Ivanka Trump is warning investors of a fake “$IVANKA” cryptocurrency scam, days after her dad and stepmom launched their own tokens.
“To be clear: I have no involvement with this coin,” she wrote on social media Thursday. “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.”
She said the cryptocurrency bearing her name amounts to a “deceptive, exploitative, and unacceptable” promotion that will be dealt with by her legal team.
President Donald Trump and First Lady Melania Trump launched their own crypto coins in their final weekend as civilians. Both cryptocurrencies got off to a hot start, but their value has been volatile, according to ABC News, which said $TRUMP and $MELANIA saw steep declines after Monday’s Inauguration Day.
President Trump had been a cryptocurrency skeptic, but his position appears to have changed since he became involved with billionaire tech investors who’ve donated large chunks of money to his political ambitions.
Trump mega-donor Elon Musk has notably been closely connected to the cryptocurrency market.
But back in 2019, Trump said he wasn’t sold on digital currency.
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he posted on social media. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
But while running for president in July, he told supporters at a bitcoin conference in Tennessee that under the right leadership, the U.S. could be a world leader in cryptocurrency.
“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” Trump vowed.