Tag: changpeng zhao
Has The Worm Finally Turned On Trump's Staggering Personal Corruption?

Has The Worm Finally Turned On Trump's Staggering Personal Corruption?

Did you catch the story about Trump trying to raid the Treasury to the tune of $10 billion? It's the latest in a string of grasping, grubby assaults on public integrity that have marked the Trump regime. This is not just the most corrupt presidency in American history; it is among the most corrupt regimes on earth.

Trigger warning: The thefts and abuses below are eye-watering. I cite them not to enrage readers, but to offer a theory that we may, at long last, be passing out of the "LOL nothing matters" phase of this travesty. There is good reason to believe that, finally, Trump's unprecedented corruption is going to bite him in the ass.

The IRS farce, which began in Trump's first term, goes like this: There was an actual offense committed against Trump. Between 2018 and 2020, Charles Edward Littlejohn, who worked for Booz Allen Hamilton under contract with the IRS, leaked confidential tax information about a number of wealthy individuals, including Trump, to ProPublica and The New York Times. (Recall that Trump, after repeatedly vowing to disclose his tax returns, never did.) The Times subsequently revealed that Trump, then a putative billionaire, paid only $750 in federal income taxes in 2016 and 2017.

Littlejohn was discovered, fired, and prosecuted by the Justice Department under Joe Biden. At the conclusion of the trial, Judge Ana Reyes handed down the maximum sentence of five years in prison.

Fast forward to 2026. In January, Treasury Secretary Scott Bessent, whose department oversees the IRS, announced that it was terminating all contracts with Booz Allen Hamilton, totaling $21 million, for failure to safeguard taxpayer information. Three days later, Trump and his sons sued the IRS for the aforesaid $10 billion, alleging that the leak had caused them "reputational and financial harm" and "public embarrassment."

Hmm. The financial harm claim is risible — is the Trump family really arguing that, if not for this leak, they would have accumulated money even faster than they have over the past six years? As for embarrassment, it seems the Trumps bear the burden of proving they've ever felt such a thing in their lives.

Beyond that, there is the preposterous sum of $10 billion for this piddling "injury." It would amount to two-thirds of the IRS's annual budget and be about 1,000 times more than the largest payout in the history of the Federal Tort Claims Act. But that isn't the most eye-popping aspect of the case. No, that honor goes to the fact, highlighted by Judge Kathleen Williams in her order requiring a new hearing, that there are not two contending parties here.

Courts only have jurisdiction when there is a bona fide "case or controversy." In this case, Judge Williams observes, Trump is sitting on both sides of the table. He is the plaintiff, but he is also the superior of all the respondents and can fire any at will. She quoted Trump himself, who admitted that "I'm supposed to work out a settlement with myself." So it's not a lawsuit, it's a gargantuan shakedown of American taxpayers.

There is so much more. Remember the thousands of hours of vitriol he devoted to Hunter Biden's corruption? I can't sum up the contrast better than National Review's Andrew McCarthy did, in a series about Trump's stupendous grifting. McCarthy carefully documented how Trump and Steve Witkoff founded their crypto business, World Liberty Financial, just before Trump returned to the White House.

The Wall Street Journal reported that WLF then received, four days before the inauguration, a $500 million investment, amounting to a 49 percent share in the company, from Sheikh Tahnoon bin Zayed al Nahyan, aka the "spy Sheikh," the second-highest-ranking royal in Abu Dhabi and the Emirati national security advisor. Nothing remotely like this has happened before.

What did the UAE want in return for this largesse? During the Biden years, the UAE's ambitions to become an AI player had been thwarted. The administration declined to give the UAE access to high-end computer chips because the regime had close ties to the Chinese Communist Party. Hold that thought.

Speaking of China, one of the figures who helped midwife WLF with technical advice was the Chinese-born Binance founder Changpeng Zhao. Zhao had pleaded guilty to permitting his cryptocurrency exchange to be used by terrorists, cybercriminals, and child abusers. But he was very useful to WLF, helping to launch their first stablecoin, USD1. UAE-linked entities then purchased $2 billion of these. Trump pardoned Zhao in October 2025. He told 60 Minutes that "I don't know who he is," and then immediately contradicted himself by adding, "I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt."

