to Trump’s inauguration, an event attended by Bezos. Its video streaming service paid $40 million to license a documentary about first lady Melania Trump. Its cloud-based computing operation, Amazon Web Services, is a major government contractor.

    Apple Background: After an up-and-down relationship during Trump’s first term, CEO Tim Cook has sought to improve his standing with the president this time. Before returning to the White House, Trump hosted Cook at his Palm Beach estate, Mar-a-Lago, and said he had spoken with Cook about the company’s long-running tax battles with the European Union. Cook also donated $1 million to Trump’s inauguration fund. In the spring, Trump threatened the computing giant with tariffs after Apple announced plans to build manufacturing facilities in India. In August, Cook presented the president with a customized glass plaque with a gold base as the CEO announced plans to bring Apple’s total investment commitment in U.S. manufacturing over four years to $600 billion.

    Google Background: During his first term, Trump’s administration sued Google for antitrust violations. While a candidate last year, Trump suggested he might seek to break up the search engine behemoth. Once Trump won the election, Google donated $1 million to his inauguration, and its CEO, Sundar Pichai, joined other major tech executives in attending the ceremony. Google’s subsidiary, YouTube, agreed in September to pay $24.5 million to settle a lawsuit with Trump after it suspended his account following the Jan. 6 riot at the U.S. Capitol. According to court filings, $22 million of that went to the Trust for the National Mall, which can help pay for ballroom construction.

    HP Background: An original Silicon Valley stalwart, the company donated to Trump’s inaugural fund. HP ‘s CEO, Enrique Lores, participated in a White House roundtable event in September. Lores also previously met with President Joe Biden at the White House on multiple occasions as top CEOs endorsed that administration’s economic plans.

    Meta Background: Founder and CEO Mark Zuckerberg had been critical of Trump going back to 2016, and Facebook suspended Trump for years after the Jan. 6 insurrection. This time around, Meta contributed $1 million to Trump’s inauguration, and Zuckerberg attended.

    Micron Technology Background: The producer of advanced memory computer chips announced an April 2024 agreement with the Biden administration to provide $6.1 billion in government support for Micron to make chips domestically. Then, in June, Micron pledged $200 billion for U.S. memory chip manufacturing expansion under Trump. But at least $120 billion of that involved holdovers first announced during Biden’s administration.

    Microsoft Background: The company donated $1 million to Trump’s inauguration, twice what it spent for Biden’s or for Trump’s first inauguration. CEO Satya Nadella has also met with Trump numerous times, as Microsoft has supported the administration’s relaxation of regulations on artificial intelligence. He met previously with Biden, too. Trump has called for Microsoft’s president of global affairs, Lisa Monaco, to be fired because she was a deputy attorney general under Biden when the Justice Department led several investigations against Trump.

    Palantir Technologies Background: Co-founded by billionaire libertarian Peter Thiel, the firm concentrates on artificial intelligence and machine learning. It has seen profits soar thanks to lucrative defense and other federal contracts.

    Crypto (5):

    Coinbase Background: The major cryptocurrency exchange was founded by Brian Armstrong, a top donor to a political action committee that helped Trump and other pro-crypto candidates in 2024. Armstrong attended the first crypto summit at the White House in March. Coinbase also hired Trump’s co-campaign manager, Chris LaCivita, to its Global Advisory Council.

    Ripple Background: In March, the Securities and Exchange Commission dropped a lawsuit filed during Trump’s first term, which accused the company of violating securities laws by selling XRP crypto coins without a securities registration. In his second term, Trump has eased regulations on digital assets, repealing an SEC accounting rule and a previous presidential executive order mandating more federal study and proposed changes to crypto regulations.

    Tether Background: A cryptocurrency company and major stablecoin issuer, Tether paid fines for misleading investors. CEO Paolo Ardoino has been to Trump’s White House, and, in April, the company hired former Trump administration crypto policy official Bo Hines to lead its domestic expansion efforts.

    Cameron Winklevoss and Tyler Winklevoss Background: Each Winklevoss twin is listed as a separate donor. Best known as Zuckerberg’s chief antagonists in “The Social Network,” the brothers founded the Gemini cryptocurrency exchange. Biden’s SEC sued Gemini for selling unregistered securities, but the case has been paused under Trump.

    Energy and industrial (4):

    Caterpillar Background: The equipment maker ‘s PAC has donated to candidates from both parties, but given more to Republicans. It has also said publicly that Trump’s tariffs, some of which the administration has now eased, could increase its costs and hurt earnings.

    NextEra Energy Background: NextEra is the world’s largest electric utility holding company. Trump says he’ll work to ensure tech giants can secure their own sources of electricity to power data centers, especially as they expand energy-hogging artificial intelligence operations. Google recently entered into an agreement to buy power from a shuttered nuclear power plant in Iowa owned by NextEra, which the company plans to bring back online in 2029.

    Paolo Tiramani Background: An American industrial designer who has donated to Trump’s political campaigns. Tiramani, with his son, runs BOXABL, a firm specializing in modular, prefabricated homes.

    Union Pacific Background: Trump has endorsed the company’s proposed $85 billion acquisition of Norfolk Southern, which would be the largest-ever rail merger. It also will be up to the president to appoint two more Republican members of the Surface Transportation Board, who will ultimately decide whether to approve the merger. In August, Trump fired one of the two Democratic members of the board.

    Philanthropy (3):

    Adelson Family Foundation Background: Founded to strengthen the state of Israel and the Jewish people, the foundation was created by Miriam Adelson, the majority owner of the NBA’s Dallas Mavericks, close Trump ally and longtime GOP megadonor. She’s also the widow of Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands.

    Betty Wold Johnson Foundation Background: Based in Palm Beach, the foundation supports health, arts and culture initiatives, as well as environmental and educational programs. It’s named in honor of the mother of New York Jets owner Woody Johnson, who served as Trump’s ambassador to the United Kingdom during his first term.

    Laura & Isaac Perlmutter Foundation Background: The nonprofit based in Lake Worth Beach, near Palm Beach, focuses on promoting health care, social justice, the arts and community initiatives. Isaac is an Israeli American businessman and financier and former chair of Marvel Entertainment. He and his wife have donated to Trump’s presidential campaigns and affiliated PACs.

    Trump administration officials (3):

    Benjamin Leon Jr. Background: The Cuban American founder of Miami-based Leon Medical Centers is Trump’s nominee for U.S. ambassador to Spain.

    Kelly Loeffler and Jeffrey Sprecher Background: A former Republican senator from Georgia, Loeffler heads Trump’s Small Business Administration. Her husband is CEO of the energy market Intercontinental Exchange Inc. and chairs the New York Stock Exchange. The couple faced scrutiny in 2020 for dumping substantial portions of their portfolio and purchasing new stocks, including in firms making protective equipment, after Congress received briefings on the severity of the coming coronavirus pandemic.

    Lutnick Family Background: Howard Lutnick is Trump’s commerce secretary. A crypto enthusiast, he once headed the brokerage and investment bank Cantor Fitzgerald.

    Communications/entertainment (3):

    Comcast Background: The mass media and telecom conglomerate has often been criticized by Trump, including in April, when the president posted that Comcast was a “disgrace to the integrity of broadcasting.” The company owns NBC and is spinning off MSNBC. It could be interested in acquiring Warner Bros. Discover, and that would leave Comcast looking for government approval.

    Hard Rock International Background: A Florida-based gaming and tourism concern owned by the Seminole Tribe, the company operates a number of casinos, including the former Trump Taj Mahal casino in Atlantic City, New Jersey. Trump has for decades criticized federal exemptions allowing tribes to operate casinos.

    T-Mobile Background: The wireless carrier is indirectly linked to Trump Mobile, which the president’s family controls and offers gold phones and cell service in a licensing deal. Trump Mobile uses Liberty Mobile Wireless, a small, Florida-based network that T-Mobile says runs its operations on T-Mobile’s network. T-Mobile says that is unrelated to its decision to donate to Trump’s ballroom, which it says is meant to “restore and enrich the historic landmarks that define our nation’s capital.”

    Big Tobacco (2):

    Altria Group Background: The tobacco giant controls Philip Morris USA, maker of Marlboro. It has pressed for federal crackdowns on counterfeit and illegal vaping products. The company donated $50,000 to Trump’s inauguration.

    Reynolds American Background: With brands including Lucky Strike and Camel, the company has been active in lobbying to steer the Trump administration away from a Biden-proposed ban on menthol cigarettes.

    Defense/national security (2):

    Booz Allen Hamilton Background: A major defense and national security technology firm with extensive government contracts, it paid fines to settle lawsuits with the Justice Department under Biden. Booz Allen Hamilton agreed to pay more than $377 million in 2023 to settle allegations that it improperly billing costs to its government contracts. In January, it paid nearly $16 million to settle allegations that it submitted fraudulent claims in connection with government contracts.

    Lockheed Martin Corporation Background: The massive defense contractor has huge government contracts. It said in a statement that it “is grateful for the opportunity to help bring the President’s vision to reality and make this addition to the People’s House.”

    Individuals (7):

    Stefan E. Brodie Background: A biotech entrepreneur and co-founder of the chemical manufacturing company Purolite, Brodie and his family donated to Trump’s 2024 presidential campaign and affiliated committees. Brodie and his brother, Donald, were convicted in 2002 of circumventing U.S. sanctions on Cuba.

    Charles and Marissa Cascarilla Background: Charles Cascarilla is co‑founder of the blockchain firm Paxos. He and his wife are philanthropists who have advocated for financial technology sector deregulation.

    J. Pepe and Emilia Fanjul Background: Longtime Republican donors and Palm Beach residents, the couple controls U.S. sugar refining interests that includes the Domino brand.

    Edward and Shari Glazer Background: Members of the family that owns the NFL’s Tampa Bay Buccaneers and has a controlling stake in the Manchester United football club, the couple donated to Trump’s campaign. Edward is the founder and CEO of US Property Trust, which operates shopping centers, and the car dealership company US Auto Trust.

    Harold Hamm Background: The billionaire oil tycoon and pioneer of hydraulic fracturing heads the oil producer Continental Resources. He’s praised the Trump administration for aggressively moving to purchase oil to replenish the Strategic Petroleum Reserve stockpile.

    Stephen A. Schwarzman Background: A Palm Beach resident and chair and CEO of the Blackstone Group, a global private equity firm he helped establish in 1985. Schwarzman has donated to Trump and his PACs previously and led his first-term President’s Strategic and Policy Forum.

