Member-only story
Trump and Melania Issue Scam Crypto Coins
Russia and China now have an untraceable way of paying off the POTUS.
He was not even president yet, and he had already found a way to profit so “bigly” that he is — on paper — one of the richest “men” in the world. Donald Trump issued a $Trump cryptocurrency coin, and within hours, the coin’s value had reached $5.5 billion. In case you don’t know what such a coin is, it is nothing in theory and practice. It cannot be held and cannot be used to buy anything. Its value comes from other dopes offering real money — fiat, like dollars, euros, etc. — to buy its digital presence.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.
Some 200m of the digital tokens have been issued and another 800m will be released in the next three years, the coin’s website said.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website said. It included a disclaimer noting the coin is “not intended to be, or the subject of” an investment opportunity or a security and was “not political and has nothing to do with” any political campaign, political office or government agency (Trump Launches Cryptocurrency).
Just days before his inauguration as the 47th president of the United States, Trump, and then days after him, the soon-to-be first lady, issued coins that clearly play on the hype of his return to power.
Critics accused Trump of cashing in on the presidency.
“Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it,” Nick Tomaino, a crypto venture capitalist, said in a social media post.
Such digital tokens are notorious for speculators using hype to pump up the value before selling at the top of the market, leaving latecomers to count their losses as the price crashes (Trump Launches Cryptocurrency).