Oh, and the UAE got the chips. So much for the supposedly "tough on China" Trump administration.

Andrew McCarthy, recalling the Republican outrage over Hunter Biden, put it this way: "You know what the difference is between the Biden family business and the Trump family business? You'd have to add two digits to the sum of Biden abuses of power, foreign entanglements, and [alleged] corruption ... to get near what Trump has raked in just from the UAE."

Qatar gave Trump a $400 million luxury jet. Just like that. No embarrassment, no extenuating circumstances, no nothing. Just the bottomless greed of an unleashed Midas (without the curse — for now).

To escape tariffs, Vietnam approved a $1.5 billion Trump Organization project to build a huge golf course near Hanoi. Mar-A-Lago increased its membership fee to $1 million, and the Bedminster club raised its initiation fee to $125,000. Paramount paid Trump $16 million in settlement of a suit over Kamala Harris' interview on 60 Minutes. ABC donated $15 million to the future Trump library in settlement of a case about George Stephanopoulos. Amazon put $28 million in Melania Trump's pocket for an unwatchable documentary. The Trump juniors have invested in drone companies and other firms that have received government contracts. Trump pals like Michael Flynn and Carter Page have received $1.25 million "restitution" payouts from the government, though Flynn pleaded guilty and Page's lawsuits have been dismissed twice.

The Trump family has increased its net worth by about $4 billion since January 2025, with the total now approaching $6.2 billion.

And this is just the financial corruption. The perversion of justice is perhaps even worse — prosecuting Trump's critics and pardoning his allies.

Why then do I say that we may be nearing a turning point? Any country that could passively accept the UAE gift, the Qatar plane and the January 6 pardons is beyond caring, no? We'll see. My theory is that two things must be present for people in a free republic to turn a blind eye to corruption: 1) Their personal bank accounts must be flush, and 2) they must believe that most of the corruption stories are just partisan attacks.

We have recent evidence from Hungary. Between 2010 and 2019, while the economy was (mostly) growing nicely, Hungarians were prepared to overlook Viktor Orban's subversion of the judiciary, capture of the media, and personal wealth aggrandizement. But when the economy went south in 2023, people became outraged about the corruption. Peter Magyar, especially because he had been a Fidez party insider at one time, was able to capitalize on that anger.

Alexei Navalny, though he could not win an election in Russia (because they're rigged), became a national sensation by documenting the palaces and other wealth that Putin and his cronies had obtained. Putin's trajectory was similar to Orban's. When he first gained power, the economy was strong due to high energy prices, allowing him to consolidate power. But when the economy soured, people became much more open to criticism about corruption, though sadly, they were in no position to remove Putin. Still, Navalny was enough of a threat that Putin had him consigned to a penal colony (where Putin's government later killed him).

The American economy was very strong in the 1990s, and though Bill Clinton behaved in an abominable fashion toward women, people were willing to overlook it. Similarly, voters in 2024 made a bargain: Though they knew Trump was corrupt, they bet that he would bring them the kind of economy they'd enjoyed in 2018. This isn't an admirable trait, but there is good reason to think it's the way many voters operate.

Trump has not delivered on the bargain. On the contrary, economic conditions are now worse than they were in 2024. Nor can Trump rely on partisanship to come to his rescue because it isn't the Democrats who are making the case about corruption, it's Trump himself and his allies.

It is Trump who attempted to use the attempted assassination at the White House Correspondents' Association dinner to make the case for his garish ballroom. It is Senate Republicans who are adding the insult of demanding taxpayers pay $1 billion for this monument to Trump's ego. It is Trump, not his opposition, who instructs voters that they should be happy with fewer dolls at Christmas. It is Trump who accepts gold bars from the Swiss delegation and adorns the Oval Office in a style that could be called neo-Saddam.

The corruption never mattered before, but when gas prices are near $5 a gallon, groceries have only gone up and the economy is skidding toward recession, the gold leaf becomes not an eccentricity but an indictment. The worm has turned.

