HomeCryptocurrencyDonald Trump Amasses $14M in Crypto after Legal Battle

Donald Trump Amasses $14M in Crypto after Legal Battle

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Apart from the just-concluded case, Trump faces additional legal battles before the upcoming November presidential election.

Donald Trump’s crypto wallet, as identified by blockchain analytics platform Arkham Intelligence, has amassed a substantial $14 million. Within the past 24 hours alone, over $1 million in various cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), and the USDC stablecoin, has been deposited into the wallet.

Arkham Intelligence connected the wallet address to Trump using information from his financial statements filed in August last year.

Donald Trump Receives Crypto  Donations

As of  May 27, the wallet held about $10 million in cryptocurrencies. At that time, the largest holding was a meme coin named MAGA token, represented by the ticker TRUMP.

However, following his conviction in a historic hush money trial on May 30, the wallet saw a surge in deposits.

Within 24 hours after he became the first former American president convicted of felony crimes, the wallet received additional donations, with the TRUMP token still leading the contributions.

The total amount of the meme deposited in the wallet has now reached $9.48 million. The TRUMP token is followed by Ethereum worth about $1.77 million.

Additionally, the wallet holds wrapped Ethereum (wETH) with an estimated value of $1.43 million.

These donations from the crypto community could be interpreted as a form of support in response to the court’s ruling against Trump on Thursday when a New York jury found him guilty of all 34 felony charges brought against him.

Prosecutors accused him of participating in an illegal conspiracy to influence the 2016 presidential election and suppress negative information. The authorities claimed the former US president covered up a hush money payment to a pornstar who alleged an affair with him.

The trial was presided by Judge Juan Merchan presided over the trial and a sentencing hearing has been scheduled for July 11.  The court said Trump could face prison time or probation depending on the judge’s decision.

Trump Endorses Crypto for Political Gain

Apart from the just-concluded case, Trump faces additional legal battles before the upcoming November presidential election. The former US president wants to make a political comeback and return to the White House.

Trump has been strongly preparing for the upcoming presidential election. Part of his campaign strategy included embracing the crypto economy to win the votes of digital assets enthusiasts in the United States.

Earlier this month, his campaign announced it would accept cryptocurrencies, such as Bitcoin (BTC), for donations through Coinbase Commerce. The campaign said that all digital assets available on the Coinbase Commerce are accepted for donations.

In addition to embracing crypto donations, Trump is involved in non-fungible tokens (NFTs). The former US president has introduced a series of NFT collections that always sell out within a few hours of launch.

His wife, Melania Trump, has also shown interest in the digital art world, engaging in various NFT projects, reflecting the family’s growing involvement in the crypto space.

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