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Journalism of Courage
Days after US President Donald Trump stirred controversy by launching his own memecoin, his daughter, Ivanka Trump, has warned investors about a fraudulent cryptocurrency using her name.
“It has come to my attention that a fake crypto coin called ‘Ivanka Trump’ or ‘$IVANKA’ is being promoted without my consent or approval,” the first daughter wrote in a post on X.
“To be clear: I have no involvement with this coin. This fake coin risks deceiving consumers and defrauding them of their hard-earned money,” she added.
Ahead of his inauguration, President Trump launched his own crypto memecoin called $Trump, alongside $Melania, another memecoin promoted by First Lady Melania Trump.
The potential for these memecoins to inflate Trump’s personal fortune has raised legal and ethical concerns among US lawmakers and former government officials.
The $TRUMP coin is trading at about $37, a 50 per cent decline from its peak shortly after its launch. Similarly, the $MELANIA token has dropped by 80 per cent from its weekend high and is trading at $2.84, according to a report by CNBC.
While memecoins can be used to build a large following and attract significant investment, they are discouraged even by some crypto traders as memecoins are extraordinarily volatile and do not reflect any underlying assets or actual value.
