Nearly a million investors lost $5.5 billion on Trump’s crypto coin
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Cumulatively, these 988,905 wallets have lost a total of $3.81 billion, including buyers who have held on to their stash and recorded paper losses, according to Nansen. The coin was trading at $US1.76 as of Friday, down 97 per cent from its peak price of $US75.35.
Nicholas Pinto is among the losers. A frequent crypto trader who voted for Trump in 2024, Pinto said he invested a total of roughly $US500,000 in the $TRUMP coin, and has now lost about half that investment.
He seems to have encouraged supporters to invest with the expectation they could anticipate riches — even as he himself was cashing Gillers, a New York University law and legal ethics professor
“He is leveraging the power of being president to launch currencies, when he seems trustworthy in the public’s eye,” Pinto said in an interview. “It is kind of incredible. It is almost a legal scam.”
The White House this past week rejected any suggestion that Trump has cashed in at the expense of his followers. Since arriving at the White House, Trump and appointees have curtailed regulatory oversight of the industry, including policies related to meme coins.
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