The recently launched Memecoin released a wave of counterfeit symbols, as his official digital portfolio obtained more than 700 coins of unwanted messages, which implicitly means that they are “accredited” by either or members of his family.
According to the Financial Times analysis 736 of Memecoins has been released on Friday, deposited in the official Trump portfolio over the past three weeks. Among these, approximately 200 including names such as “official Trump” and “official Melania”, while none of them is already associated with President Trump in any way.
Memecoin creators have benefited a feature from Solana Blwchin, where Trump’s symbols, which allow anyone to create new coins and send them to another user portfolio, without efficiency in coding.
One of the examples of the basic system within the network is Pump.fun, who is currently facing a camel Judicial cases To launch the alleged symbols of the “pump and discharge” plans. This led to a flood of unwanted symbols bearing the names of Trump, his family, and even his allies, including the CEO of Tesla Elusk.
Fake symbols include the names of the Trump family and unusual transactions
FT research found that among 192 symbols using Trump’s name or the names of his family members, 167 are copies, and 67 use the word “official”. In addition, 35 symbols indicate musk, while dozens include names such as Barron, Ivanka, Eric and Melania.
Among the imitation symbols, the liquidity, which analysts sometimes use to determine the feasibility of the distinctive symbol, is a major problem. For example, the distinctive code launched on January 19 “Barron Barron Trump”, its value is nomineally estimated at $ 6 billion on the basis of the last treatment price, according to Solscan Data.
However, the distinctive symbol has not seen any deals since January 22, and the largest registered transaction was only $ 242. As of the time of this post, Memecoin was traded at $ 0.099174.
Violent reaction to memecoin Trump family
Trump’s decision and former first lady Melania Trump to launch their Mimikwins had to have an Angst encryption community for weeks. Experts warn that by linking himself to this speculative market, Trump invites fraudsters to target the investors of fake coins.
“By creating Mimikoin, Trump opened the gates to deception, and minimally for rapid speculation,Iuar Brasad, an older colleague at the Brookings Institute, said. He pointed out that investors who buy counterfeit coins are exposed to “unimaginable financial risks.”
In a publication on January 18, WEB 3 and Crypto Brian Krasinstein wrote on X that within just two days of launch, which occurred on the day of the inauguration of President Trump, investors who cast a Trump code led to $ 30 billion in the wealth of the lost paper.
This is disgusting:
Trump just released $ Trump Mimikoin on Solana.
It also allocates 80 %, yes 80 % of the entire currency market for Trump, and Fight Fight LLC.
But … but … but … Hunter Biden worked in an oil company. pic.twitter.com/lv8x8uajzt
– Brian Krasinstein (@krasenstein) January 18, 2025
Moreover, Trump and his family have already begun to receive lawsuits for symbols. On February 5, the public citizen of the World Agency Group filed a complaint with the Ministry of Justice and the Government Ethics Office, claiming that Trump may have violated federal laws that prohibit presidents sitting from personal gifts.
According to the complaint, Trump promoted his MEME code on both X and Truth Social on January 20 and 21 after he was divided into Potus.
Trump sells Mimi’s currency as a way to people "They showed their support."
He deceives his supporters and sings while doing so.
Our participant Lisa_pubcitizen He explains why this is a major moral issue. pic.twitter.com/7T59noeloi
Public Citizen (PUBLIC_CITIZEN) February 6, 2025
The public citizen argues that, given that the distinctive symbol is marketed as “MIM” without a cruel value or an investment return, buyers provide Trump’s funds mainly, which can constitute a legitimate gift.
the Sentence to confront the constitution of the United States The presidents are prevented from accepting money or gifts from foreign governments. However, given the decentralized and unknown Crypto nature, there is no clear way to determine whether foreign entities bought the Trump code.
The public citizen warns that this lack of transparency can allow foreign actors to quietly transfer money to Trump under the guise of mechanical transactions, with no system to discover or prevent this activity.
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