    Konstantin Sokolov Background: Born in Russia, he immigrated to the U.S. and now heads the Chicago-based private equity firm IJS Investments. Sokolov has donated to many educational and charitable causes in the past, and to Trump’s political campaigns.

    ___

    Associated Press writer Darlene Superville contributed to this report.

    ___

    This story has been updated to correct the first name of an individual who donated to the White House ballroom. He is Harold Hamm, not Howard Hamm.

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  • These are the 37 donors helping pay for Trump’s $300 million White House ballroom

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    WASHINGTON — President Donald Trump says his $300 million White House ballroom will be paid for “100% by me and some friends of mine.”

    The White House released a list of 37 donors, including crypto billionaires, charitable organizations, sports team owners, powerful financiers, tech and tobacco giants, media companies, longtime supporters of Republican causes and several of the president’s neighbors in Palm Beach, Florida.

    It’s incomplete. Among others, the list doesn’t include Carrier Group, which offered to donate an HVAC system for the ballroom, and artificial intelligence chipmaker Nvidia, whose CEO, Jensen Huang, publicly discussed its donation.

    The White House hasn’t said how much each donor is giving, and almost none was willing to divulge that. Very few commented on their contributions when contacted by The Associated Press.

    A senior White House official said the list has grown since it was first released in October, but some companies don’t want to be publicly named until required to do so by financial disclosure regulations. No foreign individuals or entities were among the donors, according to the official who spoke on condition of anonymity to discuss details that haven’t been made public.

    Here’s a look at the divulged donors:

    Amazon Background: Trump was once highly critical of company founder Jeff Bezos, who also owns The Washington Post, but has been much less so lately. Amazon donated $1 million to Trump’s inauguration, an event attended by Bezos. Its video streaming service paid $40 million to license a documentary about first lady Melania Trump. Its cloud-based computing operation, Amazon Web Services, is a major government contractor.

    Apple Background: After an up-and-down relationship during Trump’s first term, CEO Tim Cook has sought to improve his standing with the president this time. Before returning to the White House, Trump hosted Cook at his Palm Beach estate, Mar-a-Lago, and said he had spoken with Cook about the company’s long-running tax battles with the European Union. Cook also donated $1 million to Trump’s inauguration fund. In the spring, Trump threatened the computing giant with tariffs after Apple announced plans to build manufacturing facilities in India. In August, Cook presented the president with a customized glass plaque with a gold base as the CEO announced plans to bring Apple’s total investment commitment in U.S. manufacturing over four years to $600 billion.

    Google Background: During his first term, Trump’s administration sued Google for antitrust violations. While a candidate last year, Trump suggested he might seek to break up the search engine behemoth. Once Trump won the election, Google donated $1 million to his inauguration, and its CEO, Sundar Pichai, joined other major tech executives in attending the ceremony. Google’s subsidiary, YouTube, agreed in September to pay $24.5 million to settle a lawsuit with Trump after it suspended his account following the Jan. 6 riot at the U.S. Capitol. According to court filings, $22 million of that went to the Trust for the National Mall, which can help pay for ballroom construction.

    HP Background: An original Silicon Valley stalwart, the company donated to Trump’s inaugural fund. HP ‘s CEO, Enrique Lores, participated in a White House roundtable event in September. Lores also previously met with President Joe Biden at the White House on multiple occasions as top CEOs endorsed that administration’s economic plans.

    Meta Background: Founder and CEO Mark Zuckerberg had been critical of Trump going back to 2016, and Facebook suspended Trump for years after the Jan. 6 insurrection. This time around, Meta contributed $1 million to Trump’s inauguration, and Zuckerberg attended.

    Micron Technology Background: The producer of advanced memory computer chips announced an April 2024 agreement with the Biden administration to provide $6.1 billion in government support for Micron to make chips domestically. Then, in June, Micron pledged $200 billion for U.S. memory chip manufacturing expansion under Trump. But at least $120 billion of that involved holdovers first announced during Biden’s administration.

    Microsoft Background: The company donated $1 million to Trump’s inauguration, twice what it spent for Biden’s or for Trump’s first inauguration. CEO Satya Nadella has also met with Trump numerous times, as Microsoft has supported the administration’s relaxation of regulations on artificial intelligence. He met previously with Biden, too. Trump has called for Microsoft’s president of global affairs, Lisa Monaco, to be fired because she was a deputy attorney general under Biden when the Justice Department led several investigations against Trump.

    Palantir Technologies Background: Co-founded by billionaire libertarian Peter Thiel, the firm concentrates on artificial intelligence and machine learning. It has seen profits soar thanks to lucrative defense and other federal contracts.

    Coinbase Background: The major cryptocurrency exchange was founded by Brian Armstrong, a top donor to a political action committee that helped Trump and other pro-crypto candidates in 2024. Armstrong attended the first crypto summit at the White House in March. Coinbase also hired Trump’s co-campaign manager, Chris LaCivita, to its Global Advisory Council.

    Ripple Background: In March, the Securities and Exchange Commission dropped a lawsuit filed during Trump’s first term, which accused the company of violating securities laws by selling XRP crypto coins without a securities registration. In his second term, Trump has eased regulations on digital assets, repealing an SEC accounting rule and a previous presidential executive order mandating more federal study and proposed changes to crypto regulations.

    Tether Background: A cryptocurrency company and major stablecoin issuer, Tether paid fines for misleading investors. CEO Paolo Ardoino has been to Trump’s White House, and, in April, the company hired former Trump administration crypto policy official Bo Hines to lead its domestic expansion efforts.

    Cameron Winklevoss and Tyler Winklevoss Background: Each Winklevoss twin is listed as a separate donor. Best known as Zuckerberg’s chief antagonists in “The Social Network,” the brothers founded the Gemini cryptocurrency exchange. Biden’s SEC sued Gemini for selling unregistered securities, but the case has been paused under Trump.

    Caterpillar Background: The equipment maker ‘s PAC has donated to candidates from both parties, but given more to Republicans. It has also said publicly that Trump’s tariffs, some of which the administration has now eased, could increase its costs and hurt earnings.

    NextEra Energy Background: NextEra is the world’s largest electric utility holding company. Trump says he’ll work to ensure tech giants can secure their own sources of electricity to power data centers, especially as they expand energy-hogging artificial intelligence operations. Google recently entered into an agreement to buy power from a shuttered nuclear power plant in Iowa owned by NextEra, which the company plans to bring back online in 2029.

    Paolo Tiramani Background: An American industrial designer who has donated to Trump’s political campaigns. Tiramani, with his son, runs BOXABL, a firm specializing in modular, prefabricated homes.

    Union Pacific Background: Trump has endorsed the company’s proposed $85 billion acquisition of Norfolk Southern, which would be the largest-ever rail merger. It also will be up to the president to appoint two more Republican members of the Surface Transportation Board, who will ultimately decide whether to approve the merger. In August, Trump fired one of the two Democratic members of the board.

    Adelson Family Foundation Background: Founded to strengthen the state of Israel and the Jewish people, the foundation was created by Miriam Adelson, the majority owner of the NBA’s Dallas Mavericks, close Trump ally and longtime GOP megadonor. She’s also the widow of Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands.

    Betty Wold Johnson Foundation Background: Based in Palm Beach, the foundation supports health, arts and culture initiatives, as well as environmental and educational programs. It’s named in honor of the mother of New York Jets owner Woody Johnson, who served as Trump’s ambassador to the United Kingdom during his first term.

    Laura & Isaac Perlmutter Foundation Background: The nonprofit based in Lake Worth Beach, near Palm Beach, focuses on promoting health care, social justice, the arts and community initiatives. Isaac is an Israeli American businessman and financier and former chair of Marvel Entertainment. He and his wife have donated to Trump’s presidential campaigns and affiliated PACs.

    Benjamin Leon Jr. Background: The Cuban American founder of Miami-based Leon Medical Centers is Trump’s nominee for U.S. ambassador to Spain.

    Kelly Loeffler and Jeffrey Sprecher Background: A former Republican senator from Georgia, Loeffler heads Trump’s Small Business Administration. Her husband is CEO of the energy market Intercontinental Exchange Inc. and chairs the New York Stock Exchange. The couple faced scrutiny in 2020 for dumping substantial portions of their portfolio and purchasing new stocks, including in firms making protective equipment, after Congress received briefings on the severity of the coming coronavirus pandemic.

    Lutnick Family Background: Howard Lutnick is Trump’s commerce secretary. A crypto enthusiast, he once headed the brokerage and investment bank Cantor Fitzgerald.

    Comcast Background: The mass media and telecom conglomerate has often been criticized by Trump, including in April, when the president posted that Comcast was a “disgrace to the integrity of broadcasting.” The company owns NBC and is spinning off MSNBC. It could be interested in acquiring Warner Bros. Discover, and that would leave Comcast looking for government approval.

    Hard Rock International Background: A Florida-based gaming and tourism concern owned by the Seminole Tribe, the company operates a number of casinos, including the former Trump Taj Mahal casino in Atlantic City, New Jersey. Trump has for decades criticized federal exemptions allowing tribes to operate casinos.

    T-Mobile Background: The wireless carrier is indirectly linked to Trump Mobile, which the president’s family controls and offers gold phones and cell service in a licensing deal. Trump Mobile uses Liberty Mobile Wireless, a small, Florida-based network that T-Mobile says runs its operations on T-Mobile’s network. T-Mobile says that is unrelated to its decision to donate to Trump’s ballroom, which it says is meant to “restore and enrich the historic landmarks that define our nation’s capital.”

    Altria Group Background: The tobacco giant controls Philip Morris USA, maker of Marlboro. It has pressed for federal crackdowns on counterfeit and illegal vaping products. The company donated $50,000 to Trump’s inauguration.

    Reynolds American Background: With brands including Lucky Strike and Camel, the company has been active in lobbying to steer the Trump administration away from a Biden-proposed ban on menthol cigarettes.

    Booz Allen Hamilton Background: A major defense and national security technology firm with extensive government contracts, it paid fines to settle lawsuits with the Justice Department under Biden. Booz Allen Hamilton agreed to pay more than $377 million in 2023 for improperly billing costs to its government contracts. In January, said it’d pay nearly $16 million to settle allegations that it submitted fraudulent claims in connection with government contracts.