Mona Charen is policy editor of The Bulwark and host of the "Beg to Differ" podcast. Her new book, Hard Right: The GOP's Drift Toward Extremism, is available now.

Reprinted with permission from Creators


Is Donald Trump Pro-Crypto Or Pro-Crime? (Is There Really A Difference?)

Is Donald Trump Pro-Crypto Or Pro-Crime? (Is There Really A Difference?)

On one side, the Trump administration is sinking small boats that it claims, without evidence, are smuggling drugs — and according to the Washington Post, Pete Hegseth, the self-styled Secretary of War, has personally ordered at least one follow-up strike to kill the survivors. A working group of former JAGs, that is, members of the military’s legal branch, issued a statement declaring that it

unanimously considers both the giving and the execution of these orders, if true, to constitute war crimes, murder, or both.

On the other side, Donald Trump has declared his intention to grant “a Full and Complete Pardon” to Juan Orlando Hernández, a former president of Honduras who has been convicted of conspiring to import cocaine into the United States. In fact, Hernandez was part of a cartel, including his brother, that smuggled hundreds of tons of cocaine into this country.

At first glance, the juxtaposition seems bizarre – Trump is either murdering or committing war crimes against people who are at worst small-time drug smugglers, and may be innocent fishermen, while pardoning a drug lord who was responsible for thousands of American deaths while savaging his own country, Honduras. But there is a pattern to this murderous madness, once one connects the dots between Trump’s mob-boss persona and the billionaire crypto/tech broligarchy.

First, understand that Trump’s vendetta against purported penny-ante drug smugglers is all about dominance display, an exhibition of his ability to order violence. The real object may be to set the stage for invadingVenezuela.

Second, while Trump is clearly willing to inflict gratuitous suffering on the little people, he positively revels in his association with big-time criminals, whether it’s Putin; or Saudi Crown Prince Mohammed bin Salman, who had a critical journalist dismembered with a bone saw; or Ross Ulbricht, creator of Silk Road, an underground e-marketplace known for drug trafficking, whom Trump pardoned immediately after assuming office; or Larry Hoover, a Chicago crime boss, who was sentenced to several lifetimes in prison for leading the Gangster Disciples, also pardoned by Trump. Yes, Trump really and truly cares about crime in Chicago.

Still, why would Trump, whose poll numbers are cratering, generate even more negative headlines by pardoning Hernández, who was duly convicted of conspiring to send more than 400 tons (!) of cocaine to America?

The answer is the influence of the crypto/tech broligarchy. In fact, many of Trump’s pardons of the most egregious criminals are closely linked to their influence.

A case in point is Ulbricht, whose Silk Road was an early example of what is still the main non-speculative use of Bitcoin: facilitating criminal activity. Ross Ulbricht was a darling of the tech-libertarian crowd, which includes Peter Thiel, arguably the godfather of Silicon Valley and whose financial backing was critical to JD Vance’s senate win. Trump first promised to pardon Ulbricht in 2024, as part of a pitch to win the votes of libertarians:

Whatever libertarians were in the past, they are now an extremist party, opposed to laws against drug smuggling, money laundering, any type of prudential government regulation, and – in the case of Thiel – opposed to democracy itself. It should not go unnoticed that Trump saluted a party that proclaims “Become Ungovernable” as its guiding principle, written with the anarchy a-symbol.

Next, Trump’s pardon of Changpeng Zhao, aka CZ, the former CEO of the cryptocurrency exchange Binance, fits the same pattern. CZ pled guilty to charges of violating U.S. laws against money-laundering and was fined $50 million, in addition to a fine of $4.3 billion against Binance. Under CZ, Binance was a major channel of worldwide money laundering. As one report put it, prosecutors charged that Binance

intentionally and purposefully ignored the transfer of money from countries and areas that are subject to sanctions -- including Syria, Iran, Cuba, Russia-occupied Crimea and the Donbas region in Ukraine. There was also trading that involved the criminal dark-web market Hydra.

And the story continues. Last week,

The families of 300 U.S. citizens hurt or killed in the Oct. 7 attack on Israel sued Binance, claiming the cryptocurrency exchange aided Hamas and other terrorist groups by transferring more than $1 billion among accounts they controlled.

