Ivanka Trump warns investors that meme token bearing her name is fake

Ivanka Trump, the daughter of President Donald Trump, is warning investors against buying a fraudulent crypto coin bearing her name.

“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 social media site X on Thursday. “To be clear: I have no involvement with this coin. This fake coin risks deceiving consumers and defrauding them of their hard-earned money.”

Ivanka Trump and her husband, Jared Kushner, played prominent leadership roles in the first Trump White House but have not been central to the new administration.

Her warnings come after meme tokens were launched over the weekend called $TRUMP and $MELANIA, for the president and first lady, respectively.

The $TRUMP coin, which almost immediately boosted the president’s net worth by billions of dollars on paper, is now trading at about $37, a drop of 50% from its peak shortly after launch. Similarly, the $MELANIA token has plunged 80% from its weekend high, currently trading at $2.84.

The website for $TRUMP says 80% of the coins are held by the Trump Organization and affiliates. Meme coins have become increasingly popular with crypto traders but are particularly volatile as there is no underlying asset with any value.