    Lockheed Martin Corporation Background: The massive defense contractor has huge government contracts. It said in a statement that it “is grateful for the opportunity to help bring the President’s vision to reality and make this addition to the People’s House.”

    Stefan E. Brodie Background: A biotech entrepreneur and co-founder of the chemical manufacturing company Purolite, Brodie and his family donated to Trump’s 2024 presidential campaign and affiliated committees. Brodie and his brother, Donald, were convicted in 2002 of circumventing U.S. sanctions on Cuba.

    Charles and Marissa Cascarilla Background: Charles Cascarilla is co‑founder of the blockchain firm Paxos. He and his wife are philanthropists who have advocated for financial technology sector deregulation.

    J. Pepe and Emilia Fanjul Background: Longtime Republican donors and Palm Beach residents, the couple controls U.S. sugar refining interests that includes the Domino brand.

    Edward and Shari Glazer Background: Members of the family that owns the NFL’s Tampa Bay Buccaneers and has a controlling stake in the Manchester United football club, the couple donated to Trump’s campaign. Edward is the founder and CEO of US Property Trust, which operates shopping centers, and the car dealership company US Auto Trust.

    Howard Hamm Background: The billionaire oil tycoon and pioneer of hydraulic fracturing heads the oil producer Continental Resources. He’s praised the Trump administration for aggressively moving to purchase oil to replenish the Strategic Petroleum Reserve stockpile.

    Stephen A. Schwarzman Background: A Palm Beach resident and chair and CEO of the Blackstone Group, a global private equity firm he helped establish in 1985. Schwarzman has donated to Trump and his PACs previously and led his first-term President’s Strategic and Policy Forum.

    Konstantin Sokolov Background: Born in Russia, he immigrated to the U.S. and now heads the Chicago-based private equity firm IJS Investments. Sokolov has donated to many educational and charitable causes in the past, and to Trump’s political campaigns.

    ___

    Associated Press writer Darlene Superville contributed to this report.

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  • Chinese ‘cryptoqueen’ who scammed thousands jailed in UK over Bitcoin stash worth $6.6 billion

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    LONDON (AP) — A Chinese woman who was found with 5 billion pounds ($6.6 billion) in Bitcoin after defrauding more than 128,000 people in China in a Ponzi scheme was sentenced by a U.K. court on Tuesday to over 11 years in prison.

    Police said the investigation into Zhimin Qian, 47, led to officers recovering devices holding 61,000 Bitcoin in the largest cryptocurrency seizure in the U.K.

    Qian, dubbed “cryptoqueen” by British media, was arrested in April 2024 after spending years evading the authorities and living an “extravagant” lifestyle in Europe, staying in luxury hotels across the continent and buying fine jewelry and watches, prosecutors said.

    Police said she ran a pyramid scheme that lured more than 128,000 people to invest in her business between 2014 and 2017, including many who invested their life savings and pensions. Authorities said she stored the illegally obtained funds in Bitcoin assets.

    When she attracted the attention of Chinese authorities, Qian fled to the U.K. under a fake identity. Once in London, police said she rented a “lavish” house for over 17,000 pounds ($23,000) per month, and tried but failed to buy multimillion pound properties in a bid to convert the Bitcoin.

    Investigators found notes Qian had written documenting her aspirations — including her “intention to become the monarch of Liberland, a self-proclaimed country consisting of a strip of land between Croatia and Serbia.”

    They said other notes showed Qian detailing her hopes of “meeting a duke and royalty.”

    Judge Sally-Ann Hales said Qian was the architect of the crimes from start to finish.

    “Your motive was one of pure greed. You left China without a thought for the people whose investments you had stolen and enjoyed for a period of time a lavish lifestyle. You lied and schemed, all the while seeking to benefit yourself,” Hales said.

    The businesswoman, who had pleaded guilty to money laundering offenses and transferring and possessing criminal property, was sentenced Tuesday to 11 years and eight months at Southwark Crown Court.

    She was sentenced alongside her accomplice Seng Hok Ling, 47, a Malaysian national who was accused of helping Qian transfer and launder the cryptocurrency. Ling was jailed at the same court for four years and 11 months after he pleaded guilty to one count of transferring criminal property.

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  • China’s ‘cryptoqueen’ jailed in UK over $6.6 billion Bitcoin scam

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    LONDON — A Chinese woman who was found with 5 billion pounds ($6.6 billion) in Bitcoin after defrauding more than 128,000 people in China in a Ponzi scheme was sentenced by a U.K. court on Tuesday to over 11 years in prison.

    Police said the investigation into Zhimin Qian, 47, led to officers recovering devices holding 61,000 Bitcoin in the largest cryptocurrency seizure in the U.K.

    Qian, dubbed “cryptoqueen” by British media, was arrested in April 2024 after spending years evading the authorities and living an “extravagant” lifestyle in Europe, staying in luxury hotels across the continent and buying fine jewelry and watches, prosecutors said.

    Police said she ran a pyramid scheme that lured more than 128,000 people to invest in her business between 2014 and 2017, including many who invested their life savings and pensions. Authorities said she stored the illegally obtained funds in Bitcoin assets.

    When she attracted the attention of Chinese authorities, Qian fled to the U.K. under a fake identity. Once in London, police said she rented a “lavish” house for over 17,000 pounds ($23,000) per month.

    Investigators found notes Qian had written documenting her aspirations — including her “intention to become the monarch of Liberland, a self-proclaimed country consisting of a strip of land between Croatia and Serbia.”

    The businesswoman, who had pleaded guilty to money laundering offenses and transferring and possessing criminal property, was sentenced Tuesday to 11 years and eight months at Southwark Crown Court.

    She was sentenced alongside her accomplice Seng Hok Ling, 47, a Malaysian national who was accused of helping Qian transfer and launder the cryptocurrency. Ling was jailed at the same court for four years and 11 months after he pleaded guilty to one count of transferring criminal property.

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  • $120 Million Crypto Hack Blamed on Office Space-Style Exploit

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    Earlier this week, a critical vulnerability in the decentralized finance (DeFi) protocol Balancer was exploited, with crypto losses estimated to be worth $120 million or more. While it was initially unclear how the exploit worked, a preliminary report from the team behind Balancer has indicated it mostly came down to how the protocol dealt with rounding crypto token balances.

    This exploit of Balancer shocked many in the DeFi ecosystem, as this is a project that has undergone many security audits from respected firms, and the particular version of the protocol that was exploited had existed in the wild since 2021.

    In an interview with CNBC’s Squawk Box on Wednesday morning, former Director of the Cybersecurity and Infrastructure Security Agency Chris Krebs compared the Balancer exploit to the scheme from Office Space, where the idea was to skim fractions of a penny off the top of many individual transactions. Krebbs also pointed to the possible use of artificial intelligence in crafting the exploit code as another interesting aspect of the situation.

    Without getting too deep into the technical weeds, here’s basically what happened with the exploit, according to Balancer’s own analysis.

    At the heart of this mess was a rounding error in Balancer’s code related to how it handles trades, specifically batched swaps where multiple trades between different crypto assets can be bundled into a single transaction. This is intended to help users save on gas, which is effectively the crypto-denominated cost of interacting with a blockchain-based smart contract platform like Balancer.

    During a particular version of this type of swap, known as EXACT_OUT, Balancer’s code has to scale numbers up or down to make calculations precise (think of it like converting pennies to dollars). But the system sometimes rounded down in a way that created tiny imbalances.

    Over repeated trades, hackers could exploit these tiny gaps to mess with the pool’s balances, hence Krebs’s comparison to the plan in Office Space. There was some additional manipulation on top of that, but this rounding error was the key flaw that opened up the opportunity for the hacker.

    While the Balancer exploit sent shockwaves throughout the DeFi ecosystem, some blockchains were able to limit the reward for the hacker by simply freezing assets, which is obviously at odds with the “code is law” philosophy that was originally at the heart of crypto platforms focused on more expressive smart contracts, such as Ethereum.

    Some DeFi proponents were worried a hack of a widely trusted protocol like Balancer would weaken the level of trust in the DeFi sector more generally; however, it’s clear that much of this activity is still somewhat centrally controlled and able to operate in ways similar to traditional fintech platforms.

    According to Unchained, the Polygon and Sonic blockchains effectively froze or “censored” some of the Balancer hacker’s assets following the exploit to prevent the funds from moving anywhere else in the future. Berachain went as far as to deploy an emergency hard fork that will allow those affected by the hack to reclaim their funds.

    This is reminiscent of actions taken by Ethereum developers following the infamous hack of The DAO nearly ten years ago in the early days of the crypto network. And it’s clear that crypto is still struggling with the tradeoffs between giving everyone full control over their own digital money and subsequently having no one to turn to when something goes wrong.

    Some have noted that it makes sense to implement these sorts of training wheels-esque protections on less developed crypto networks, but others see this as yet another example of how much of the supposed decentralization in the space is more theater than technical reality, as was also exposed during the recent Amazon Web Services downtime.

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    Kyle Torpey

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  • Crypto.com, Robinhood Launching Entertainment Event Contracts

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    Posted on: November 4, 2025, 06:52h. 

    Last updated on: November 4, 2025, 06:52h.

    • Brokerage firms make announcements within a day of each other
    • Crypto. Com is partnering with Hollywood.com
    • Robinhood continues expansion of prediction markets menu

    Crypto.com and Robinhood Markets (NASDAQ: HOOD) are betting entertainment and pop culture event contracts will be gain traction with prediction markets traders.

    Robinhood
    A sample Robinhood image on a mobile phone. The company and rival Crypto.com are pushing further into entertainment event contracts. (Image: Bloomberg)

    On Monday, Crypto.com, which is an established player in the event contracts space, announced a partnership with Hollywood.com through which that entertainment site will offer Crypto.com event contracts on actors, awards, movies, television shows, and more.

    With the launch of this new offering from Hollywood.com, entertainment fans can express and trade their opinions on entertainment event contracts across Hollywood movies, Broadway shows, television programs, musical artists, major award shows, and more,” according to a statement issued by the cryptocurrency trading platform. “Prices update in real-time, allowing users to react instantly and express their opinions on what is going to happen next alongside their favorite entertainment developments.”

    The news arrived about a week after Crypto.com reached a similar accord with Trump Media and Technology Group (NASDAQ: DJT), making that company’s Truth Social the first social media platform to directly integrate yes/no derivatives.

