Trump Memecoin: Investors Lost Billions, Partners Made Millions - NYT

According to a study by Chainalysis, over 813,000 crypto investors lost $2 billion after purchasing President Trump's memecoin $Trump.

At the same time, the Trump Organization and its partners made $100 million in fees.

The value of the $Trump token initially soared but then fell from $75 to $16.

In the three weeks following the launch, investors lost $20 for every dollar earned by the developers. 813,294 wallets incurred losses.

Trading this token generated $100 million in fees, but most of these funds have yet to be withdrawn.

Trump's memecoin was created to support Trump, but many traders tried to profit from it.

Donald Trump has expressed support for cryptocurrencies and stated that all bitcoins should be mined in the USA.

Financial experts are concerned about Trump's involvement in a speculative asset. Baruch College called $TRUMP a 'bubble'.

Concerns over a conflict of interest led to a complaint being filed with the U.S. Department of Justice and a statement from the former head of the Commodity Futures Trading Commission.

The main owners of the memecoin are CIC Digital and Fight Fight Fight LLC.