However, in the world of radical libertarians, of the crypto/tech broligarchy, CZ’s crimes weren’t real crimes because crypto is designed to “free” us from the pernicious oversight of government. Yes, Trump really cares about stopping terrorism.

Finally, why pardon Hernández? What’s the connection to the crypto/tech broligarchy? It’s called Próspera.

Próspera is a for-profit city being built off Honduras’s coast. Its charter largely exempts the island from Honduran law. Instead, the city is run by a governing structure that for the most part gives control to a corporation, Honduras Próspera Inc., which is in turn funded by a familiar list of Silicon Valley billionaires including Thiel, Sam Altman and Marc Andreesen.

So while the city is being marketed as a libertarian paradise, it’s best seen as an autonomous oligarchy, government of, by and for billionaires. And you won’t be surprised to learn that within Próspera, Bitcoin is legal tender.

The 2013 Honduran law that made the creation of Próspera possible was initially ruled unconstitutional by the Honduran Supreme Court. But that ruling was reversed after Juan Orlando Hernández’s predecessor, Porfirio Lobo Sosa, managed to dismiss four of the court’s justices. Like Hernández, Sosa was a right-winger, who became president after a populist president, Manuel Zelaya, was overthrown by a military coup. Under both Hernández and Sosa, chaos reigned – corruption, criminal gangs, and drugs overran the country. The current president, Zelaya’s wife, has tried to claw back some sovereignty over Próspera, which has struck back with a mammoth lawsuit that could bankrupt the country.

Yesterday Honduras held an election in which Trump backed Nasry Asfura, a member of the same right-wing party as Hernández. Early results show the governing left-wing party well behind, but Asfura in a virtual tie with another right-wing candidate.

In any case, the point is that while Trump threatens and fulminates against Maduro in Venezuela, he is openly backing the Honduran political party that has allowed massive drug smuggling into the U.S. Why? The only logical answer is because of the influence of the crypto/tech broligarchy and their interests in Próspera.

So the announced pardon of Hernández for drug smuggling isn’t really a departure from the pardons of Binance’s Changpeng Zhao for money laundering or Silk Road’s Ross Ulbricht for facilitating illicit drug sales. In each case what’s being upheld is the principle that lawlessness in the pursuit of tech billionaires’ interests is no vice. In fact, it’s to be encouraged.

And Trump, whose only principles appear to be self-enrichment and vindictiveness, is happy to go along.

Paul Krugman is a Nobel Prize-winning economist and former professor at MIT and Princeton who now teaches at the City University of New York's Graduate Center. From 2000 to 2024, he wrote a column for The New York Times. Please consider subscribing to his Substack.

Reprinted with permission from Paul Krugman.


Trump crypto

Lame Duck Trump Isn't Fretting Over Polls -- He's Too Busy Cashing Out

Donald Trump's approval numbers continue to crater. Even Republicans have cooled on the president's performance. But the president shows no sign of noticing, nor is he changing his ways. Even his gaslighting has gone wan. He's failed to make Americans believe that prices are going down when they're clearly not.

What gives? Why isn't he trying to win back the public's love? Perhaps because he no longer cares. The only infrastructure he seems interested in building is his family fortune.

Trump charmed farmers into supporting him twice. He's bankrupting them with his trade-war antics. Many farmers have finally turned on him, but so what? Trump's not running again. He no longer needs their affection or their votes.

This ability to seduce then abandon goes way back. In 1995, Trump was a near-broke developer whose Atlantic City casinos were going under. He needed suckers to bail him out and found them through an initial public offering of Trump Hotels & Casino Resorts stock. Rubes buying into his spinner-of-gold act poured $140 million into his empty coffers. In 2004, burdened by debt and never turning a profit, Trump Hotels & Casino Resorts filed for bankruptcy. For every $10 that his marks invested at that stock sale, they had $1 left.

"People don't understand this company" was his explanation.

