Trump-Linked Crypto Scam Costs Supporters Over $4 Billion

A cryptocurrency scam linked to former US President Donald Trump has sparked concerns about the financial vulnerability of his supporters. An expert, Steve Ratner, a journalist and investment analyst, has alleged that Trump's 'Trump coin' was a scam that targeted MAGA devotees.

According to Ratner, the 'Trump coin', which initially traded at $7 and peaked at $45, crashed in value after its inception. He claims that 2 million Americans lost money after buying the coin, with total losses exceeding $4 billion. In contrast, insiders reportedly made around $1.2 billion from trading fees.

Ratner pointed out that there were 45 'whale wallets' or large buyers of the coin who profited from its initial surge in value. However, these investors lost their gains as the coin's value plummeted. The expert also noted that Trump reportedly made around $600 million from trading fees.