Donald Trump once dismissed cryptocurrencies as a “scam”. Today, his family sits at the centre of a crypto empire that has generated an estimated $2.3 billion for the Trump family. The other side of the story is far less glamorous: more than a million investors have collectively lost roughly the same amount, reported news agency Reuters.

The Reuters investigation, which analysed blockchain records, corporate disclosures, regulatory filings and interviews with more than a dozen crypto and accounting experts, found a striking divide between the fortunes of the Trump family and those of ordinary investors who backed their crypto ventures.

From a decentralised finance project and a meme coin to publicly listed crypto businesses, the Trump…