Demonstrators hold up mock cryptocurrency coins with President Donald Trump’s image during the “America Is Not for Sale” rally at Trump National Golf Club in Washington, DC on May 22, 2025. (Photo by Jemal Countess/Getty Images for Public Citizen)
“Donald Trump promised to lower costs for American families,” said the co-chair of the Not Above the Law Coalition. “Instead, he turned the presidency into his family’s most profitable business.”
A report released Thursday details how the family of President Donald Trump “pocketed more than $2.9 billion”—including “in cash and gifts from crypto ventures, legal settlements, a luxury jet from a foreign government, and corporate deals”—while Republican cuts to the Supplemental Nutrition Assistance Program left millions of Americans without critical food aid.
The report, “Let Them Eat Cake: Cost of Corruption,” was published by the Not Above the Law Coalition—a group of more than 150 advocacy organizations mobilized against the Trump administration’s corruption—and cites data from the Center for American Progress revealing over $2.9 billion in cash and gifts received by the Trump family since the 2024 election.
The bulk of that amount—more than $2.4 billion—comes from the cryptocurrency industry. Trump has boasted about how his administration won’t investigate alleged crypto-related crimes.
Not only has Trump embraced crypto deregulation, he also pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance, who pleaded guilty to money-laundering charges in 2023. Binance has provided critical support for World Liberty Financial, the crypto venture enriching the Trump family.
“The Trump family cashed in on the presidency while American families paid the price,” Not Above the Law said in a statement. “Over the same period, Trump signed a budget law that cut almost $187 billion from SNAP, leaving 5.2 million fewer people with help buying groceries.”
That law, the so-called One Big Beautiful Bill Act, ushered in the biggest cuts to both SNAP and Medicaid in those programs’ histories.
According to the report, “The Trump family’s take alone could cover a full year of groceries for about 1.3 million people on SNAP.”
“At the same time, Trump’s pardons let wealthy allies and fraudsters walk away from nearly $1.7 billion owed to victims and taxpayers,” the publication adds.
The report highlights that “Trump also accepted a roughly $400 million luxury jet from Qatar.”
Not Above the Law said that, in addition to groceries for 1.3 million people for a year, the $2.9 billion could buy “more than 600 million free school lunches, or three months of groceries for the 5.2 million people who lost SNAP benefits.”
In addition to the nearly $3 billion the report says Trump’s family pocketed, the coalition noted “companies backed by Trump’s sons have collected $3.2 billion in federal funds, including a fast-tracked $620 million Pentagon loan” to a business in which Donald Trump Jr. invested.
“Donald Trump promised to lower costs for American families. Instead, he turned the presidency into his family’s most profitable business,” said Lisa Gilbert, Not Above the Law co-chair and co-president of the consumer advocacy group Public Citizen. “While the Trumps collected nearly $3 billion from crypto schemes, foreign governments, and corporations seeking favors, millions of Americans lost help putting food on the table. Congress must stop the self-dealing and hold this administration accountable.”
The new analysis follows a report published earlier this year by a group of Democratic US senators accusing the president and his family of turning “the power of the presidency into eye-popping profits,” with Trump increasing his personal net worth by more than $2 billion during his second term alone, according to official disclosures.
Also on Thursday, The Washington Postreported on companies and billionaire CEOs who donated a combined $333 million to Trump’s White House ballroom project, as well as previously undisclosed donors who have benefited from a presidential pardon, government contracts, and at least one closed federal investigation.
“This is what corruption is all about,” Sen. Bernie Sanders (I-Vt.) said in response to the Post report. “We don’t want a government of, by, and for the billionaire class. FIGHT BACK.”
The story amplified recent scandals about the party’s donors, with scrutiny mounting over the funding of Farage and his outfit.
In light of these recent developments, DeSmog has taken a closer look at the financial interests of Reform’s donors, to understand which sectors have been backing the party and why they’re interested in bringing about a Farage government.
Delo and Harborne made their money from the cryptocurrency sector, but DeSmog’s analysis shows that they – and Reform’s other major donors – have business ties spanning far beyond this one industry.
