Michaela
American economist Peter Schiff has called for a congressional investigation into what he describes as the largest cryptocurrency “rug pull” in history, with former President Donald Trump allegedly having a hand in it.
In a post on X, Schiff stated that an investigation into the alleged pump-and-dump scheme is “warranted.” Schiff’s call comes after controversial posts on former President Trump’s Truth Social account, which are said to have played a role in a pump-and-dump scheme.
“Who authored the two Sunday afternoon posts on the President’s Truth Social account? Who knew about the first post in advance, and when were they first informed of the wording of the post and the timing of its release?” Schiff wrote.
Schiff expressed concerns over the recent spike in cryptocurrency prices following President Trump’s posts. The economist argued that the timing of these posts appeared deliberate, suggesting they were intended to manipulate the market and benefit individuals who had prior knowledge of their release.
Schiff further implied that this strategy may have resulted in unfair financial gains for those in the know, raising questions about market manipulation and insider trading. He urged a thorough congressional investigation to identify all parties involved in the alleged scheme.
“We also need all emails or text messages that involve any members of the President’s staff, his or their family or friends, his campaign donors, or Truth Social employees, that relate to either of the two Sunday Truth Social posts,” he wrote.
Schiff has raised doubts about who authored the posts on Truth Social, suggesting that certain individuals may have leveraged insider information to invest in cryptocurrencies like XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH). He has called on lawmakers to trace the financial transactions associated with the suspected scheme to uncover any potential wrongdoing.
If Schiff’s allegations of insider trading are proven true, it would represent a significant financial scandal.
Reactions to Schiff’s allegations have been divided, with some agreeing that it could be a potential “grift,” while others firmly reject the idea, denying any such wrongdoing.
Crypto commentator and social media personality Brian Krassenstein voiced agreement with Schiff’s assertions. “I’m all for crypto and Bitcoin, but this combined with the launch of the TRUMP and Melania Memecoins, as well as the operations of World Liberty Finance is the biggest Presidential grift in modern history,” Krassenstein wrote.
On the other hand, Scott Melker, host of the crypto podcast “The Wolf of All Streets” poked some fun at Schiff’s allegations, seemingly mocking the level of sophistication or manipulation Schiff might be suggesting in his claims. “Someone longing and shorting Trump announcements with perfection in a way that would even make Nancy Pelosi blush,” Melker wrote in an X post.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