    Robinhood Going Big on Entertainment Event Contracts

    Fans of award shows could also become fans of Robinhood because like Crypto.com, that trading house is rolling out a slew of entertainment-linked event contracts, including six apiece on the Grammys and the Oscars.

    Robinhood is also introducing approximately two dozen yes/no contracts on the Golden Globe Awards. There’s more. The trading platform, which offers event contracts through partnerships with Kalshi and ForecastEx, is also offering music-linked event contracts and derivatives tied to people, including Time’s person of the year and the winner of the Miss Universe pageant.

    There are some company-specific contracts, too, including one tied to the contentious debate on Elon Musk’s Tesla (NASDAQ: TSLA) compensation package and another on the possibility of OpenAI potentially raising the cost of ChatGPT this year. Other new contracts on the platform are linked directly to AI events, science and health, and space.

    Last month, the financial services firm said it planned to add over 100 new event contracts in the coming weeks, some of which will pertain to sports.

    Speaking of Sports…

    Neither the Crypto.com nor the Robinhood announcements contain any talk of sports event contracts and that may be design. Prediction markets operated largely unfettered prior to offering sports derivatives — a move that has since invited a spate of state-level legal challenges.

    Crypto.com and Robinhood haven’t spared on that front. The former recently agreed to halt its sports menu in Nevada while the latter is tussling with several states regarding sports derivatives. States argue the contracts are too close to sports wagering, meaning prediction market operators should gaming licenses in those jurisdictions, which they don’t.

    Add it all up and it could be shrewd of Crypto.com and Robinhood to expand their yes/no offerings outside of sports, particularly in the entertainment/pop culture arena because that could generate more trading without inviting regulatory challenges. Maybe.

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    Todd Shriber

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  • US sanctions North Korean bankers accused of laundering stolen cryptocurrency

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    WASHINGTON — The United States on Tuesday imposed sanctions on a group of bankers, financial institutions and others accused of laundering money from cyber crime schemes — money the Treasury Department says helps pay for North Korea’s nuclear weapons program.

    Over the past three years, North Korean malware and social engineering schemes have diverted more than $3 billion, mostly in digital assets, Treasury’s Office of Foreign Assets Control said, noting the sum is unmatched by any other foreign actor. An international report documented the scope of the problem in a 138-page report published last month.

    “North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley in a statement.

    The department said North Korea relies on a network of banking representatives, financial institutions, and shell companies in North Korea, China, Russia, and elsewhere to launder funds gained through IT worker fraud, heists of cryptocurrency, and sanctions evasion.

    The department in 2022 warned U.S. firms against hiring highly skilled North Koreans who obfuscate their identities to gain access to financial networks, often by posing as remote IT workers.

    Tuesday’s new measures were directed at eight people and two firms, including North Korean bankers, Jang Kuk Chol and Ho Jong Son. They are accused of helping to manage funds, including $5.3 million in cryptocurrency, on behalf of sanctioned First Credit Bank.

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  • Trump on Binance cryptocurrency tycoon he pardoned: “I don’t know who he is”

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    President Trump told 60 Minutes in a wide-ranging interview that he doesn’t know the billionaire cryptocurrency exchange founder who he recently pardoned.

    Mr. Trump pardoned Changpeng Zhao, a Chinese-born Canadian founder of the cryptocurrency exchange Binance, last month, suggesting he was a victim of political prosecution by the Biden administration.

    “I don’t know who he is,” the president told correspondent Norah O’Donnell in the interview. “I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”

    O’Donnell pointed out that Binance helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin earlier this year. The deal helped boost the profile and value of World Liberty Financial, which was founded last year by Mr. Trump’s sons, Eric and Donald Jr., and others. 

    O’Donnell asked the president how he addressed “the appearance of pay for play.”

    “Well, here’s the thing, I know nothing about it because I’m too busy doing the other—” he said.

    “But he got a pardon,” O’Donnell said.

    “I can only tell you that—” the president said.

    “He got a pardon,” O’Donnell pressed. 

    “No, I can only tell you this. My sons are into it. I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business, they’re not in government,” Mr. Trump said.

    Mr. Trump’s sons and World Liberty Financial have denied any involvement in the pardon.

    Zhao, who is known as C.Z., pleaded guilty two years ago to a money laundering-related charge. He served four months in prison, and Binance was banned from operating in the United States.

    The government at the time alleged that Zhao caused “significant harm to U.S. national security,” essentially by allowing terrorist groups like Hamas to move around millions of dollars.

    After the pardon was announced last month, Mr. Trump was asked why he pardoned Zhao and whether the decision had anything to do with his family’s crypto business. 

    “A lot of people said that he wasn’t guilty of anything,” Mr. Trump said at the time.

    “I don’t know him. I don’t believe I’ve ever met him,” Mr. Trump had said, adding, “He had a lot of support, and what they said that he did is not even a crime. It wasn’t a crime. That he was persecuted by the Biden administration. And so I gave him a pardon at the request of a lot of very good people.”

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  • Trump’s CZ Pardon Has the Crypto World Bracing for Impact

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    Changpeng Zhao, the multibillionaire founder of crypto exchange Binance, spent four months last year locked in a federal prison. After US president Donald Trump pardoned Zhao in October, the government has recast him as a martyr.

    Zhao, who goes by CZ, pled guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance. In parallel, Binance admitted to violating US sanctions and settled with financial regulators, which accused the company of failing to report suspicious transactions involving terror groups, child exploitation networks, and cybercriminals, among other violations. In a particularly incriminating exchange detailed in court documents, one Binance employee said to a colleague, “we see the bad, but we close 2 eyes.”

    As part of their respective settlement deals, Zhao agreed to forfeit his role as Binance CEO, and Binance agreed to leave the US, accept supervision by a US-appointed compliance monitor, and pay a record $4.3 billion penalty.

    Less than two years later, the narrative has flipped. On October 23, Trump struck the charges from Zhao’s criminal record. The Binance founder was a victim of the “Biden administration’s war on crypto,” a White House spokesperson declared.

    The decision to pardon Zhao will reverberate throughout the US crypto exchange market, which Binance could seek to reenter, legal experts claim. It may also come with long-term political consequences for the crypto industry after Trump’s presidency ends.

    Whether Zhao’s pardon was justified has been hotly disputed, particularly in light of connections between Binance and World Liberty Financial, a crypto business founded by Trump and his sons. (Through a corporate entity, the Trump family owns a 38 percent stake in World Liberty Financial’s parent company.) In May, Binance agreed to receive a $2 billion investment denominated in USD1, a coin issued by World Liberty Financial, which could earn tens of millions of dollars from the arrangement. In July, Bloomberg reported that Binance had developed the codebase for USD1.

    Remarkably, Trump claims to know very little about Zhao. “Okay, are you ready? I don’t know who he is,” Trump told 60 Minutes in an interview that aired on November 2. “I can only tell you this. My sons are into [crypto],” he said later in the interview.

    Zhao’s legal representatives and industry allies have defended the pardon as a rightful corrective. “CZ is the first and only known first-time offender in US history to receive a prison sentence for this single, non-fraud-related charge,” wrote Teresa Goody Guillén, partner at law firm Baker & Hostetler, which represents Zhao, in an X post.

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    Joel Khalili

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  • Canadian stablecoins push ahead amid growing regulatory calls – MoneySense

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    There have been increasing calls to simplify the rules to make it easier to launch Canadian-dollar linked stablecoins, and stem the potential outflow of capital from the country. “At a minimum, from a sovereignty perspective, Canadians should want a Canadian stablecoin,” said Didier Lavallée, chief executive of digital assets company Tetra Digital Group.

    U.S. stablecoin dominance puts pressure on Canada

    Concerns have risen since the United States passed legislation this past summer that establishes clear rules around the sector, and further entrenched U.S.-dollar dominance in the space that touts faster and cheaper money transfers.

    Because stablecoins are meant to reflect the value of conventional currencies, issuers need to buy hard assets like dollars to back them up. No Canadian-dollar pegged stablecoins means more money flowing out of Canada, and into U.S. dollars and U.S. government bonds. 

    “Canada should also weigh the merits of federal stablecoin regulation,” said Ron Morrow, executive director of payments at the Bank of Canada, in a September speech.

    His former colleague Timothy Lane, who stepped down as deputy governor in 2022, was a little more blunt in an October report for the Global Risk Institute. “Stablecoins are becoming too important to be ignored,” said Lane. “There is now an increasing sense of urgency about establishing a coherent framework for regulating stablecoins in Canada.”

    Peter Routledge, head of Canada’s banking regulator, has also said he’s worried about the fast moving space and will be watching the budget closely on Nov. 4, while John Ruffolo, managing partner at Maverix Private Equity, has been one of the most outspoken in the need to respond.

    One of Ruffolo’s biggest worries is that some people and businesses could start to leave money in the stablecoin sphere, rather than in bank deposits. That’s already how stablecoins first gained traction: as a stable place for crypto-traders to park money between bets, without having to exchange it back into conventional currencies.

    Given banks use deposits as an anchor for lending, he’s warned that even if 5% of Canadian bank deposits, or some $135 billion, went into U.S. stablecoins, it would have a knock-on effect of erasing as much as $675 billion in domestic lending capacity.

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    Private sector leads Canada’s stablecoin push

    The rising calls have increased expectations of some movement from the federal government, but given how slowly past promises like open banking have actually rolled out, some companies like Tetra aren’t waiting around for change before pushing ahead with their own stablecoins. “Financial innovation in this country takes quite a long time,” said Lavallée.

    Because Tetra is already registered as a Canadian trust company, Lavallée sees an easier road than others to getting regulatory approval through the current system. Tetra’s efforts have also had a boost from major backers like Wealthsimple, National Bank, ATB Financial, and Shopify, which chipped in on a $10 million financing to help ready a stablecoin for release aimed at early next year. 

    The best crypto platforms and apps

    We’ve ranked the best crypto exchanges in Canada.

    Elsewhere, Transactix Financial Inc. announced plans in May to move forward on its own token, and just last week Loon Technology Inc. announced it had raised $3 million to get its own Canadian-dollar stablecoin going.

    The companies are all working to navigate an existing system that some, at least, aren’t so concerned about. “I think it’s working well,” said Grant Vingoe, head of the Ontario Securities Commission that’s taken a lead role in stablecoin oversight.

