President Donald Trump's eldest daughter Ivanka Trump warned Thursday that the cryptocurrency token bearing her name is fake.
“I have become aware that a fake virtual currency called 'Ivanka Trump' or '$IVANKA' is being promoted without my consent or approval,” she wrote in a post on social platform X.
“To be clear, I have no involvement in this coin,” Trump continued. “This fake coin risks deceiving consumers out of their hard-earned money, and the unauthorized use of my name and likeness is a violation of my rights. This promotion is deceptive and exploitative. , is unacceptable.”
She added that Trump's legal team will take steps to “stop the continued misuse of my name.”
Her condemnation of fake coins comes days after her father and first lady Melania Trump released their own crypto tokens.
The president launched $TRUMP on Friday, which is currently trading at around $37. Two days later, the first lady announced the Melania dollar, which is now worth less than $3.
These two tokens are considered meme coins, which are cryptocurrencies that are generally based on internet trends, have no inherent value, and tend to be highly volatile. $TRUMP began trading below $10 and rose to over $70 in the first 48 hours.
The Trump family meme coin has sparked a backlash from some in the crypto industry, who have expressed concern that the token could overshadow the president's efforts to promote cryptocurrencies.
President Trump, who once downplayed cryptocurrencies as a “scam,” found a new appreciation for the industry during his campaign, vowing to make the United States the “crypto capital of the planet.”
President Trump's inauguration represented a marked change for the digital asset industry, which had a tense relationship with the Biden administration and former Securities and Exchange Commission Chairman Gary Gensler.
The president has nominated several pro-crypto candidates within his administration, including Paul Atkins, who is set to become SEC chairman, and Howard Lutnick, who Trump is nominating to head the Commerce Department.
David Sachs, the venture capitalist who hosted the first-ever “Crypto Ball” last week, has also assumed the role of newly created White House czar on artificial intelligence and cryptocurrencies.
