Today’s Crypto Updates

Need to stay informed on the latest cryptocurrency developments? Here’s a summary of the day’s key news affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.

Trump family earns over $1 billion from crypto ventures. Source: Financial Times

Trump’s Second Term Generates Over $1 Billion in Crypto Profits for Family

A recent report from the Financial Times reveals that President Donald Trump’s second term has coincided with his family’s lucrative cryptocurrency operations, yielding more than $1 billion in profits this past year. Trump’s son, Eric, indicated that the family’s profits may be even higher.

World Liberty Financial, a crypto venture involving Trump’s sons, has been at the heart of this financial success, selling billions in crypto tokens and stablecoins.

In June, Trump reported an income of $57.4 million from World Liberty Financial, and after a recent token unlock, the family’s stake in the company surged to $5 billion.

Paxos Mistakenly Mints $300 Trillion PYUSD Stablecoin

In an unfortunate incident, Paxos accidentally minted $300 trillion worth of PayPal USD (PYUSD), quickly rectified by burning the entire amount shortly after it was discovered. Paxos assured that customer funds remain safe and this was purely an internal technical error.

Call for Increased Blockchain Adoption

Executive voices in the industry argue that such errors are evidence of the transparency benefits of blockchain technology over traditional banking systems. As per Kate Cooper of OKX Australia, “Visibility builds trust.” Meanwhile, Ryne Saxe from Eco emphasized the unprecedented transparency blockchain offers compared to central banking economies.