Trump recently had what can only be described as one of his classic outbursts, proclaiming he’d slap a whopping 100% tariff on Chinese goods.
Wall Street instantly went into meltdown, and the cryptocurrency universe suffered what can only be called a “crypto disaster.” Bitcoin nosedived by 13% in just 24 hours, breaking through the $110,000 floor and wiping out a jaw-dropping $19 billion in positions. The carnage left countless investors licking their wounds—heard from every corner.
But as Trump dialed back the rhetoric, Bitcoin bounced right back. Volatility is nothing new in these markets, but this time, something was off. Mere moments before Trump’s shock tariff announcement, two accounts began dumping massive short positions on Bitcoin—and even doubled down at the last second. After the crash, those mysterious traders walked away with $160 million (about HK$1.25 billion).
The timing was scary-perfect, raising the obvious suspicion: Did they know what was coming? Naturally, eyes turned toward Trump’s family and inner circle—the usual suspects in any “insider trading” drama.
Trump drops a bombshell on China, Bitcoin crashes—somebody made a killing. Insider trading suspicions swirl.
Family Business or Financial Roulette
So what’s the truth here? That’s up to future evidence, but let’s face it: The Trump family has a rich history of benefitting from the “King’s” moves on the market. Whether this round’s mysterious short-seller is connected—well, everyone’s got theories.
The precision of this massive crypto short—timed right as Trump launched his tariff attack on China—reeks of “insider trading.”
A half-hour before Trump’s 100% tariff announcement, a shadowy account started stacking huge shorts on the decentralized exchange Hyperliquid. The final bet? Placed exactly one minute before Trump’s public bombshell. That kind of play only makes sense if you’ve got live updates from the source—insiders who knew a crash was about to hit.
We all know what happened next—Bitcoin plummeted, smashing past $110,000 to a low of $105,900, a full 20% nosedive from its earlier $126,000 high. Ethereum got wrecked too, sinking to $3,380—down more than 20%. The whole market was an avalanche, catching 1.6 million investors totally off guard. Meanwhile, someone out there was celebrating. That shadowy account made off with a cool $160 million, over HK$1.25 billion, in just 24 hours. The biggest winner in this bloodbath.
Who could have predicted the carnage? To many, it looked almost like a psychic move—the mysterious trader knew exactly when Bitcoin would collapse. No wonder speculation kicked off: The people most likely to know about Trump’s sudden plans are none other than his family and top insiders. Their tentacles reach deep into crypto, so imagining these accounts are tied to them doesn’t sound crazy at all.
Trump’s family holds sway in crypto—was the market crash and rebound just another day in their playbook?
Old Habits Die Hard
Let’s not pretend this is groundless. Trump and family have a record for scooping up “policy news” windfalls.
Back in April, before Trump announced a pause on reciprocal tariffs, US stock volumes mysteriously surged—clearly, someone was buying big. After the news, the market soared, and the early birds made billions.
There were plenty of whispers then that Trump’s family, friends, and confidants may have known the plan before it went public. Proof is always tough, but Trump himself slipped up—at a White House sit-down with his financial buddy Charles Schwab, he openly said his “old friend” had pocketed $2.5 billion that day. Sure smells like privileged tips were flying and someone loaded up ahead of time.
In recent years, the Trump family has gone extra-hard on crypto investments. Last year, they set up “World Liberty Financial” (WLF), raising funds specifically to play the market. The patriarch himself has made a habit of pushing out policies to pump up cryptocurrencies, keeping everything tightly aligned with the family business. Surprise, surprise—their companies’ profits keep surging, and their pockets get fatter every single time.
This time was textbook. Trump threw out his hard tariff talk, smashed Bitcoin, then pivoted and talked nice, letting the price rebound above $110,000 while Ethereum got a 2% lift. Crash, rebound, and those “in the know” raked it in—again, and again. Record profits from every swing.
Are Trump’s family and friends behind it? Maybe we’ll never get all the answers, but for anyone watching closely, America’s “money politics” is looking uglier than ever.
What Say You?
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
The most consequential national security trial yet to come is also the one with the most unanswered questions — and at the centre of it is a man who almost made it out.