Farage’s party has taken substantial amounts of money from members of the Sunday Times Rich List, fossil fuel interests, the landed gentry, property developers, offshore investors, and has been forced to return large sums to those who aren’t allowed to donate to UK parties.
Meanwhile, campaigners and MPs continue to push Andy Burnham’s Labour government to stop a few super wealthy individuals from bankrolling our political system.
The Major Players
Excluding Reform’s new £72 million windfall, more than 72 percent of all recorded donations to the party since the 2024 election have come from just three people, including Delo and Harborne.
Harborne, who has lived in Thailand for 30 years and is worth £18 billion, is comfortably Reform’s biggest backer, having given £15 million to the party since the last general election (£47 million including his recent donation) and £25 million (£57 million) since the party’s launch in 2019.
Harborne is also responsible for a controversial £5 million undeclared personal gift to Farage prior to the 2024 general election, which is the subject of an investigation by the parliamentary standards commissioner.
Delo, co-founder and former executive of the crypto trading platform BitMEX, is behind a further £8 million, while venture capitalist David Grainger has given £1.4 million.
Major donations have also been received from Reform treasurer Nick Candy, and telecoms and fintech magnate Bassim Haidar, who have collectively donated a further £1.7 million since the last general election.
Billionaire venture capitalist Sasan Ghandehari has also pledged to donate millions to the party. Though these sums have yet to materialise, he has already given over £50,000 to Farage personally.
The Crypto Barons
If the new Delo and Harborne donations are deemed to be legal, Reform will have received 90 percent of its funding since the last general election from those with ties to the crypto industry.
Harborne is a shareholder in Tether, the world’s largest ‘stablecoin’ provider, which is based in El Salvador. Tether is currently seeking an injection of private capital that would increase its value up to $500 billion – making Harborne one of the richest men in the world.
The company has ties to Donald Trump’s U.S. administration and has reportedly benefitted from the crypto-friendly policies of his regime.
Delo, meanwhile, is one of the co-founders of the crypto trading platform BitMEX. He was one of those who pled guilty to Bank Secrecy Act violations for failing to establish and maintain an anti-money laundering scheme at the company. Delo was fined $10 million and served 30 months’ probation in Hong Kong, before later being pardoned by Trump. BitMEX was ultimately fined £100 million.
But they aren’t the only Reform donors with an interest in the crypto industry. Farage’s backers also include Maria Rost, behind some £130,000 across nine donations to the party, who is understood to be the wife of U.S. crypto investor John Rost, as well as Oscar Townsley, founder of Bitcoin derivatives trading platform A1X, and London-based investor Simon William Smith.
Farage has repeatedly lobbied for the industry, promising to bring about a “crypto revolution” if he becomes prime minister. He announced flagship proposals for unleashing the sector at the Bitcoin conference in May 2025 in Las Vegas, including tax breaks and government support, although the document has now vanished from the party’s website.
Farage also lobbied the Bank of England to drop plans for a state-backed stablecoin, a move that would suit Harborne – his most generous patron – by blocking a rival to Tether.
Reform was until recently the only major political party in the UK to accept donations via cryptocurrencies, having been accused of using a third party to turn crypto into cash and obscuring the original funding source.
Burnham’s predecessor Keir Starmer introduced a temporary moratorium on crypto donations earlier this year, which campaigners say should become a permanent ban.
Since the last general election, 57 percent of its income has been donated by individuals and companies featured in the Offshore Leaks database, which details information about more than 810,000 offshore companies, foundations, and trusts.
A large number of the party’s donors are also international investors – people or companies with significant financial interests abroad. In the second quarter of 2026, prior to the £72 million windfall, Reform received £5 million from 17 different international investors – including a Monaco-based former Lehman Brothers executive, an investment firm in business with the UAE, and a New York-based asset management firm linked to the owners of Chelsea Football Club.
The party has been embroiled in controversy after an undercover investigation by Verbatim Investigations, broadcast by Channel 4 in September, appeared to show the party conspiring to accept donations from foreign sources.
Two of Reform’s most senior figures have now resigned following the documentary, though both deny wrongdoing – as does the party. The Metropolitan Police has launched an investigation into whether any laws were broken.