    Uptake and impact of stablecoins still unclear

    While the U.S. has used legislation, Canada’s approach to working with each issuer is more adaptable in the fast-moving crypto space, he said. “There’s a lot to be said for a more tailored, direct engagement approach, where you express your concerns and requirements … rather than try and codify it once and for all.”

    So far that approach has yielded a single issuer, Circle, getting the blessing of regulators for its U.S. dollar-pegged stablecoin. 

    But Vingoe is also still skeptical about how much uptake there will actually be for stablecoins. “I think it’s still an open question whether stablecoins will be used extensively as a payment mechanism.” Improvements to the existing payment system could end up being better or more efficient, he said.

    Some have pointed to central banks possibly issuing their own digital currencies, though the Bank of Canada has shelved work on such efforts.

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  • President Trump on nuclear testing, the government shutdown, immigration, tariffs and U.S.-China relations

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    It’s been five years since President Trump appeared for an interview on 60 Minutes. A lot has happened since then, not least of which was his political comeback and triumphant return to the White House. 

    On Friday, hours after he touched down from his whirlwind trip to Asia, Mr. Trump agreed to sit down with us for a wide-ranging conversation. It was exactly one year to the day since he sued Paramount, the parent company of CBS, alleging that 60 Minutes had deceptively edited an interview with his opponent, Kamala Harris. 

    Paramount settled that lawsuit. The settlement did not include an apology or admission of wrongdoing. 

    In our nearly 90 minute conversation this past week, we spoke with Mr. Trump about the country and the world. We met with the president at Mar-a-Lago, his private club in Florida, on the 31st day of the government shutdown.

    Norah O’Donnell: We are now approaching the longest shutdown in American history.

    President Donald Trump: Democrats’ fault.

    Norah O’Donnell: Under your presidency, we’re talking about more than a million federal workers who are not getting a paycheck, including our air traffic controllers. You see there’s traffic snarls out at the airports now. This weekend food aid for more than 42 million Americans is set to expire. What are you doing as president to end the shutdown?

    President Trump: Well, what we’re doing is we keep voting. I mean, the Republicans are voting almost unanimously to end it, and the Democrats keep voting against ending it. You know, they’ve never had this. This has happened like 18 times before. The Democrats always voted for an extension, always saying, “Give us an extension, we’ll work it out.” They’ve lost their way. They’ve become crazed lunatics. And all they have to do, Norah, is say, “Let’s vote.”

    Senate Democrats say they will vote to reopen the government if Republicans agree to extend subsidies for over 20 million Americans who use Obamacare for their health insurance.

    President Trump: Obamacare is terrible. It’s bad health care at far too high a price. We should fix that. We should fix it. And we can fix it with the Democrats. All they have to do is let the country open and we’ll fix it. 

    Norah O’Donnell: But if ending the government shutdown—

    President Trump: —they have to let the country open, and I’ll sit down with the Democrats, and we’ll fix it. But they have to let the country— and you know what they have to do—

    Norah O’Donnell: So your plan—

    President Trump: All they have to do is raise five hands. We don’t need all of  ’em.

    Norah O’Donnell: But so you’re saying your plan is to tell the Democrats to vote to end the shutdown.

    President Trump: Correct, very simple. 

    Norah O’Donnell: And that you will put forward a health care plan? 

    President Trump: No. We will work on fixing the bad health care that we have. Right now, we have terrible health care and too expensive for the people, not for the government, for the people.

    Norah O’Donnell: But Mr. President, with all due respect—

    President Trump: The people are paying—

    Norah O’Donnell: —you’ve been talking about fixing the health care since 2015—

    President Trump: Sure. And you can’t do it because of the Democrats. That’s right.

    Norah O’Donnell: Since 2015, you said you’d fix it.

    President Trump: I’ve been talking about it for a long time. We almost did it. We were one vote short. We woulda had great health care. 

    That was in 2017, when Senate Republicans failed by one vote to partially repeal Obamacare.

    President Trump: We can make it much less expensive for people and give them much better health care. And I’d be—

    Norah O’Donnell: But where is that plan?

    President Trump: —willing to work with the Democrats—

    Norah O’Donnell: But where is that plan?

    President Trump: —on it. The problem is, they want to give money to prisoners, to drug dealers, to all these millions of people that were allowed to come in with an open border from Biden. And nobody can do that. Not-

    Norah O’Donnell: Can I just—

    President Trump: —one Republican would ever do that.

    Norah O’Donnell: My understanding is, if those health care subsidies are not extended, premiums will double for many of the people that are on it. And I was looking into it. Three quarters of these people will see their health care premiums double live in states where you won in the last election. I mean, even here in Florida has the highest number of residents on Obamacare in the country. If those—

    President Trump: And I’m saying we can fix it, Norah.   

    Norah O’Donnell: You have helped end these government shutdowns in the past when it came about—

    President Trump: I did.

    Norah O’Donnell: And you did it by bringing back—

    President Trump: I’m very good at it, but I’m not going to do it by—

    Norah O’Donnell: You brought members of Congress to— 

    President Trump: —I’m not going to do it by extortion—

    Norah O’Donnell: —to the White House.

    President Trump: I’m not going to do it by being extorted by the Democrats who have lost their way. The – there’s something wrong with these people

    Norah O’Donnell: So then what happens on November 15th—

    President Trump: Schumer— Schumer is a basket case.

    Norah O’Donnell: —when the troops don’t get a paycheck?

    President Trump: Schumer is a basket case. And he has nothing to lose. He’s become— I just left Japan. He’s become a kaz— kamikaze pilot.

    Norah O’Donnell: Sounds like it’s not going to get solved, the shutdown.

    President Trump: It’s going to get solved, yeah. Oh, it’s going to get solved.

    Norah O’Donnell: How?

    President Trump: We’ll get it solved. Eventually, they’re going to have to vote.

    Norah O’Donnell: You’re saying the Democrats will capitulate? 

    President Trump: I think they have to. And if they don’t vote, that’s their problem. Now, I happen to agree to something else. I think we should do the nuclear option. This is a totally different nuclear, by the way. It’s called ending the filibuster.

    But to do that, he’d need Senate Majority Leader John Thune to change Senate rules.

    Norah O’Donnell: Did you see John Thune said today they’re not going to do that—

    President Trump: I know John doesn’t— well, John and a few others. But, you know what? The Republicans have to get tougher. If we end the filibuster, we can do exactly what we want. We’re not going to lose power. The theory is, oh, then we’ll do it, but then when they get into power someday they’ll do it. That’s true. But you know what?

    Norah O’Donnell: So you think John—

    President Trump: We’re here right now. No, I like John Thune. I think he’s terrific, but I disagree with him on this point.

    Norah O’Donnell: He j— he said today he wasn’t going to do it.

    President Trump: Well, that’s too bad.

    So far, the shutdown hasn’t spooked the stock market, which hit record highs this past week.  

    President Trump: Perfect timing for your show, just hit an all-time high. We’re doing really well

    Norah O’Donnell: Uh-huh. Can I ask you, Mr. President—

    President Trump: The smart people definitely—

    Norah O’Donnell: —on that point, though?

    President Trump: Yeah.

    Norah O’Donnell: When the stock market is doing well, that doesn’t affect everybody. Not everybody’s invested in the stock market—

    President Trump: It does. Oh, it does, it does.

    Norah O’Donnell: But there have been— grocery prices are up—

    President Trump: Look, 401(k)s. People have 401(k)s. Their 401(k)s are double what they were a year ago.

    Norah O’Donnell: But for people that don’t have 401(k)s, who are not invested in the stock market—

    President Trump: Sure. But— but—

    Norah O’Donnell:  —they’ve seen their grocery prices go up, inflation—

    President Trump: No, you’re wrong. They went up under Biden. Right now they’re going down. Other than beef, which we’re working on, which we can solve very quickly.

    Norah O’Donnell: On the economy, the signature part of your economic plan is tariffs. The Supreme Court is going to hear arguments this week on whether you have the authority to impose these sweeping tariffs without Congressional approval. The lower courts have ruled against you. That’s why it’s at—

    President Trump: Well, no.

    Norah O’Donnell: —the Supreme Court right now.

    President Trump: Very close rulings, yeah.

    Norah O’Donnell: What happens to your economic plan if the Supreme Court invalidates your tariffs?

    President Trump: I think our country will be immeasurably hurt. I think our economy will go to hell. Look, because of tariffs, we have the highest stock market we’ve ever had. Because of tariffs, 401(k)s at the highest level that — and this is millions and millions of people — that we’ve ever had 401(k)s. I think it’s the most important subject discussed by the Supreme Court in 100 years. 

    Norah O’Donnell: I know your time is limited, so I do want to make sure I get through more of these topics.

    President Trump: Sure.

    Norah O’Donnell: Immigration. You campaigned on immigration. You largely won the election on a promise to close the border—

    President Trump: Did a great job, don’t you think?

    Norah O’Donnell: —and you succeeded on that. Illegal crossings at the Southern border are at a 55-year low. More recently, Americans have been watching videos of ICE tackling a young mother, tear gas being used in a Chicago residential neighborhood, and the smashing of car windows. Have some of these raids gone too far?

    President Trump: No. I think they haven’t gone far enough because we’ve been held back by the— by the judges, by the liberal judges that were put in by Biden and by Obama. 

    Norah O’Donnell: You’re OK with those tactics?

    President Trump: Yeah, because you have to get the people out. You know, you have to look at the people. Many of them are murderers. Many of them are people that were thrown outta their countries because they were, you know, criminals. 

    Norah O’Donnell: Well, you promised in your campaign that you were going to deport the worst of the worst, violent criminals—

    President Trump: And I know we’re doin’ that—

    Norah O’Donnell: —rapists.

    President Trump: Well, that’s what we’re doing—

    Norah O’Donnell: But a lot of the people that your administration has arrested and deported aren’t violent criminals. Landscapers, nannies, construction workers—

    President Trump: Oh, no, no, landscapers who are  criminals—

    Norah O’Donnell: —farmworkers.

    President Trump: Now, look, look.

    Norah O’Donnell: The family of U.S. service members—

    President Trump: I need landscapers and I need farmers more than anybody, OK.

    Norah O’Donnell: Is it your intent to deport people who do not have a criminal record?

    President Trump: We have to start off with a policy, and the policy has to be you came into the country illegally, you’re going to go out. However, you’ve also seen, you’re going to go out. We’re going to work with you, and you’re going to come back into our country legally. 

