Ivanka Trump, daughter of President Donald Trump, has issued a strong warning about a fraudulent cryptocurrency named $IVANKA, which has been circulating without her permission and involvement.
The warning about the unauthorized issuance follows the recent launch of two official tokens, $TRUMP and $MELANIA, by her father and stepmother, which have already stirred discussions in the crypto community, as The Hill reports.
Ivanka is President Trump's oldest daughter and has become a prominent public figure over the years. Her name recently became associated with a fake digital currency called $IVANKA, sparking concerns about potential consumer deception. Ivanka made it clear, in a public statement, that she has no connection with this unauthorized token and that it poses a risk to people's financial security.
The unauthorized use of Ivanka's name for this cryptocurrency has prompted her legal team to consider taking legal measures. The goal is to prevent any further exploitation of her likeness and protect consumers from potential deception.
Ivanka stressed the deceptive nature of the promotion surrounding this coin and the violation of her rights. Describing the situation, she said it could "defraud" people out of their hard-earned funds and is "exploitative and unacceptable." Her alert comes on the heels of significant developments in the digital assets industry involving her family. Former President Trump and First Lady Melania Trump recently introduced their own coins, $TRUMP and $MELANIA.
The launch of these tokens has captured attention not only for their association with the Trump family but also for their quick rise in the trading market. $TRUMP, introduced on a Friday, quickly surged in value from under $10 to a high of more than $70 within 48 hours and is currently trading at approximately $37.
Shortly thereafter, $MELANIA was announced, with its value currently standing at just under $3, further exemplifying the volatility typical of meme coins, which are often based on popular internet trends.
Despite the excitement surrounding these new digital currencies, some crypto experts have voiced concerns. They worry that the arrival of these coins might create challenges for President Trump's new agenda to make the U.S. a prominent center for digital currencies.
President Trump's relationship with the crypto world has evolved over time. Although he has previously criticized such assets, he now seems to be embracing them as part of his broader economic strategy. Trump's recent inauguration signaled a shift, and his administration began nominating several pro-crypto figures to significant roles, aiming to encourage digital asset adoption.
Among these appointments is Paul Atkins, nominated to chair the Securities and Exchange Commission (SEC), an organization that plays a crucial role in regulating the securities industry, including digital tokens. Howard Lutnick has also been nominated to head the Department of Commerce, an agency influencing economic growth and innovation.
These nominations are expected to boost the crypto industry's confidence and possibly lead to more favorable regulatory developments. Adding further to these strategic moves, David Sacks, a well-known venture capitalist, has been appointed to oversee artificial intelligence and cryptocurrency in the White House. His role as a "czar" indicates the administration's seriousness in advancing crypto-related innovations and setting frameworks for future developments.
The crypto community will be watching closely to see how these developments unfold. Observers are particularly interested in how these changes might affect the regulatory landscape for digital tokens in the U.S., a key issues for many stakeholders in the industry. Ivanka Trump's warning against the fraudulent use of her name in the crypto sphere highlights the potential pitfalls of this evolving market. Consumers and investors alike need to remain cautious and vigilant.
As the Trump family's engagement with digital assets increases, the implications for the industry will continue to be a topic of discussion and analysis across various sectors.