Farage has previously said that he wants to win back high net worth individuals to the UK through a £250,000 “Britannia Card” that would allow wealthy foreigners to buy a 10-year residency permit and enter a special tax regime. Labour has called the policy a “billionaires bonanza” and tax experts have estimated it would cost the UK £35 billion over five years in lost revenue.
Fossil Fuel Interests
As reported by DeSmog in April, Reform has received two-thirds of its funding to date, not including the £72 million, from fossil fuel interests. A further £2.4 million has been donated by individuals who have publicly disputed basic scientific facts about climate change.
Harborne owns AML Global, which supplies aviation and maritime fuel to a distribution network that includes “main and regional oil companies”, according to its website.
The price of jet fuel has spiralled since the start of the U.S.-Israeli war with Iran, which would benefit Harborne’s business interests.
Although Harborne doesn’t deny climate science, and recently called the issue an “existential threat”, Reform’s senior figures frequently dispute the contribution of carbon dioxide to global warming and support the mass expansion of fossil fuel production in the UK.
Fellow Reform donor Jeremy Hosking had $440.8 million (around £326.5 million) invested in oil and gas companies via his hedge fund Hosking Partners as of March – an increase of more than 50 percent from the previous three months.
Meanwhile, Reform-controlled councils have been axing net zero commitments and stating their intention to withdraw from climate emergency declarations. Farage has claimed it’s “bonkers” for carbon dioxide to be considered a pollutant.
Property Developers and Financiers
More than half (55 percent) of Reform’s corporate donors are connected to the construction, property, and development industries, which would stand to benefit substantially from the party’s policies. Of the 40 companies recorded as having donated to the party before June this year, 22 were involved in this sector.
Reform’s 2024 manifesto promised to “unleash” housebuilding across the country and “restore landlords’ rights” by reducing their taxes. Reform’s housing spokesperson and deputy leader Richard Tice is a property industry millionaire, having run the Sunley Group, a company founded by his grandfather.
Reform treasurer Nick Candy is also a property magnate, having made his money selling luxury homes to the super rich. Candy recently sold his Chelsea mansion for £265 million – the most expensive residential property in UK history.
The party has also received extensive funding from financiers. Reform’s donors include hedge fund manager Johan Christofferson, who has given £200,000 to the party, the “vulture fund” Greybull Capital, and the disgraced City of London titan Crispin Odey.
Although Farage has threatened to impose higher taxes on banks, he has also promised to deregulate the sector – including by removing regulation introduced after the 2008 financial crash.
The annual Sunday Times Rich List acts as “the definitive guide to the wealth of the UK’s richest people”, cataloguing the country’s 350 most affluent individuals and families. The entries in the 2026 edition share a combined wealth of £784 billion. Nearly a third of them no longer live on the British mainland.
Four of Reform’s donors appear in this year’s list, two of whom appear in the top 10.
Harborne ranks at number six, while the Reuben family – another Reform donor – sits at number two. The Reubens have donated to Reform through a private investment firm – Investors in Private Capital Limited – which is ultimately controlled by Omaha Business Holdings Corp, owned by the family and based in the British Virgin Islands, a tax haven.
Reform’s donor list also includes a number of old money backers. Among them is Fiona Cottrell – the daughter of Rupert Watson, 3rd Baron Manton. Under her maiden name, Fiona Watson, she was a former glamour model and one-time girlfriend of King Charles III when he was the Prince of Wales.
Cottrell has given £500,000 to Reform via Britain Means Business, a company owned by the party’s deputy leader, Richard Tice, and £750,000 directly to the party. The Metropolitan Police is currently investigating the majority of these donations. Cottrell has repeatedly declined to comment when approached by media outlets.
Fiona’s son George Cottrell – nicknamed “Posh George” – is part of Farage’s inner cadre, having been UKIP’s head of fundraising and later Farage’s chief of staff. George, who was previously convicted of wire fraud after being arrested by undercover U.S. agents while attending the 2016 National Republican Convention with Farage, has also provided direct financial support to the Reform premier.
Cottrell helped to fund Farage’s anti-immigration campaign videos in 2023 and 2024, supplied him with security, and allowed the Reform leader to use an office in his five-storey London townhouse, which overlooks Buckingham Palace. Farage didn’t declare these gifts, and falsely claimed that he hasn’t received any support from George since being elected to Parliament.