    Norah O’Donnell: When will you declare mission accomplished on immigration?

    President Trump: Well, it takes a long time, because, you know, probably I say 25 million people were let into our country. A lotta people say it was 10 million people. But whether it was 10 or— I believe I’m much closer to the right number. Of the 25, many of them should not be here. But we’re— we’re cleaning up our cities. You know, I campaigned on crime, but I’ve done a much better job on crime than I thought. You know, the crime numbers are way down, even though we have a lot more people in our country that really shouldn’t be here. And many of them are stone-cold hard criminals.

    The president has ordered the National Guard to five cities: Los Angeles, Washington, D.C., Portland, Chicago and Memphis. 

    Norah O’Donnell: This past Tuesday, while speaking to American troops in Japan, you talked about U.S. cities that are having trouble with crime. And you said, “If we need more than the National Guard, we’ll send more than the National Guard.” What does that mean, send more than the National Guard?

    President Trump: Well, if you had to send in the Army or if you had to send in the Marines, I’d do that in a heartbeat. You know, you have a thing called the Insurrection Act. You know that, right?

    Norah O’Donnell: Uh-huh

    President Trump: Do you know that I could use that immediately and no judge can even challenge you on that. But I haven’t chosen to do it because I haven’t felt we need it. 

    Norah O’Donnell: So you’re going to send the military into American cities?

    President Trump: Well, if I wanted to I could, if I want to use the Insurrection Act. The Insurrection Act has been used routinely by presidents. And if I needed it, that would mean I could bring in the Army, the Marines, I could bring in whoever I want. But I haven’t chosen to use it. I hope you give me credit for that.

    Norah O’Donnell: I want to ask you about— another matter. James Comey, John Bolton, Letitia James were all recently indicted. There is a pattern to these names. They’re all public figures who have publicly denounced you. Is it political retribution?

    President Trump: You know what? You know who got indicted, the man you’re lookin’ at. I got indicted, and I was innocent. And here I am, because I was able to beat all of the nonsense that was thrown at me. And yet, when you go after a dirty cop like Comey or a guy like Bolton, who I hear has, I don’t know anything about it, I hear he took records all over the place, who knows. Letitia James is a terrible, dishonest person, in my opinion. 

    Norah O’Donnell: Did you instruct the Department of Justice to go after them?

    President Trump: No, and not in any way, shape or form. No. You don’t have to instruct ’em because they were so dirty, they were so crooked, they were so corrupt that the honest people we have, Pam Bondi’s doing a very good job. Kash Patel’s doing a very good job. The honest people that we have go after ’em automatically

    But in a Truth Social post from September addressed to Attorney General Pam Bondi, President Trump endorsed the idea that former FBI Director James Comey and New York Attorney General Letitia James, were, quote, “guilty as hell,” and wrote, quote, ” justice must be served, now!!!.” Five days later, James Comey was indicted. He pled not guilty — and so did Letitia James and President Trump’s former national security adviser John Bolton.

    Norah O’Donnell: Is this retribution on your part?

    President Trump: No, it’s the opposite. I think I’ve been very mild-mannered. You’re looking at a man who was indicted many times, and I had to beat the rap. Otherwise I couldn’t have run for president. They tried to get me not to run for president by going after me and by indicting me. 

    So far this year, the president has pardoned or shortened the sentences of more than 1,600 people. The latest pardon was for a cryptocurrency tycoon who is known as C.Z. The company C.Z. founded, Binance, helped boost the profile of the Trump family’s crypto firm World Liberty Financial.

    Norah O’Donnell: He pled guilty in 2023 to violating anti-money-laundering laws.

    President Trump: Right.

    Norah O’Donnell: The government at the time said that C.Z. had caused “significant harm to U.S. national security”, essentially by allowing terrorist groups like Hamas to move millions of dollars around. Why did you pardon him?

    President Trump: OK, are you ready? I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.

    Norah O’Donnell: In 2025 his crypto exchange, Binance, helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin. And then you pardoned C.Z. How do you address the appearance of pay for play?

    President Trump: Well, here’s the thing, I know nothing about it because I’m too busy doing the other—

    Norah O’Donnell: But he got a pardon—

    President Trump: I can only tell you that—

    Norah O’Donnell: He got a pardon—

    President Trump: No, I can only tell you this. My sons are into it. I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business, they’re not in government.

    World Liberty Financial has denied any involvement in the pardon.

    With state and local elections coming up Tuesday, we asked the president about the highly anticipated mayoral race that includes former NY Gov. Andrew Cuomo and Zohran Mamdani.

    Norah O’Donnell: Zohran Mamdani, 34-year-old democratic socialist. He’s the front runner—

    President Trump: Communist, not socialist. Communist. He’s far…

    Norah O’Donnell: Some…

    President Trump: He’s far worse than a socialist.

    Norah O’Donnell: Some people have compared him to a left-wing version of you, charismatic, breaking the old rules. What do you think about that?

    President Trump: Well, I think I’m much better looking person than him, right?

    Norah O’Donnell: What if Mamdani becomes mayor?

    President Trump: It’s going to be hard for me as the president to give a lot of money to New York. Because if you have a communist running New York, all you’re doing is wasting the money you’re sending there. So I don’t know that he’s won, and I’m not a fan of Cuomo one way or another, but if it’s going to be between a bad Democrat and a communist, I’m going to pick the bad Democrat all the time, to be honest with you.

    When we sat down with President Trump on Friday at Mar-a-Lago, he had just returned from a high-stakes meeting with China’s President Xi Jinping, which culminated with a temporary truce in the trade war between the two countries. But before the meeting even began, Mr. Trump made news — as he often does — with a social media post.

    Norah O’Donnell: Less than an hour before your meeting with President Xi, you posted on social media that you instructed the, quote, “Department of War to start testing our nuclear weapons

    President Trump: That’s right.

    Norah O’Donnell: —immediately.”

    President Trump: Yeah—

    Norah O’Donnell: What did you mean? 

    President Trump: Well, we have more nuclear weapons than any other country. And I think we should do something about denuclearization. And I did actually discuss that with both President Putin and President Xi. We have enough nuclear weapons to blow up the world 150 times. Russia has a lot of nuclear weapons, and China will have a lot. They have some. They have quite a bit, but—

    Norah O’Donnell: So why do we need to test– our nuclear weapons?

    President Trump: Well, because you have to see how they work. You know, you do have to— and the reason I’m saying— testing is because Russia announced that they were going to be doing a test. If you notice, North Korea’s testing constantly. Other countries are testing. We’re the only country that doesn’t test, and I want to be— I don’t want to be the only country that doesn’t test. 

    Norah O’Donnell: Are you saying that after more than 30 years, the United States is going to start detonating nuclear weapons for testing—

    President Trump: I’m saying that we’re going to test nuclear weapons like other countries do, yes.

    Norah O’Donnell: But the only country that’s testing nuclear weapons is North Korea. China and Russia are not—

    President Trump: Well, Russia’s— no, no. Russia’s testing nuclear weapons—

    Norah O’Donnell: So my understanding–

    President Trump: And China’s testing ’em too. You just don’t know about it.

    Norah O’Donnell: That would be certainly very newsworthy. My understanding is what Russia did recently was test essentially the— delivery systems for nuclear weapons, essentially missiles, which we can do that but w— not with nuclear warheads—

    President Trump: Russia’s testing, and China’s testing, but they don’t talk about it. You know, we’re a open  society. We’re different. We talk about it. We have to talk about it, because otherwise you people are going to report— they don’t have reporters that going to be writing about it. We do. 

    However, this week the president’s own nominee to lead STRATCOM — the admiral who would be in charge of nuclear weapons — was asked about this very issue on Capitol Hill. He said neither China nor Russia were conducting nuclear explosive tests.

    Norah O’Donnell: One potential flash point with China, probably the potential flash point with China in the coming years, is over the issue of Taiwan. The Chinese military is encroaching on Taiwan’s sea lanes, its airspace, its cyberspace. I know you have said that Xi Jinping wouldn’t dare move militarily on Taiwan while you’re in office. But what if he does? Would you order U.S. forces to defend Taiwan?

    President Trump: You’ll find out if it happens. And he understands the answer to that.

    Norah O’Donnell: Why not say it—

    President Trump: This never even came up yesterday, as a subject. He never brought it up. People were a little surprised at that. He never brought it up, because he understands it, and he understands it very well. 

    Norah O’Donnell: Do you mind if I ask, when you say, “He understands,” why not communicate that publicly to the rest of us? What does he understand that—

    President Trump: Well—

    President Trump: —I don’t want to give away— I can’t give away my secrets. I don’t want to be one of these guys that tells you exactly what’s going to happen if something happens. The other side knows, but— I’m not somebody that tells you everything because you’re askin’ me a question. But they understand what’s going to happen. And— he has openly said, and his people have openly said at meetings, “We would never do anything while President Trump is president,” because they know the consequences.

    At the top of the agenda for President Trump and President Xi was a one-year trade deal that, for now, averts the escalating tension between the two economic superpowers. 

    Mr. Trump told us that in exchange for lower tariffs, China agreed to sell the U.S. its valuable rare earth minerals – and to resume buying American agricultural products.

    Norah O’Donnell: This trade war, though, was hurting Americans. I mean, our soybean farmers. China had stopped buying the soybeans.

    President Trump: Yeah.

    Norah O’Donnell: China was withholding these rare earth materials that you need for everything from smartphones, to build submarines.

    President Trump: Sure.

    Norah O’Donnell: What was the crucial thing? I mean, how tough of a negotiator—

    President Trump: Well, when you say hurting—

    Norah O’Donnell: —is President Xi—

    President Trump: —it was a temporary hurt. It was a hurt because— I was takin’ in a lot of money from China. We’re doing very well against China. And all of a sudden they said, “You know, we have to fight back.” And so they used their powers. The power they have is rare earth because of the fact that they’ve been accumulating it and— and really taking care of it for a period of 25, 30 years. Other countries haven’t. They use that against us, and we used other things against them. For instance, airplane parts. That’s a big deal. They have— hundreds of Boeing airplanes. We wouldn’t give them parts. We were both acting— maybe a little bit irrationally, but the big thing we had was tariffs ultimately. I said, “Look, if you don’t open up, then what we’re going to do is we’re going to impose a hundred percent tariff over and above what you’re already paying.” 

