'It makes it all look corrupt': Trump-supporting exec turns on him over 'cash grab'

Donald Trump's continuing attempts to ingratiate himself with supporters of cryptocurrencies has hit a large speed-bump after he and some of his family members dipped their toes into the industry with their own digital coins which, in turn, infuriated some supporters who never saw it coming.

According to a report from the New York Times, crypto executives have long battled the perception that their industry is not on the up and up, and welcomed the newly elected president's plan to embrace the financial instrument.

However, as the Times is reporting, Trump and his wife Melania's entry in the market caught some of the president's crypto millionaire and billionaire supporters "off guard."

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The Times is reporting, "Crypto executives criticized the move as a cash grab, saying that Mr. Trump had undercut the industry’s credibility at the very moment when proponents were seeking a more prominent place for digital currencies in mainstream finance and business," after it "created a brief and highly publicized bubble that partly deflated within a few days even as Mr. Trump’s family and its business partners collected millions of dollars from fees on purchases and sales of the coin."

According to vocal Trump-backer Nic Carter, who heads the crypto investment firm Castle Island Ventures, the president, at a time when he is attempting to boost crypto in the halls of government, is instead making it look like a scam.

“It makes it all look corrupt and self-interested,” he told the Times, with the report adding that after the launches, "the industry’s enthusiasm for Mr. Trump turned to fury."

According to the Times, "Justin Bons, a crypto executive, said the back-to-back memecoin announcements were 'nothing more than blatant money grabs.'"

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