The presidency offered new and powerful tools to get people to hand over their money. Days after returning to office, Trump's regulators dropped the fraud case against crypto entrepreneur Justin Sun. The Chinese-born speculator, target of an FBI investigation, fixed his problem by "investing" more than $40 million on $TRUMP coins — a crypto meme coin with no fundamental value.

Last month, Trump pardoned Changpeng Zhao. The Chinese-born Canadian had spent four months in prison for failing to prevent his crypto exchange, Binance, from laundering money. Zhao made his woes go away by having Binance facilitate a $2 billion purchase of World Liberty Financial stablecoin. World Liberty was founded by Trump's sons, Eric and Donald Jr.

Asked about the pardon of Zhao, Trump said, "I don't know who he is."

By June, Trump and family had already taken in about $1 billion in crypto ventures alone, according to Forbes' calculations. That included profits from $100 million of World Liberty cryptocurrency tokens that a murky entity based in the United Arab Emirates said it was buying.

You enrich me and I'll get you off whatever hook you're hanging from. How better to embolden financial lawbreakers than a president saying, in effect, I've got your back — for a fee?

Being blatant about corruption is part of the mob boss' business model. Trump is telling those needing government favors that he's not shy about granting them, appearances be damned. Not only does he hand out pardons without blushing, he's been firing the regulators whose job it was to police wrongdoing.

Trump's agenda for a second term appears to be not giving a damn. He doesn't even care about the Republican Party, which just felt the sting of an unhappy electorate. Trump probably figures that Democrats will soon take control of at least the House in the midterms, so he might as well use the months left with a servile Republican Congress to increase his fortune.

He could also turn attention freed from the nation's concerns to immortalizing himself. Start by leveling an entire wing of the White House for a banquet hall that administration officials are already calling "The President Donald J. Trump Ballroom."

Asked about the naming, Trump said, "I won't get into that now."

It hardly needs mentioning that rich donors needing inside deals are paying for the ballroom.

Trump does care about numbers, but his job approval doesn't seem to be among them.

Froma Harrop is an award winning journalist who covers politics, economics and culture. She has worked on the Reuters business desk, edited economics reports for The New York Times News Service and served on the Providence Journal editorial board.

Reprinted with permission from Creators.


Soft On Crime: Trump Keeps Pardoning Corrupt Republican Fraudsters

Soft On Crime: Trump Keeps Pardoning Corrupt Republican Fraudsters

President Donald Trump added to his growing list of shady pardons after it was announced on Friday that he granted the honor to two Republicans convicted for fraud.

Trump pardoned Glen Casada, former speaker of the Tennessee House of Representatives, along with his former chief of staff Cade Cothren. Casada and Cothren were convicted in September on multiple charges and sentenced to 36 months and 30 months in federal prison, respectively.

In a release at the time of their conviction, the FBI noted that the men had been found guilty of fraud, money laundering, and conspiracy. The government’s case alleged that Casada and Cothren defrauded the state by funneling over $50,000 of state funds to a sham business they set up that sent mail on behalf of lawmakers.

“The defendants abused their power as government officials and defrauded taxpayers for their own enrichment,” acting Assistant Attorney General Matthew R. Galeotti said at the time.

The Trump administration justified the pardon a mere 45 days later by alleging that the Biden administration’s prosecution of the two men was overzealous. In fact, the investigation began during Trump’s first term, and the duplicitous duo was tried in front of a judge appointed by Trump himself.

The case is the latest in a series of pardons and commutations by Trump of convicted criminals.

In October he pardoned Binance founder Changpeng Zhao after Zhao directed millions of dollars to the Trump family’s crypto dealings.

That same month he commuted the sentence of disgraced former Rep. George Santos (R-NY), despite his conviction on fraud charges after he was expelled from Congress.

Most infamously, Trump pardoned hundreds of his supporters who stormed and attacked the U.S. Capitol on Jan. 6, 2021, freeing them to commit all-new crimes—now with a presidential stamp of approval.

Trump has claimed that he is in favor of “law and order” to justify his constant stream of attacks on cities led by Democratic officials. But his stream of pardons and other dodgy actions reveal just how soft Trump— a convicted felon himself—is on crime.

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