    Norah O’Donnell: Mr. President, you just negotiated this one-year trade deal with China—

    President Trump: Yep.

    Norah O’Donnell: But as you know, the Chinese, they think in a hundred years.

    President Trump: Sure.

    Norah O’Donnell: They play the long game, including on our own soil.

    President Trump: We play the long game too.

    Norah O’Donnell: Our own intelligence agencies say the Chinese have infiltrated parts of the American power grid and our water systems. They steal American intellectual property and Americans’ personal information. They bought American farmland. How big of a threat is China?

    President Trump: It’s like everybody else. We’re a threat to them too. Many of the things that you say, we do to them. Look, this is a very competitive world, especially when it comes to China and the U.S. And— we’re always watching them, and they’re always watching us. In the meantime, I think we get along very well, and I think it’s— I think we can be bigger, better, and stronger by working with them as opposed to just— knocking them out– 

    Norah O’Donnell: Who’s tougher to deal with, Vladimir Putin or Xi Jinping?

    President Trump: Both tough. Both smart. Both— look, they’re both very strong leaders. These are people not to be toyed with. These are people you have to take very serious. They’re not— they’re not walking in saying, “Oh, isn’t it a beautiful day? Look how beautiful. The sun is shining, it’s so nice.” These are serious people. These are people that are tough, smart leaders.

    Norah O’Donnell: And on that note, you talk about Ukraine. In August, I mean, you rolled out the red carpet for Vladimir Putin in Alaska. But there’s been—

    President Trump: Well, I roll out the red carpet for everybody.

    Norah O’Donnell: OK. But is— but there’s been no ceasefire—

    President Trump: I think I made— yes, there isn’t—

    Norah O’Donnell: What’s— is he ignoring you?

    President Trump: —because he thinks— because I inherited a country where he thinks he’s winning. That was a war that would’ve never happened if I was president. 

    Norah O’Donnell: So why won’t Putin end this war?

    President Trump: —that was— but— but Norah, that was Joe Biden’s war, not my war. I inherited that stupid war.

    As the bloodiest land war in Europe since WWII continues…

    President Trump: But I brought, just a little list of— look at this, wars. 

    President Trump wanted to make sure we saw the list of eight international conflicts he says he’s been able to end since returning to office.

    Norah O’Donnell: I mean, you have branded yourself the peace president.

    President Trump: Well, I think I did—

    Norah O’Donnell: What—

    President Trump: —pretty good. I— I solved— those are eight of the nine wars I solved. I—

    Norah O’Donnell: When—

    President Trump: —you know how I solved ’em? I said, in many cases, in 60% I said, “If you don’t stop fighting, I’m putting tariffs on both of your countries and you’re not going to be able to do business with the United—

    Norah O’Donnell: So why isn’t that— why isn’t that working with Putin?

    President Trump: Uhh, it is working with Putin, I think. I did different with him because we don’t do very much business with Russia, for one thing, you know? He’s not, like, somebody that buys a lot from us because of— foolishness. And I think he’d like to be. I think he wants to come in and he wants to trade with us, and he wants to make a lotta money for Russia, and I think that’s great. 

    The commander-in-chief has directed the U.S. military to destroy at least nine vessels in the waters off Venezuela, killing more than three dozen alleged drug smugglers. U.S. lawmakers, including at least four Republicans, have questioned the strikes’ legality.

    In the meantime, F-35 fighter jets, roughly 10,000 U.S. servicemembers, and multiple warships are in the Caribbean.

    Norah O’Donnell: And now the U.S.S. Gerald Ford, that is the world’s largest aircraft carrier, on the way to the Caribbean. Are we going to war against Venezuela?

    President Trump: I doubt it. I don’t think so. But they’ve been treating us very badly, not only on drugs— they’ve dumped hundreds of thousands of people into our country that we didn’t want, people from prisons— they emptied their prisons into our company— country. They also— if you take a look, they emptied their mental institutions and their insane asylums— into the United States of America, ’cause Joe Biden was the worst president in the history of our country. 

    Norah O’Donnell: But I just want to talk about the scale of the military operation around Venezuela, because it has been described to “60 Minutes” as using a blowtorch to cook an egg. Is this about stopping—

    President Trump: Well, I don’t think so. Look—

    Norah O’Donnell: Is it about— let me ask you, though. Is it about stopping narcotics? Or is this about getting rid of President Maduro? 

    President Trump: No, this is about many things. This is a country that allowed their prisons to be emptied into our country. To me, that would be almost number one, because we have other countries—

    Norah O’Donnell: We don’t need to blow up boats in order to deal—

    President Trump: Look, Mexico has been very bad to us in terms of drugs, OK? Very bad. We have a closed border right now. You probably noticed that for five months in a row, they have zero— think of this, zero people coming into our country through our southern border. 

    Norah O’Donnell: On Venezuela in particular, are Maduro’s days as president numbered? 

    President Trump: I would say yeah. I think so, yeah.

    Norah O’Donnell: And this issue of potential land strikes in Venezuela, is that true?

    President Trump: I don’t tell you that. I mean— I’m not saying it’s true or untrue, but I— you know, I wouldn’t—

    Norah O’Donnell: Why would we do it?

    President Trump: —I wouldn’t be inclined to say that I would do that. But— because I don’t talk to a reporter about whether or not I’m going to strike.

    Norah O’Donnell: Let’s talk about Israel — you got the remaining Israeli hostages out of Gaza.

    President Trump: I did.

    Norah O’Donnell: You arranged a ceasefire, however fragile that may be. Those are major—

    President Trump: It’s not fragile. It’s a very solid— you know, I mean, you hear about Hamas, but Hamas could be taken out immediately if they don’t behave. They know that. If they don’t behave they’re going to be taken out immediately. They’re know that—

    Norah O’Donnell: How do you get Hamas to disarm?

    President Trump: If I want ’em to disarm, I’ll get ’em to disarm very quickly. They’ll be— they’ll be eliminated. They know that. Don’t forget, you said I got the remaining hostages. I got all the hostages out. But I always said the last 10 or 20 are going to be tough. 

    Norah O’Donnell: You pushed the Israeli Prime Minister to make this deal, to get a ceasefire, to apologize to Qatar. Can you push Bibi Netanyahu to recognize a Palestinian state?

    President Trump: Yeah, he’s— he’s fine. He’s fine. Look, he’s a wartime prime minister. I worked very well with him. Yeah, I mean, I had to push him a little bit one way or the other. I think I— I did a great job in pushing— he’s a very talented guy. He’s a guy that— has never been pushed before, actually. That’s the kind of person you needed in Israel at the time. It was very important. I don’t think they treat him very well. He’s under trial for some things, and I don’t think they treat him very well. I think it should— you know, we’ll— we’ll be involved in that to help him out a little bit, because I think it’s very unfair. Um – I did, I pushed him. I didn’t like certain things that he did, and you saw what I did about that. I also stopped— you know, I— we knocked the hell out of Iran, and then it was time to stop, and we stopped. 

    President Trump told us he expects to expand the Abraham Accords, the historic agreement struck during Mr. Trump’s first term, that normalized relations between Israel and some Arab states.

    Norah O’Donnell: I wanted to ask you about the crown prince of Saudi Arabia is coming to the White House—

    President Trump: That’s right.

    Norah O’Donnell: —this month. He has said they won’t join the Abraham Accords without a two-state solution. Do you believe that?

    President Trump: No. I think he’s going to join. I— I think— we will have a solution. I don’t know if it’s going to be two-state. That’s going to be up to Israel and other people, and me. But— look, the main thing is you could’ve never had any kind of a deal if you had a nuclear Iran. And you essentially had a nuclear Iran. And I blasted the hell out of ’em, and no president is—

    Norah O’Donnell: Are you convinced they have no nuclear capability right now in Iran—

    President Trump: Do you want to know— do you want to know— they have no nuclear capability, no. Do you want to know that— the pilots, I invited them to the White House—

    Norah O’Donnell: I saw that.

    President Trump: —’cause they were very brave. I mean, I wouldn’t have wanted to do it you know, getting in a plane, and they know you’re coming, and you’re going right into Iran airspace. And, you know, they’re very experts, and you’re flying in with machines. Personally I can think of other things I’d rather do. These guys are very brave people. I mean, they’re real American heroes. And they told me something I didn’t know. They said, “Sir for 22 years we’ve been practicing this route… three times a year every year for 22 years, and you were the only president that let us do our job.” 

    As our time with the president was winding down, we asked him whether he’ll try to stay in his job beyond 2028.

    Norah O’Donnell: There’s been a lotta talk about 2028 and who will be at the top of the—

    President Trump: Yeah.

    Norah O’Donnell: —Republican ticket. Can you set the record straight? You’re not going to try and run for a third term?

    President Trump: Well I don’t even think about it. I will tell you, a lotta people want me to run. But the difference between us and the Democrats is we really do have a strong bench. I don’t want to use names, because it’s, you know, inappropriate. But it’s too early. 3 and ¼ years –

    Norah O’Donnell: But people do like when you start talking about whether you like J.D. Vance or Secretary Rubio—

    President Trump: I do like J.D. Vance. I like—

    Norah O’Donnell: Or secretary—

    President Trump: —Marco Rubio. I like— I like so many people. We have an unbelievable bench. 

    Norah O’Donnell: Mr. President, can I also ask you, we’re now at the end of your first year.

    President Trump: Yeah. 

    Norah O’Donnell: Of this second term. What do you hope to accomplish in the next three years?

    President Trump: I hope I can have the same year that we had. Look, we have been acknowledged to have the greatest nine months. You know, it’s nine months. The greatest nine months in the history of the presidency. So if I can keep that going I’ll be very happy. 

    Produced by Andy Court and Keith Sharman. Associate producers, Roxanne Feitel, Annabelle Hanflig, Jessica Kegu, Cassidy McDonald, Arman Badrei, Georgia Rosenberg and Julie Morse. Broadcast associates, Mariah Johnson, Callie Teitelbaum and Jane Greeley. Edited by Sean Kelly, Matthew Lev and Aisha Crespo.

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  • Dogecoin RSI Returns To Pre-Launch Levels, Analyst Says Next Major Surge Is Close

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    Dogecoin’s latest two-week chart analysis suggests the cryptocurrency could be gearing up for a new explosive rally. According to trader and market analyst Trader Tardigrade, the Relative Strength Index (RSI) for Dogecoin has settled at levels similar to those seen before price rallies in the past two years or so. 

