A small-cap cryptocurrency called TrumpCoin (TRUMP) has finally drawn the ire of the Trump dynasty six years after it entered the market.
On January 25, Donald Trump’s second son, Eric, threatened with taking legal action against the TRUMP cryptocurrency for the alleged fraudulent use of his family name.
Fraud Alert: It has come to our attention that someone is promoting a crypto currency called “TrumpCoin” (Symbol “TRUMP.”) This has NOTHING to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken.
—Eric Trump (@EricTrump) January 24, 2022
Fraud Alert: It has come to our attention that someone is promoting a cryptocurrency called “TrumpCoin” (Symbol “TRUMP”) This has NOTHING to do with our family, we do not authorize the use and are in no way affiliated with this group. Legal action will be taken.
TRUMP is a cryptocurrency that was launched in the first quarter of 2016, when the campaign to elect the 45th president of the United States began. It claims to be “A cryptocurrency created by patriots for patriots around the world.”
The TrumpCoin team apparently anticipated litigation at some point from the Trump family. About 24 hours after Eric’s threat, TrumpCoin’s Twitter account fired back by highlighting a disclaimer on its website acknowledging that TrumpCoin is in no way affiliated with the Trump family or any of its related properties.
@EricTrump, this is on our website https://t.co/ilziwkSinB. https://t.co/mhWEnQhqYS pic.twitter.com/ISO394MkHN
— Trumpcoin – #1 Patriot Cryptocurrency (@TrumpCoinWW) January 24, 2022
@EricTrump this is on our website
TRUMP is currently trading at $0.28 with a 24-hour trading volume of $13,313according to CoinGecko.
The Trump family is no stranger to the cryptocurrency industry. Melania Trump recently auctioned off a hat she wore when she was First Lady. Payment was made in Solana (SOL). She also congratulated Bitcoin (BTC) on her 13th birthday earlier this year.
donald trump, however, he does not hold cryptocurrencies in as high regard as his wife. Last October, he said that cryptocurrencies were a threat to the hegemony of the dollar in the world. He also said that he hopes that digital currencies like China’s digital yuan will not create insurmountable competition for the dollar.
TRUMP joins a short but growing list of cryptocurrencies that have come under fire for naming and branding rights.
The estate of Lord of the Rings author JRR Tolkein took on cryptocurrency JRR Token for using the author’s name. On November 23 of last year, the cryptocurrency was forced to shut down and remove any content that infringed the intellectual property of the estate.
Popular fast food restaurant Jack in the Box also sued FTX for copyright infringement. The network alleged that FTX’s “Moon Man” mascot copied its “Jack” mascot. The case was settled out of court on January 21.
Ripple Labs was sued in an Australian court last August for copying the name of a pre-existing nationwide payment service called PayID.
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