Monday (Feb 23) was "Renri" (人日) — the seventh day of the Lunar New Year, meant to be a day of celebration for all people. But for the 12 defendants in the "35+ Subversion Case," there was nothing to celebrate. The Court of Appeal dismissed all their appeals against both conviction and sentencing in full. Unless they push it all the way to the Court of Final Appeal, this case is done. That brings two of the three major national security cases to a close — the other being the Jimmy Lai trial. What remains is the Joshua Wong case, expected to go to trial around mid-year. Like Lai's, it reaches into the highest levels of American politics, and it will almost certainly expose a trove of behind-the-scenes dealings that will shake Hong Kong to its core. The trial is close enough that the details don't need spelling out here. But one mystery absolutely does: Wong was once Washington's darling — so why did he never make it out, while his co-conspirator Nathan Law did? An investigative report by American journalists cracked open the story.
Wong's trial is the last big national security case standing — and the most explosive one yet. How did he never make it out?
Wong's role in the Occupy Central movement and the 2019 unrest needs no introduction. In June last year, while already serving a prison term at Stanley Prison on sedition charges, he was arrested again and charged under the Hong Kong National Security Law with conspiracy to collude with foreign forces to endanger national security. His second pre-trial review at the Magistrates' Court came on 21 November last year, with the next hearing set for 6 March; the full trial at the High Court is expected to begin around mid-year. This case carries weight every bit as significant as the Jimmy Lai trial — the spotlight it commands will be enormous.
The Charges Are Grave
The prosecution alleges that between July and November 2020, Wong — together with Nathan Law and others yet to be identified — conspired in Hong Kong to solicit foreign governments and institutions to impose sanctions against the Hong Kong SAR and the People's Republic of China, and to seriously obstruct the government in enacting and enforcing its laws and policies. The charges carry a potential sentence of life imprisonment. What exactly Wong and Law did, and which foreign officials were involved, the prosecution will lay out in full when the trial begins.
The public has long asked some uncomfortable questions. Did Joshua Wong ever consider fleeing before or after the National Security Law came into force at the end of June 2020? If so, why did it never happen? Did the US government try to help him get out? An investigative report by two American journalists answered part of the puzzle — and sources familiar with the matter, when contacted by Hong Kong media, broadly confirmed what it said.
Wong Begged Washington for Help
The night before the National Security Law took effect, Wong reached out through a senator's adviser to appeal directly to President Trump for help. At the same time, he sent an email to then-Secretary of State Mike Pompeo, explicitly asking to be helped to "travel to the United States to seek political asylum, by whatever means necessary". That email tells you everything. Wong knew exactly how dangerous his situation had become — and he was betting his future on American goodwill.
Around the same time, Wong arranged to meet two officials from the US Consulate General in Hong Kong at St. John's Building, directly across the street from the consulate. He made clear he wanted to walk in and seek refuge. He was turned away on the spot. When Pompeo saw the email, he consulted with his staff and arrived at the same conclusion: letting Wong through the consulate doors was simply not an option — Washington feared Beijing would retaliate by forcing the US consulate in Hong Kong to close entirely.
State Department officials went further, exploring a covert plan to smuggle Wong out of Hong Kong by sea — routing him through Taiwan or the Philippines before eventually reaching the United States. That option was killed too, on the grounds that any such attempt would very likely be intercepted by Chinese authorities, triggering a diplomatic crisis. When the accounting was done, American interests won out — and Joshua Wong was coldly abandoned.
By that point, Nathan Law had already made it out. Seizing Pompeo's visit to London, Law met the Secretary of State privately and raised the question of rescuing Wong one more time — and was once again turned away without sympathy. In September 2020, Wong was arrested on sedition charges and imprisoned two months later. Any remaining window for escape had sealed shut.
Law Moved Fast — and Made It
Nathan Law is named as a co-conspirator in the charges against Wong — meaning that if arrested, they face the same jeopardy. But Law proved far more calculating than Wong. Shortly before the National Security Law took effect, he quietly slipped away, eventually confirming his presence in the United Kingdom on 13 July 2020. He even staged a moment of wistful sentiment, declaring: "With this parting, I do not yet know when I shall return... May glory come soon!" — words that, in the circumstances, could not have sounded more hollow.
Same charges, same case — but Law ran, and Wong didn't. One man made it out clean. The other is still paying the price.
Joshua Wong — sharp-witted all his life — took one step too many in trusting the Americans, and that delay cost him everything. The US government, in the name of "national interest," discarded him without hesitation. As his trial approaches, the reality is this: placing any further faith in American support would be the last illusion he can afford.
Lai Ting-yiu
