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Highlights
- Ivanka Trump condemns unauthorized '$IVANKA' crypto, cites consumer fraud risk.
- '$IVANKA' coin drops 15% in value, now trading 87% below its all-time high.
- Donald Trump's 'Trump' meme coin hits $75, then falls to $39 amidst controversy.
Ivanka Trump, the eldest daughter of U.S. President Donald Trump, has strongly condemned the unauthorized use of her name for a cryptocurrency. The digital coin, labeled “Ivanka Trump” or “$IVANKA,” is being promoted without her consent, raising concerns over potential consumer fraud.
Ivanka Trump Denounces Fake Crypto IVANKA
On X (previously Twitter), Ivanka Trump has issued a statement saying that she has no relation to the cryptocurrency that is related to her name. She stated that the fake coin was promoted in a deceptive way and in what she considered as exploiting people, noting that this could deceive consumers.
”They are using my name and image without my permission and this is against my rights,” Trump said in a post made on her social media account. She stressed on the fact that she would ensure that the consumers are not misled by the promoters of the coin.
Her legal team is currently working on it and looking into ways on how to prevent the abuse of her name. In her statement, measures will be taken to prevent any further misconduct and or unauthorized contact with the cryptocurrency.
Description of the Crypto Scam
Despite the fact that the coin called $IVANKA is not legal, it has become popular in the crypto community. On the cryptocurrency tracking website, CoinMarketCap for instance, it is listed as a digital token based on Ivanka Trump’s persona and profession.
The description mentions Ivanka Trump as the executive vice president of the Trump Organization, a judge on the television show The Apprentice, as well as a senior advisor in the White House under her father’s administration. However, there are no records suggesting Ivanka Trump has endorsed or is in any way connected to the project.
At the time of writing, the fake coin had depreciated by 15% in 24 hours, with a price of $0.0000008211. The coin is now 87% below its all-time high of $0.000006537, which it had reportedly hit at the time of the inauguration of Donald Trump in January 20th.
Donald Trump’s Memecoin Sparks Debate
While Ivanka Trump has disassociated herself from the “$IVANKA” cryptocurrency, her father, Donald Trump, has faced separate scrutiny over a digital coin bearing his name.
The “Trump” meme coin, launched recently, gained significant attention on social media platforms. It briefly rose to a high value of $75 before dropping to $39. Despite its success in raising funds, critics have labeled it a “stunt” that undermines the credibility of cryptocurrencies and others like CryptoQuant CEO Ki Young Ju praising the meme coins.
Speaking to reporters, Donald Trump stated that he had limited knowledge of the coin beyond its launch and financial success.
“I don’t know much about it other than I launched it,” he said during a press event, adding that the raised funds were relatively small compared to other ventures. Concurrently, Donald Trump has recently reiterated his plan to make the US the crypto capital of the world.
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