Another feature of Reform’s fundraising record is the vast number of impermissible donors who have attempted to give money to the party over its relatively short existence.
Reform has been forced to return donations worth more than £295,000, on 83 occasions, since its founding in 2019. Farage’s party had to reject more unlawful donations in 2025 than any other party, including donations from Monaco, Jersey, and Germany. The party ultimately had to give back £200,000, and their benefactors made up 18 of the 23 donors turned away by UK politicians or parties during the year.
Labour’s Response
Labour is in the process of introducing a new law that would set a £100,000 annual limit on the amount that foreign donors can give to political parties.
It’s unclear if Delo and Harborne’s latest donations will fall foul of the new rules, which are currently being debated by Parliament – given they have, at least until recently, been living in Hong Kong and Thailand respectively.
However, in the meantime, campaigners and MPs are urging Burnham’s administration to strengthen the legislation by introducing a £100,000-a-year cap on all donations – including from those based in the UK.
The government has been facing pressure from the trade union movement not to introduce a blanket cap, which would limit its extensive financial contributions to the Labour Party.
After donating his latest £36 million, Delo said that he wants to create “a level playing field” between Reform and other major political parties. However, the data shows that his and Harborne’s donations would tip the scales heavily in Reform’s favour.
Last year’s accounts for political parties, published by the Electoral Commission, revealed that Labour received £44.6 million, the Conservatives £30.9 million, and Reform £31.9 million. If Reform is able to receive the full £72 million, its 2026 income would likely be far ahead of the other parties.
Delo also cited Labour’s income from trade unions as a reason for his philanthropy. However, since 2020, Labour has received almost £43 million from the unions – whereas, in roughly the same period, Delo and Harborne will have given over £100 million to Reform.
What’s more, trade unions raise money from individual workers’ membership fees. The Trade Union Congress, a federation of trade unions across the UK, represents roughly 6.6 million people.
Speaking at the annual TUC conference in Brighton in September, its leader Paul Nowak said: “The evidence is clear: Reform UK is a party for sale. Nigel Farage is a politician for sale. And given half the chance, they’d sell our country down the river.
“Make no mistake, this is a crisis for our democracy. We cannot allow our political system to be captured by corporate interests.”
He said there was no similarity “between care workers chipping in a few quid a year through their union and a party bought and paid for by billionaires” – adding: “We need a proper conversation about how we clean up our politics that doesn’t push workers to the margins – but does stop the super-rich corrupting our politics.”
Nigel Farage urges you to ignore facts and reality and be a climate science denier like him and his Deputy Richard Tice. He says that Reform UK has received £Millions and £Millions from the fossil fuel industry to promote climate denial and destroy the planet.Reform UK 2025 Ltd’s Nigel Farage says it’s probably best to forget to mention that their sposor made his mega-fortune facilitating serioius crime by providing global money-laundering services.Nigel Farage is scathing at the £250,000 cost to the taxpayer of his unnecessary and ridiculous Clacton-on-Sea election campaign that he caused to avoid scrutiny and acccountability for the £5MILLION ‘gift’ that he didn’t declare.
Within a year of receiving £5mn from a crypto billionaire, Nigel Farage’s Reform UK published a draft crypto bill
[which has since been withdrawn (unpublished) form Reform’s website]
The previously undisclosed £5mn ‘gift’ that Nigel Farage received from the British-born, Thailand-based cryptocurrency billionaire Christopher Harborne in mid-2024, shortly before reversing his decision not to stand as an MP in the coming general election, has certainly raised a few questions. Farage claims he was under no obligation to declare it since he wasn’t an MP at the time and, anyway, it was simply a no-strings-attached gift.
I’m sure we are all very pleased for him. Parliamentary authorities, however, are sceptical and have launched an investigation. Farage may eventually face a recall petition and a by-election if the standards commissioner hands out a lengthy suspension.
Not being a details man, he probably didn’t realise the rules require new members, within one month of their election, to declare “any registrable benefits (other than earnings) received in the 12 months before their election”. Personal gifts can be ignored, but only if they are from family members and even then, “the possible motive of the giver and the use to which the gift is to be put should be considered. If there is any doubt, the benefit should be registered”.
