Believe it or not, US President Donald Trump has filed a lawsuit against The New York Times (NYT) for allegedly defaming the TRUMP memecoin. He is determined to defend his brainchild. According to the White House leader, NYT’s editorial practices are “aimed at slander and insult” toward political opponents of the Democratic Party. In his lawsuit, Trump claims the periodical is spreading falsehoods about the TRUMP token — specifically, statements suggesting the memecoin exerts political influence on foreign investors and has led to their financial losses. The NYT also reportedly alleges that Trump’s crypto ventures are fostering corruption.
“After leaving office in 2021, President Trump launched new business ventures, ranging from social media (Truth Social) to crypto projects like the TRUMP token. Their success stems from the fact that they resonated with the American collective consciousness, thanks to the President’s reputation as a seasoned entrepreneur. However, NYT’s articles have caused irreparable harm to these emerging businesses, negatively affecting their profitability,” the lawsuit reads.
Notably, one of the largest holders of the TRUMP token is Chinese crypto billionaire Justin Sun, developer of Tron. However, recently, his relationship with World Liberty Financial has turned sour, as the company blacklisted his crypto address. The reason? A transfer of 60 million native WLFI tokens worth over $9 million. Justin Sun insists that he never intended to sell the tokens and has demanded they be unlocked.
At present, the TRUMP memecoin is trading at $8.58, with a market capitalization of $1.7 billion — down 80% from its all-time high of $8.8 billion, experts note.
Previously, Democratic Congresswomen Elizabeth Warren and Maxine Waters accused the American leader of allowing his family to profit from crypto projects. According to them, such actions could undermine industry regulation and hinder the US Securities and Exchange Commission (SEC) from protecting investors.
