Ivanka Trump warns that a crypto coin bearing her name is fake and threatens legal action against those involved.
The president's daughter on Thursday issued a statement about the coin.
"It has come to my attention that a fake crypto coin called “Ivanka Trump” or “$IVANKA” is being promoted without my consent or approval," she 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, and the unauthorized use of my name and likeness is a violation of my rights. This promotion is deceptive, exploitative, and unacceptable."
She also said that her legal team is reviewing the matter and plans to pursue measures to stop the continued misuse of her name.
Despite Ivanka's warning that the coin is fake, the cryptocurrency tracking website CoinMarketCap still has the coin listed as a digital token based on the president's daughter.
"Trump was an executive vice president of her family-owned Trump Organization," the
website states as of Thursday afternoon. The description also mentions Ivanka as a senior advisor in the White House under her father’s administration and a judge on the television show The Apprentice.
Bitcoin, the world's largest cryptocurrency, hit a new record of $109,071 on President Donald Trump's inauguration day. It later retreated in last trading to $101,867.40.
Over the weekend, Trump and First Lady Melania Trump
launched their official crypto coins called
$TRUMP and $MELANIA. They are considered so-called "meme" coins, which are a type of cryptocurrency that is inspired by a meme or internet trend.
The launch of Trump's meme coin sparked concern among critics who saw it as a cash grab that undermines an effort to legitimize digital assets.
“I really was kind of bummed out when I saw it,” Tom Schmidt, a partner at a crypto venture capital firm Dragonfly said in a
statement. “It just felt very grifty and cheap.”
According to some analysts, cryptocurrencies are also considered unpredictable and volatile. Furthermore, criminals have exploited cryptocurrencies to engage in fraudulent schemes. Cryptocurrency exchange FTX collapsed in 2022 and its founder Sam Bankman-Fried was sentenced to 25 years in prison after being convicted of fraud.
"While it's tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions," Justin D'Anethan, an independent crypto analyst, said in a
statement.
Trump, during a
Bitcoin conference last year, reassured supporters that there will be regulations, but that "the rules will be written by people who love your industry, not hate your industry."
Trump has chosen several pro-crypto individuals to serve in his new administration. This includes Venture capitalist and former PayPal executive
David Sacks who Trump has named as White House czar for artificial intelligence and crypto.
