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Ivanka Trumpdaughter of President Donald Trumpwarns investors against buying a fake cryptocurrency with its name on it.
“I have become aware that a fake cryptocurrency called ‘Ivanka Trump’ or ‘$IVANKA’ is being promoted without my consent or approval,” she wrote in post on social networking site X on Thursday. “To be clear: I have nothing to do with this coin. This fake coin risks deceiving consumers and robbing them of their hard-earned money.”
Ivanka Trump and her husband, Jared Kushner, played prominent leadership roles in Trump’s first White House, but have not been central to the new administration.
Her warnings came after meme tokens called $TRUMP and $MELANIA were launched over the weekend for the president and first lady, respectively.
A $TRUMP coin that is almost immediately elevated the president’s net worth, measured in billions of paper dollars, now trades at around $37, down 50% from its peak shortly after the launch. Similarly, the $MELANIA token is down 80% from its weekend high, now trading at $2.84.
The site for $TRUMP says 80% of the coins are owned by the Trump Organization and its affiliates. Meme coins are becoming increasingly popular among crypto traders, but are particularly volatile as they have no underlying asset of any value.