Registrable means anything that “might reasonably be thought by others to influence his or her actions, speeches or votes in Parliament, or actions taken in his or her capacity as a Member of Parliament”.
The money is reported to have been accompanied by a legal document declaring it to be “unconditional and irrevocable”. The Reform UK leader also suggested it was for his personal security, saying: “This money is the only way I can look after myself, and protect myself for the rest of my life”. That explanation barely survived the week with Farage later telling The Sun instead that it was “a reward for campaigning for Brexit for 27 years”.
Was the £5mn really just a gift?
Some, including Farage’s former colleague Ben Habib, suggest the purpose of the £5mn was to persuade Farage to stand as MP for Clacton. Farage formally announced on 23 May 2024 that he would not be a candidate in the general election that PM Rishi Sunak had announced the previous day. By 3 June, Farage had changed his mind. He would stand after all, and he was elected on 5 July with a 45% swing, the largest for any seat at a UK general election.
Nigel Farage reminds you that he’s the man that brought you Brexit and asks what could possibly go wrong.Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.
A Donald Trump coin is pictured alongside Bitcoin and various other cryptocurrencies in this photo illustration in Brussels, Belgium, on August 5, 2025. (Photo by Jonathan Raa/NurPhoto via Getty Images)
Buying Trump’s meme coin is like investing in “a pet rock, except you don’t even get a rock” out of the deal, said economist Steve Rattner.
Since returning to office a little more than a year ago, President Donald Trump has nearly tripled his net worth, driven in large part by investments in his family’s cryptocurrency ventures.
Appearing on MS NOW on Friday morning, economist Steve Rattner broke down how Trump’s net worth has exploded from $2.34 billion in 2024 to an estimated $6.5 billion in 2026.
“So where did the money come from? He had $4 billion, he and his family, of profits,” Rattner said. “$3 billion of it came from crypto, and I will tell you, there are so many transactions here, so many structures, that made my head hurt trying to understand it.
In addition to the crypto ventures, Rattner pointed to Trump son-in-law Jared Kushner raising money from investors in the Middle East through his investment firm Affinity Partners; increased revenue that came from raising admission fees to his Mar-a-Lago resort; and money he’d obtained from lawsuits against assorted media companies.
Rattner then explained the finances of the Trump meme coin, which he described as investing in “a pet rock, except you don’t even get a rock” out of the deal.
“He sold them initially at $7, it went up to $45, not surprisingly it crashed,” Rattner said.
However, Rattner said that early investors in the cryptocurrency, whom he described as “whale wallets,” managed to profit handsomely from the venture by buying up large numbers of Trump coins and then selling them to retail investors, who were left holding the bag when the coin’s value fell precipitously shortly after its launch.
“Let me just emphasize, it’s not like [the retail investors] got anything,” he added. “All they got, in effect, was like a little note, a little email or something, saying, ‘Congratulations, you own 10 Trump meme coins.’ But there’s nothing they can do with it. They were buying nothing, they were buying air.”
The economist did note that Trump made $600 million in trading fees that investors paid to carry out transactions of the coin.
After his appearance on MS NOW, Rattner posted a photo on social media of a graph he made to document the rise in Trump’s wealth over the last two years.
Trump’s net worth has nearly tripled in his second term, reaching $6.5 billion.
His administration is the most brazenly self-enriching in American history.
Climate science denier Donald Trump confirms that he knows nothing about democracy and that more liquid gold is being secured according to his policy of global privateering.
Argentina’s President Javier Milei (C) attends Donald Trump’s inauguration as the next President of the United States in the rotunda of the United States Capitol on January 20, 2025 in Washington, D.C. (Photo: Shawn Thew – Pool/Getty Images)
“Look where you brought us with your madness! You turned Argentina into a casino where the croupier is the president himself,” one opposition politician said.
Argentina’s far-right libertarian President Javier Milei faces legal challenges and calls for impeachment after a cryptocurrency he touted on social media over the weekend rapidly rose and then tanked in value.
