News

Donald Trump-themed Coin Insiders Profit $3.8 Million After Former President’s Reputation Fraud

Key Points:

  • On-chain investigator ZachXBT revealed that insiders profited $3.8 million from the Donald Trump-themed coin RTR through suspicious trading activities.
  • RTR saw a 95% drop in value after Eric Trump and Donald Trump Jr. denied any connection to the coin.
The Donald Trump-themed coin, Restore the Republic (RTR), has seen its value crash by 95% following revelations that it has no ties to the Trump family.

Read more: Donald Trump NFT Collections Are Now Showing the Former President’s Passion for Crypto

Insiders Profit $3.8 Million from Donald Trump-themed Coin Amid Fraud Allegations

ZachXBT, an on-chain investigator, reports that suspected RTR insiders have made $3.8 million in profits from the coin by trading it through four wallets.

This demonstrated that two of those addresses, namely 9G1ELG and GHoW2, were under one owner and received funds and liquidated them within a very short period. Data shows that it might also have been a rug pull project.

Rug pull is a crypto industry fraud where a project development team suddenly leaves the project, liquidating all of the form liquidity the project might have.

This dramatic decrease occurred after Eric Trump and Donald Trump Jr. took to the public to denounce the coin, terming it an unauthorized and misleading venture.

Eric Trump dismissed the Donald Trump-themed coin as a fraud, stating, “This is absolutely false,” in response to claims that it was an official Donald Trump project. His brother, Donald Jr., further warned, “The only official project will be announced directly by us, and it will be fair for everyone. Don’t be fooled—stay tuned for the real deal.”

Read more: Top 10 Biggest Rug Pull Projects In Crypto Market History

Kanpai Pandas NFT Price Drops Due to Controversial Donald Trump-themed Coin Promotion

The NFT series Kanpai Pandas was linked with the promotional RTR, and therefore, the floor price of the NFT series saw a huge crash. The instances were found where he had provoked outrage against Kanpai Pandas’ founder and his team, also known as “Ice Bagz,” who are believed to have promoted the tokens even before the Trump family officially confirmed the same.

Screenshots from X showed Kanpai Pandas team members shilling the token on X and suggesting that Kanpai Labs was behind the Google ads for it.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Missed ICO of Avalanche? Here’s What You Need to Know and Why This Crypto Coin Could Be Your Next Best Investment

For those who missed the initial coin offering (ICO) of Avalanche, it’s a reminder of…

5 mins ago

Indiana Farmer Struck a Windfall with DogWifhat, Now Goes All in on BlockDAG as BULLRUN100 Bonus Goes Live

Indiana Farmer Struck a Windfall with DogWifhat, Now Goes All in on BlockDAG as BULLRUN100…

35 mins ago

Tether Completes The First USDT Oil Transaction in Middle East

Tether completes the first USDT oil transaction in the Middle East, funding a $45 million…

40 mins ago

Celebrating the Success of Zircuit’s ZRC EigenLayer Fairdrop

George Town, Grand Cayman, 8th November 2024, Chainwire

1 hour ago

BIO Protocol, DeSci sector, invested by Binance Labs

Binance Labs makes its first foray into decentralized science (DeSci) with an investment in BIO…

2 hours ago

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024,…

3 hours ago

This website uses cookies.