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Fortune: WLFI may become the first target of the investigation into the Trump family's cryptocurrency business

The Democratic Party has regained control of both the House and Senate in the U.S. midterm elections. According to Fortune magazine, California Congressman Robert Garcia, who will serve as the chair of the House Oversight Committee in the new Congress, stated in a statement and on X to "Lawyer up." Reports indicate that the Trump family's cryptocurrency company World Liberty Financial (WLFI) may become the first business to be investigated.Robert Garcia previously stated that the committee will focus on investigating "Trump family corruption," which includes Trump's cryptocurrency business, which Fortune claims has generated over $1 billion in revenue for Trump. With the Democratic Party controlling the committee, they will have subpoena power to compel the government, private companies, and individuals to provide documents and testimony.The Democrats have previously focused on a member of the UAE royal family known as the "spy chief," who is set to acquire shares in World Liberty Financial for $500 million in 2025. The company is currently applying for a national banking license that requires approval from an agency under the U.S. Department of the Treasury. House Democrats had previously called on U.S. Treasury Secretary Janet Yellen to investigate the transaction and indicated they would review Trump's pardon of Binance co-founder Changpeng Zhao, who reportedly assisted the Trump family in launching a stablecoin. Robert Garcia stated that acting Attorney General Todd Blanche and other government officials may face subpoenas on the first day of the Democratic majority's tenure; corporate donors to the White House banquet hall project and businesses that have dealings with the Trump family are also expected to be among the first subjects of investigation, with related inquiries potentially starting as early as February 2027. White House spokesperson Lauren Bis stated in an interview with Newsweek before the election that the only agenda for the Democrats is to continue their decade-long "witch hunt" against Trump.

first_img The Dell Family Foundation plans to acquire SK Holdings by Choi Tae-won

According to the Seoul Economic Daily, citing a substantial shareholding report submitted by SK on October 13, SK Group Chairman Choi Tae-won had previously agreed to sell shares of SK Corporation, with the buyer being a fund related to Michael Dell's family, the founder of Dell Technologies. Choi Tae-won signed a contract on October 2 to sell 972,493 shares of SK Corporation's common stock, accounting for 1.34% of the total share capital, with the counterparty being DFO Public Investments, L.P., established in Delaware, USA, for an amount of 544 billion Korean won. The fund is managed by DFO Management, which manages the Dell family assets and was formerly known as MSD Capital, established by Dell in 1998, and was restructured into its current structure at the end of 2022.Choi Tae-won has signed a total agreement to sell 1,653,924 shares of SK Corporation, with a total consideration of 944 billion Korean won, to raise funds for property division with Nabi Art Center curator Ryu Soo-young. Among these, 681,431 shares, accounting for 0.94%, were sold to Korea Investment & Securities, while the remaining 1.34% was sold to the aforementioned strategic investor. SK had previously only disclosed that the buyer was a strategic investor and stated that it could not specify the details of the private transaction. For the shares sold to Korea Investment & Securities, Choi Tae-won signed a three-year equity return swap, which will settle the difference between the actual disposal price and the agreed benchmark price upon maturity, with both the gains from price increases and losses from price decreases borne by Choi Tae-won.Reports indicate that Dell Technologies is a company specializing in artificial intelligence servers and data center infrastructure, and has business dealings in semiconductors with SK Hynix.

first_img The WLFI supported by the Trump family has teamed up with Mesh to launch USD1 online payments this quarter

Executives from World Liberty Financial (WLFI), a cryptocurrency project supported by the Trump family, revealed at the stablecoin-themed roundtable forum during the Token2049 conference in Singapore that they plan to introduce USD1 stablecoin payments to large online merchants. WLFI CEO Zach Witkoff attended alongside co-founder Zak Folkman and Bam Azizi, co-founder and CEO of payment infrastructure provider Mesh. Azizi announced that Mesh has partnered with WLFI, allowing USD1 holders to spend the stablecoin within Mesh's merchant network, with related features set to launch this quarter.Folkman stated that in addition to World Liberty's own application, the team plans to promote the same technology to some of the largest Web2 enterprises in the market. USD1 is issued by BitGo, with reserves including cash, U.S. government money market funds, and other cash equivalents, designed to maintain a 1 dollar peg. According to CoinGecko data, its market capitalization is approximately 4.45 billion dollars.In August, the Office of the Comptroller of the Currency (OCC) granted conditional approval for WLFI to establish a national trust bank, which is intended for issuing dollar-backed stablecoins and custodial services for digital assets. Witkoff stated that this move will enable WLFI to assume the issuance responsibilities of USD1, which is currently managed by BitGo.

