The Trump family has threatened legal action over trumpcoin, a cryptocurrency created in 2016 “to honor Donald J. Trump.” Eric Trump said that the crypto has nothing to do with the Trump family. “We do not authorize the use and we are in no way affiliated with this group. Legal action will be taken,” he said.
Trump Family Threatens Lawsuit Over Trumpcoin
Eric Trump, a son of the former president and a Trump Organization executive, tweeted about cryptocurrency trumpcoin Monday.
“Fraud Alert: It has come to our attention that someone is promoting a cryptocurrency called ‘trumpcoin’ (Symbol ‘TRUMP’),” he wrote, adding:
This has nothing to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken.
According to the Trumpcoin website, the cryptocurrency was created in February 2016 “in order to honor Donald J. Trump.” Trumpcoin has a market cap of about $1.3 million. At the time of writing, its price is about $0.26.
The FAQ page for Trumpcoin states that the coin and its website are “not owned, operated, endorsed by or otherwise affiliated” with the Trump brand.
At the time of writing, Eric Trump’s tweet has garnered 1.3K comments. It has been retweeted 3.5K times and liked 11.4K times.
Some people pointed out that the Trumpcoin website clearly states that the cryptocurrency is not affiliated with the Trump brand in any way. Several others told Eric that the Trump family does not own the word “Trump.” A few mocked the Trump family for noticing a coin that has been around since 2016 for the first time.
Former U.S. President Donald Trump has never been a fan of bitcoin or cryptocurrency. In December last year, he said crypto is “very dangerous,” warning of an explosion like we have never seen before. He has repeatedly said that he does not want any other currencies that could hurt the U.S. dollar.