A Crypto Newsletter That Follows the Money
August 14, 2025
By Chris Roush
In the fast-evolving world of cryptocurrency, understanding where the money flows is essential to uncovering the true story behind the headlines. Sarah Scire of The Nieman Lab recently highlighted the work of Molly White, an independent journalist and software engineer who has made a name for herself by closely monitoring the financial undercurrents of the crypto industry.
Whiteâs newsletter, Citation Needed, currently boasts around 29,000 subscribers. Remarkably, despite being freely accessible without a paywall, approximately 8% of those subscribersâabout 2,400 peopleâchoose to financially support her work. This level of engagement underscores the value readers place on her in-depth and critical reporting.
Following the Money in Crypto
Scireâs profile emphasizes the importance of âfollowing the moneyâ as a journalistic principle. Investigating and documenting the flow of funds and resources often reveals insights that are crucial for understanding complex industries and political landscapes. Molly White has embraced this approach with a focus on cryptocurrency spending. For over a year, through her project Follow the Crypto, she has tracked crypto industry expenditures, which during the 2024 election cycle rivaled the massive spending seen from energy companies and big pharmaceutical firms.
Her work goes beyond mere tracing of funds. Whiteâs writing spans a variety of topics within the crypto ecosystem and the broader technology sector. Her newsletter Citation Needed and her extensive timeline project Web3 is Going Just Great provide readers with a comprehensive view of major developments.
Coverage Highlights
Among the many stories White has covered are:
- The intricate web of cryptocurrency projects associated with Donald Trump, a series she dubbed âAll the Presidentâs tokens.â
- The gradual dismantling of federal cryptocurrency regulatory bodies, an event with far-reaching implications for the industry and consumers alike.
- The political rightâs efforts to challenge and reshape platforms like Wikipedia, reflecting broader cultural and information battles tied to technology.
For readers overwhelmed by the torrent of crypto news, White offers regular recap issues that help distill complex information into digestible updates. She also reflects on meta topics such as the challenges of independently building a digital newspaper with RSS feeds, the experience of managing legal concerns solo, and the vital role that truth plays in journalism.
Each article in Citation Needed is accompanied by an audio version narrated personally by White, steering clear of AI-generated voices. The content is meticulously footnoted and referenced, underscoring her commitment to transparency and accuracy.
Staying Informed
Molly Whiteâs work exemplifies the value of careful, critical examination of an industry often clouded by hype and misinformation. For those seeking to keep abreast of the crypto world with clarity and rigor, her newsletter offers an indispensable resource.
For more details on Molly Whiteâs reporting and her newsletter, visit The Nieman Lab profile here.
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