Justin Sun, a high-profile cryptocurrency investor, prominently displayed a Donald Trump-branded watch after being honored for investing $20 million in the $Trump memecoin, which led to a lucrative event at Trump's golf club. The sale of this memecoin, spurred by its launch before Trump's inauguration, generated significant profit, raising ethical concerns regarding Trump's blending of personal and presidential interests. Critics, including legal scholars, argue that Trump's actions epitomize self-enrichment and open corruption, illustrating a troubling use of power and influence within the cryptocurrency arena.
Last month, Sun publicly flaunted a $100,000 Donald Trump-branded watch that he was awarded at a private dinner at Trump's Virginia golf club.
Memecoins are crypto tokens that are often based on online jokes but have no inherent value.
But they fit in a broader pattern of how Trump has exploited the power and lure of his office to enrich himself and some top allies via cryptocurrencies.
I have never seen such open corruption in any modern government anywhere, said Steven Levitsky, a professor of government at Harvard University.
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