Midnight explodes—Trump is suing The Wall Street Journal for $10 billion; a nude woman greeting card drags Murdoch into it. Which side should crypto retail investors stand on?

You stare at the candlestick chart, thinking about whether it will rise or fall tonight, while a nuclear bomb has just been dropped in a court on the other side of the ocean. Trump has once again taken action against The Wall Street Journal—this time he rushed to file a revised complaint before the judge set the deadline, claiming no reduction in damages, 10 billion dollars, not a single cent less.

The story begins in July 2025. The controversial report mentioned a birthday card: Trump wrote in printed text inside a sketch of a nude woman’s outline, “Happy Birthday—May every day be a beautiful secret,” addressed to the late financier Jeffrey Epstein. Trump insisted the card was forged, but Judge Darrin Gayles dismissed the original complaint in April, citing that it “far from meets the defamation standard”—public figures must prove that the media knew the information was false or deliberately ignored the truth, a very high legal threshold. The judge also noted that The Wall Street Journal verified with Trump’s team before publishing, showing no signs of “a reckless attitude toward the truth.”

Now the new complaint has arrived, with full force. Trump’s lawyer Alejandro Brito wrote that the defendant “published the report without any regard for whether these defamatory statements were true or false, or deliberately avoided verifying the facts.” The list of defendants has expanded to include the involved journalist, publisher Dow Jones, and even Rupert Murdoch, the chairman of News Corp. The core accusation has changed: why do you say the card was written by Trump? Why not use third person? Who printed the card? Where did the original come from? The report even lacked a picture of the card, only revealing it months later—lawyers say these are clear signs of “actual malice.”

In plain terms, the courtroom battle revolves around one word: “actual malice.” The standard established by the U.S. Supreme Court in the 1964 New York Times v. Sullivan case—public figures must prove that the media knew the information was false or showed reckless disregard for the truth. The last time the judge said the plaintiff’s evidence was insufficient, this new complaint aims to fill that gap. Bloomberg reported that Trump’s legal team called the new complaint a “powerful document,” and vowed to “continue holding accountable those who mislead the American people with fake news.” News Corp has not responded yet.

A 2003 birthday card, an accused sex trafficker Epstein, a former president, and a media empire—these four elements are intertwined. At the market level, there’s no immediate impact. But once such events ferment, they can deepen social divisions and influence the regulatory climate. The crypto market is extremely sensitive to macro uncertainties; at any moment, the smoke of power struggles can spill over into risk assets. Don’t think this is just tabloid news—behind every media war in history, there are hidden currents of capital flow.

The chips in your hands, you can hold them tonight, but your mind must stay clear.


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