A detailed probe traces licensing deals and social media-driven token sales that funneled huge proceeds to the Trump family, while retail investors faced steep losses.

In January 2025, the cryptocurrency boom swept the markets, and Donald J. Trump prepared to return to the White House. It was then that Fatime Elrgdawy’s friend learned from acquaintances about online messages from the president-elect of the United States promoting the launch of his own cryptocurrency named “GET YOUR $TRUMP NOW” – and she thought, “Wow, that’s brilliant.”

If Trump was the one promoting the name behind the project, Elrgdawy recalls, “this must be a legitimate investment.”

A 29-year-old software engineer from Santa Barbara, California,…