first_img BingX executive: Old money investors are stronger diamond hands in Bitcoin, family office allocations are still limited

During a conversation with Cointelegraph's multimedia director Ciaran Lyons at the Token2049 conference in Singapore, Kevin Lee, Chief Strategy Officer of the cryptocurrency exchange BingX, stated that wealthy "old money" investors have a longer holding period for Bitcoin compared to many crypto-native traders. He mentioned that he has encountered a large number of "old money" clients seeking alternative investments, saying, "Their diamond hands are stronger than any of ours." Lee pointed out that Bitcoin has grown large enough that wealthy investors are increasingly viewing it as a tool for diversifying their portfolios rather than expecting it to "increase tenfold in two weeks."Lee sees wealthy investors as an underdeveloped source of crypto capital, believing that their buy-and-hold strategy could make Bitcoin a diversification tool for more investors. He cited examples where investors allocate 5% to gold and another 5% to Bitcoin, rather than chasing short-term quick returns. A survey released by CoinShares on Monday, targeting 2,230 investors with investable assets of at least $500,000, showed that long-term appreciation and diversification are the primary reasons for investing in crypto assets, while short-term speculation ranked last. Among the surveyed digital asset investors, 80% hold Bitcoin.However, crypto assets are still far from becoming a standard allocation for wealthy families. A survey conducted by JPMorgan in February, based on 333 single-family offices across 30 countries, revealed that 89% of family offices have no exposure to crypto assets, with an average allocation to crypto and digital assets of only 0.4%. Only 17% of respondents consider crypto and digital assets as key investment themes.

first_img French cryptocurrency practitioners' entire family was kidnapped, approximately $46,000 worth of cryptocurrency was transferred away

A family in the northern French town of Vendin-le-Vieil was invaded and taken hostage by four masked men early Sunday morning. According to BFMTV, the suspects entered the house around 4 AM, binding the couple and their two children with tape, and held them for over three hours. The 40-year-old father, an IT expert in the local cryptocurrency industry, was taken to another room, beaten, and forced to give up access codes, resulting in approximately 40,000 euros (about 46,000 dollars) worth of cryptocurrency being transferred away.According to the Béthune prosecutor's office, the four suspects fled the scene by car and are still at large. The 12-year-old daughter was struck in the face with a car key during the incident, and the victims are in a state of shock; they have been sent for forensic examination and are receiving support from the victims' assistance association. The case has been filed under organized gang kidnapping and extortion and is being jointly investigated by the regional judicial police and the French Cybercrime Office.France is the country most severely affected by such "ransom attacks" globally. Records from the national prosecutor's office for organized crime show that over 70 kidnapping and illegal detention incidents related to cryptocurrency have occurred in the first eight months of 2026, with 88 people already prosecuted in earlier crackdowns this year. Previous similar cases often targeted wealthy individuals, including the father of a cryptocurrency millionaire, the wife of a co-founder of The Sandbox, and the CEO of Binance France, while the victim in this case is merely an ordinary IT professional. Chainalysis reported that global ransom attacks in 2026 resulted in approximately 30 million dollars in losses, while CertiK stated that losses over six months reached 124 million dollars, a 12-fold increase.

Trump opposes slowing down AI development, family continues to increase AI investment

Donald Trump and his family business are continuing to expand their investments in artificial intelligence, data centers, power infrastructure, and related technology companies. Financial disclosures show that after Trump's return to the White House, his investment accounts have reported nearly 30,000 securities transactions, including buying and selling stocks of chip, server, and energy infrastructure companies such as Dell Technologies, Micron Technology, GE Vernova, Broadcom, Texas Instruments, Credo Technology, and Advanced Micro Devices. It is currently unclear whether Trump still holds these shares, as related transactions do not require real-time disclosure, and Trump has not placed his assets in a blind trust.Trump Media Technology Group plans to merge with the fusion company TAE Technologies, which intends to build power generation facilities amid the growing demand for electricity in AI data centers. Truth Social also plans to authorize platform data to AI labs through TruthAPI and has launched a search tool supported by technology from Perplexity. Donald Trump Jr. serves as a partner at 1789 Capital, which has completed fundraising for a $1.2 billion fund, focusing on investments in digital infrastructure such as data centers, and has invested in Cerebras, Perplexity, and xAI. Eric Trump, on the other hand, invests in defense, robotics, and AI data processing companies through American Ventures.The White House denies any conflict of interest, stating that Trump's investments are entirely managed by independent managers, with related assets held in discretionary accounts and automatically replicating indices such as Schwab 1000 through computer models, meaning Trump and his family cannot decide on specific investments and transaction timings.
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