    This technical observation is based on Dogecoin’s steady uptrend along a long-standing support line since 2023 and points to its price action currently being in a possible early stage of accumulation before another leg upward.

    Related Reading

    Dogecoin RSI Now Showing Pre-Breakout Signals

    The RSI is an indicator that has consistently aligned with Dogecoin’s strongest rallies in this cycle. According to the current 2-week candlestick setup shared by Trader Tardigrade, the RSI is currently trading stable within the same low range that has preceded Dogecoin’s previous upward rises since 2023. 

    Each of the three major RSI dips, as shown on the price chart below, has coincided with price retests of the red ascending trendline. This event is notable because the first two dips were followed by significant upward movements in the Dogecoin price. Right now, the present RSI position is at its third dip, and it can be inferred that the meme coin may once again be approaching a launch point similar to those that led to past price surges.

    The long-term support trendline drawn from mid-2023 has acted as a reliable price base for Dogecoin’s recovery cycles. Price action has tested this line multiple times without breaking below it, and this has led to the creation of higher highs and higher lows. 

    Dogecoin 2W Candlestick Price Chart. Source: Trader Tardigrade On X

    Although Dogecoin broke below the trendline in the middle of October, this breakdown was very brief with a long wick. Based on Dogecoin’s price action in October, the most recent interaction with this trendline is just above $0.17. This latest interaction has been highlighted with stability above this price level, and this is another early sign of technical strength.

    DOGEUSD currently trading at $0.18. Chart: TradingView

    What To Expect If The Pattern Holds

    If this recurring structure between RSI and price maintains its consistency, Dogecoin could be about to embark on its third notable bullish run since early 2024. The most possible scenario is another rally that plays out over multiple weeks, as seen in the past two rallies.

    The last rally saw the Dogecoin price just around $0.5 in December 2024. Therefore, another rally from this point will see the creation of another higher high above $0.5 at least. The projection within the analyst’s chart, which is based on how the last rally plays out, points to a target around $0.8.

    At the time of writing, Dogecoin is trading at $0.1877, up by 0.5% in the past 24 hours. Reaching $0.8 will translate to new all-time highs and a 228% increase from the current price level. 

    Related Reading

    As long as the RSI holds its current base and the price stays above the ascending support, the sentiment surrounding Dogecoin may gradually shift from consolidation to rally alongside the rest of the crypto market.

    Featured image from Unsplash, chart from TradingView

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    Scott Matherson

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  • Bitcoin ATMs enable cryptocurrency scams, federal prosecutor alleges

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    Diane Reynolds said she was caught off guard when someone contacted the Maryland retiree online and said access to her computer had been blocked for safety reasons. 

    “There was a voice message that was coming on with this that said, ‘Don’t turn your computer on, don’t turn your computer off,’” she told CBS News. 

    Reynolds was also instructed to call a phone number she was led to believe would provide her with tech support. Instead, she was connected to a scam artist who claimed that hackers had obtained access to her bank account. The only way to protect her money was to convert the funds into bitcoin, the person told Reynolds.

    She withdrew her entire bank account balance, which totaled $13,100, and followed the scammer’s directions to go to a bitcoin ATM at a nearby gas station. The ATM was operated by Athena Bitcoin, which has more than 4,000 such terminals across the U.S. 

    Washington, D.C., Attorney General Brian Schwalb said such incidents highlight the surge in cryptocurrency scams linked to bitcoin ATM providers, resulting in the theft of millions of dollars.

    “Bitcoin ATMs are a tool that scammers, that criminals, are using to separate people, including D.C. residents, from their hard-earned money,” Schwalb told CBS News. “Athena, as a bitcoin operator, knows that its kiosks are being used by this element, and yet [has] failed to put proper anti-fraud prevention systems in place to keep it from happening.”

    He added, “What makes it worse is they are profiting from this because they’re charging very substantial fees.”

    Schwalb in September filed a lawsuit against Athena, alleging that it charges “undisclosed fees on deposits that it knows are often the result of scams, and for failing to implement adequate anti-fraud measures.”

    In a statement to CBS News, Athena Bitcoin said it “strongly disagrees with the allegations” and that it will contest the charges in court.

    “We employ aggressive safety protocols to protect the financial interests of our customers. …Our kiosks employ multiple safeguards, from prominent warnings and daily transaction limits to five separate verification screens designed to stop coerced transactions,” the company said. 

    Reynolds is also suing Athena Bitcoin. Her attorney, Vaught Stewart, accused the company of “not just allowing the fraud to happen — they’re profiting from it.” 

    In Washington, D.C., Athena Bitcoin charged fees of up to 26% per transaction, while 93% of all deposits made through the company’s ATMs are linked to scams, Schwalb alleged in his suit. 

     For her part, Reynolds wants to help others avoid losing their savings. “Now I’m an advocate for just telling people this is real,” she said. “Be aware.”

    Financial scams connected to bitcoin ATMs are on the rise, according to the Federal Trade Commission. 

    The Better Business Bureau, which ranks crypto-related fraud as one of the most common types of financial scams, notes that fraudsters tend to target the senior population. 

    Claims from an unknown source that your computer has been hacked is one major tip-off that someone is trying to swindle you, according to the organization. 

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  • Polymarket Could Be Live in US by End of November

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    Posted on: October 28, 2025, 09:55h. 

    Last updated on: October 28, 2025, 09:55h.

    • Sports contracts expected to be point of emphasis in US return
    • Polymarket could be available in this country by end of November on a limited basis
    • Company was banished from the US in 2022

    Polymarket could be live in the US by the end of November, adding a new player to this country’s football-fueled prediction markets madness.

    Polymarket
    A Polymarket logo. The exchange could be back in the US by the end of November. (Image: Wikipedia)

    Citing unidentified sources with knowledge of the matter, Bloomberg reported earlier Tuessday that Shayne Coplan’s company could return to the US by end of the next month, but the platform won’t immediately be available to all bettors and traders. The exchange operator is currently looking for beta testers and has a wait list.

    It’s believed sports contracts will be central to Polymarket’s return to the US and the estimated timing of the company’s reentry into this market aligns with that speculation. Assuming the prediction market is operational here at some point next month, it’d capture the tail end of college football’s regular season while potentially benefiting the latter part of the NFL season and the ramping up of the NBA and college basketball.

    If Polymarket reenters the US next month, it’d occur roughly a year after Coplan’s Manhattan apartment was raided by the FBI and more than three years after the company was banished from this country amid a regulatory flap with the Commodities Futures Trading Commission (CFTC).

    Polymarket US Return Could Drive Valuation Higher

    Speculation that Polymarket could be operating this country, albeit on a limited basis, next month arrives against the backdrop of soaring prediction market valuations.

    Earlier this month, Intercontinental Exchange (NYSE: ICE), the owner of the New York Stock Exchange (NYSE), took a $2 billion stake in Polymarket at a pre-money valuation of $8 billion. That deal, which made Coplan the youngest self-made billionaire on record, values the exchange at $9 billion to $10 billion on a post-transaction basis.

    Last week, rumors surfaced that Polymarket may be pursuing another capital raise at a valuation of $12 billion to $15 billion. Word is Kalshi – Polymarket’s primary rival – fresh off a funding round that pushed its valuation to $5 billion, may be in talks to raise more cash at a $10 billion to $12 billion to price point. By some estimates, more than 80% of Kalshi’s current turnover is derived from sports event contracts, perhaps underscoring why those derivatives are central to Polymarket’s US return.

    The valuation gap between the two companies is, according to some industry observers, largely attributable to Polymarket being the more cryptocurrency-centric of the pair. Digital currencies, mostly stablecoins, are used for trading on the platform, which is backed by blockchain technology.

    About Polymarket and Crypto…

    Rumors of Polymarket’s potentially imminent return to the US aren’t lost on the crypto community. In fact, many in that space believe the prediction market giant’s reentry into this country is a precursor to it launching its own cryptocurrency and potentially conducting an airdrop.

    It’s believed the “POLY” token is already in the works to some extent, but that effort is on the backburner until the company cements its return to this country.

    That return comes amid surging prediction markets competition. For example, DraftKings (NASDAQ: DKNG) recently announced an acquisition setting the stage for DraftKings Predictions and on Tuesday, Trump Media and Technology Group (NASDAQ: DJT) and Crypto.com announced a partnership that will see the latter integrate event contracts on the former’s Truth Social platform.

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    Todd Shriber

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  • Donald Trump’s Truth Social Is Launching a Polymarket Competitor

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    “If you had to point to one reason [crypto prediction markets] are able to come back to the US, you have to point to the Trump administration,” says Zach Hamilton, founder of crypto startup Sarcophagus, in an interview with WIRED. “Donald Trump. I mean, that’s it.”

    Even before the arrival of Truth Predict, the Trump family had a financial interest in the spread of prediction markets in the US.

    In January, Donald Trump Jr. joined Kalshi as a strategic adviser. Then, in August, Polymarket received an investment from 1789 Capital, a venture capital firm where Trump Jr. serves as a partner. As part of the deal, Trump Jr. joined Polymarket’s advisory board.

    The ties between the Trump family and Polymarket, forged just as Polymarket was seeking reentry into the US, have drawn scrutiny from critics who claim the investment could amount to a conflict of interest. The deal creates an opportunity, they allege, for the Trump family to profit from changes in policy instigated by the Trump administration.

    “No one is saying members of the president’s family cannot engage in normal capitalist activities in a capitalist country,” says Jeff Hauser, executive director at the Revolving Door Project, an organization that seeks to scrutinize the behavior of elected officials. “But Polymarket is the subject of heated political controversy. As such, the investment reflects a significant conflict of interest—and an avoidable one.”

    “Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest,” says White House press secretary Karoline Leavitt, in a statement to WIRED.

    Polymarket, TMTG and 1789 Capital did not respond immediately to requests for comment.

    The Truth Predict launch also tees up a scenario in which separate facets of the Trump family’s business empire could effectively compete against one another.

    “From a venture capital perspective, many of us don’t like to invest in competing projects. We try to avoid that,” says Chris Perkins, managing partner at crypto VC firm CoinFund. “We try to identify category winners.”

    Already, businesses connected to the Trump family are operating competing bitcoin treasuries. In June, a dispute broke out over which corporate entities were permitted to launch an “official” Trump-branded crypto wallet.

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    Joel Khalili

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