Congressman Peter Schiff urges federal probe into Trump's alleged cryptocurrency scam
In a recent development, American economist Peter Schiff has urged Congress to investigate an alleged cryptocurrency pump-and-dump scheme. The focus of the investigation is said to be on former President Donald Trump's Truth Social account.
The Shib Magazine and The Shib Daily, the official media and publications of the Shiba Inu cryptocurrency project, have reported Schiff's concerns about potential market manipulation and insider trading in relation to the scheme.
The alleged scheme is believed to be connected to the launch of the TRUMP and Melania Memecoins. Schiff has expressed his doubts about the timing of certain posts on the President's Truth Social account, suggesting they may have been intended to manipulate the cryptocurrency market.
Schiff has requested all emails or text messages that involve any members of the President's staff, his family, friends, or campaign donors, or Truth Social employees, that relate to the two Sunday Truth Social posts in question. He believes that these communications could provide valuable insights into the suspected scheme.
Crypto commentator Brian Krassenstein has voiced his agreement with Schiff's assertions, describing the situation as the biggest Presidential grift in modern history. However, Scott Melker, host of the crypto podcast "The Wolf of All Streets," seems to question Schiff's allegations, suggesting a level of manipulation might be implausible.
It's important to note that the article does not explicitly mention insider information being used to invest in cryptocurrencies like XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) by individuals involved in the alleged scheme.
This article is provided for informational purposes only. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
Michaela, the author of this article, does not hold any crypto positions or assets.
In a surprising twist, a USACoin was reportedly born out of Peter Schiff's sarcasm, further adding to the intrigue surrounding this developing story.
As the investigation unfolds, more details are expected to emerge, shedding light on the alleged cryptocurrency scheme and its potential impact on the market. Stay tuned for updates.
