Investors in crypto schemes launched by the Trump family have lost more than $4.7 billion

Investors in crypto schemes launched by the Trump family have lost more than $4.7 billion. A report published by the watchdog organization Public Citizen on Thursday made the big revelations. This comes in when President Trump has made calls to the Senate to pass crypto market structure legislation next month.

Trump memecoin leaves investors with $3.2B in losses

Official Trump (TRUMP) was the main source of the loss, being the meme coin that the president unveiled on the third day prior to starting his second presidential tenure. As highlighted in the report by Public Citizen, the loss of $3.2 billion came from the meme coin. In a matter of two days from its launch, the token reached a trading price above $73, only to fall later. It is currently valued below $2, reports Cointelegraph and Raw Story.

Public Citizen reported that the losses of $3.2 billion are not lost funds but wealth that was shifted to a few individuals who invested initially. Data shows that 1% of wallets held 80% of gains, while 65% are below water in terms of losses totaling $3.2 billion.

President Trump never lost any money in this scheme. He neither made an investment nor spent any cash on his wallet that is valued at $271 million. On top of that, he earned $635 million in licensing fees from the token last year, as reported by Raw Story.