Trump-promoted brand touts GOLD before token collapse
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
A Solana-based token called “Trump Digital GOLD,” promoted by the Trump-linked brand Real Trump Coins, collapsed hours after its launch. The token’s promotional posts were deleted from X, raising suspicion about the project’s legitimacy and potential compromise. Blockchain analytics showed the token’s developers controlled over 82% of the supply and sold their holdings shortly after launch, causing GOLD’s value to crash.
Why it matters
This incident raises concerns about the legitimacy and security of crypto ventures linked to public figures like Donald Trump. It also coincides with Trump’s efforts to influence US cryptocurrency regulatory legislation, highlighting potential conflicts as crypto policy evolves. The source does not elaborate further on market or user impact beyond the collapse and controversy.
Key context
Donald Trump publicly promoted RealTrumpCoins.com in September 2024 for silver medallions, disclaiming any official Trump Organization involvement. The sudden GOLD promotion and deletion of related social media posts triggered speculation that the Real Trump Coins account was hacked. The Trump family has launched or backed other crypto projects such as the Official Trump (TRUMP) memecoin and World Liberty Financial, which have faced scrutiny amid ongoing regulatory debates.
Key numbers and entities
Real Trump Coins, Donald Trump, blockchain analytics firm Lookonchain, Solana blockchain, 600 million GOLD tokens held by developers, 224.5 million GOLD tokens sold for approximately 3,178 SOL (~$330,000), GOLD’s market cap dropped from $50 million to $500,000, the Trump Organization (disclaimed from Real Trump Coins).
What remains unclear
The exact identity of the individuals behind the GOLD token launch and whether the Real Trump Coins account was truly compromised remain unconfirmed. The source does not clarify what legal or regulatory consequences, if any, might follow. Details on the token’s intended use and technical structure are also not provided.