Retail investors who poured money into cryptocurrency projects tied to President Donald Trump have collectively lost at least $4.7 billion, according to an analysis by the watchdog group Public Citizen, even as the president himself reported earning more than $1.4 billion from those same ventures last year.

The losses span the full range of Trump’s crypto footprint: the TRUMP memecoin, World Liberty Financial’s WLFI token, Trump Media’s Bitcoin treasury, and Trump digital trading cards. Public Citizen says the overwhelming majority of the damage remains unrealized, meaning holders are sitting on assets that have plunged in value but have not necessarily been sold.

Where the Losses Are

The largest single source of investor pain is the…