Milei first promoted the $LIBRA coin from his personal account on X Friday night, which then skyrocketed in value to $5 apiece, according to Reuters. Within hours, however, the coin’s value plummeted to under $1. Milei deleted his initial tweet five hours after he first posted it, The New York Times reported, writing in a new post that he was “not familiar with the details of the project.”
“We just witnessed one of the fastest and largest destructions of wealth in retail trading history,” noted The Kobeissi Letter, which tracks capital markets, in a social media post. “Argentina’s memecoin, $LIBRA, erased -$4.5 billion of retail capital in seven hours. Truly destructive.”
In the first 40 minutes after Milei first tweeted boosting the coin, its value rose by more than 2,000%, CoinDesk reported. However, it then began to fall as early investors sold their shares, eventually plummeting 95% from a maximum value of $4.4 billion.
Crypto experts warned the $LIBRA coin, which was developed by KIP Protocol and Hayden Davis, could be a “rug pull,” a scam in which a crypto developer launches and inflates a coin only to pull out and leave investors hanging.
“Milei’s participation in the crime of crypto fraud is extremely serious,” the Lower House bloc of the Peronist Unión por la Patria, a center-left opposition group, wrote on social media Saturday. “It’s a scandal without precedent. Our bloc of national deputies has decided to move forward with presenting an impeachment request against the president of the nation.”
Opposition lawmaker Leandro Santoro further called Milei’s actions a “scandal, which embarrasses us on an international scale” and “requires us to launch an impeachment request against the president.”
On Sunday, Socialist Party lawmaker Esteban Paulón also called for impeachment proceedings.
“If as a president of a country you propose something for private benefit there is an obvious conflict of interest.”
On Monday, Argentina’s benchmark S&P Merval had fallen by 4%, according to Reuters. The incident sparked more than 100 legal complaints, which were assigned to Federal Judge Maria Servini on Monday.
One case was brought by a coalition of lawyers involved in the Right to the City Observatory think tank as well as economist and former Argentine Central Bank President Claudio Lozano. The group accused Milei of fraud, dereliction of duty, and criminal association, according to theBuenos Aires Herald.
An official statement from the president’s office on Saturday said that Milei had met twice with the developers of $LIBRA and had decided to promote the coin “as he does daily with many entrepreneurs who want to launch a project in Argentina to create jobs and obtain investments.”
“Not having been part of any instance of the development of the cryptocurrency, after the repercussions that the launch of the project had and to avoid any speculation and not give it further dissemination, he decided to delete the post,” the statement continued, adding that the president had asked the Anti-Corruption Office to investigate whether he or anyone else in the government engaged in “improper conduct.”
However, the lawyers challenged Milei’s account, according to the Buenos Aires Herald:
In their report, the lawyers dispute Milei’s subsequent claims that he was not aware of the project’s details. They highlight that the president made his post just three minutes after $LIBRA was launched, timing that indicates he knew it was coming before it was announced. They also argue that, as an economist, it is unlikely that he did not understand the details of the project he was sharing.
In a post addressed to Milei directly, former President Cristina Fernández de Kirchner heavily criticized the current president for painting himself as an expert yet claiming innocence of the scheme.
“Weren’t you the ‘best president in history’? Weren’t you the ‘genius of the economy’? From self-proclaimed ‘global leader’ to CRYPTO SCAMMER,” de Kirchner wrote.
“Look where you brought us with your madness! You turned Argentina into a casino where the croupier is the president himself,” she continued. “THAT IS YOUR MARKET FREEDOM… that of the casino. Your mask has fallen off.”
While experts say impeachment efforts are unlikely to succeed, the incident could harm Milei in the upcoming midterm elections.
“It is extremely serious if confirmed, especially in terms of a president’s powers to promote something private,” left-wing Mexican President Claudia Sheinbaum told Reuters. “If as a president of a country you propose something for private benefit there is an obvious conflict of interest.”
The scandal drew comparisons to U.S. President Donald Trump, who also launched a meme coin shortly before taking office, the value of which also first rose and then fell dramatically. Milei has expressed support for Trump in the past, while Elon Musk has taken inspiration from Milei’s chainsaw-wielding approach to government for his ideologically-driven anti-government effort Department of Government Efficiency.
Power-mad orange gasbag Donald Trump says Burn, Baby, Burn.Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.
