Ryan Fournier Faces Scam Allegation
Ryan Fournier, co-founder and current president of Students for Trump, is facing backlash after his involvement in a TikTok-themed meme coin sparked controversy.
Fournier’s actions allegedly caused the market value of the TIKTOK Meme token to fall from $90 million to about $5 million.
Meme coin mania surrounding Trump is spiraling out of control
on social media postalFournier explained that he was contacted online with a proposal to create a token that would support TikTok’s potential resurgence in the United States. Fournier agreed to the idea and received 50% of the total token supply.
The token’s value soared, with his holdings reportedly peaking at $19 million as the price soared nearly 18,000%.
As the value of the tokens began to decline, Fournier decided to sell 505 million tokens, exchanging them for approximately $700,000 in tokens. Sol. His decision to sell triggered a collapse in the token’s price and eliminated a large amount of liquidity.
“Ryan Fournier. 1.2 million followers. I promise you I’m not littering with coins. Bro, we saw your wallet. It’s all on chain. Their blind greed is only compounded by their blind stupidity beyond.” wrote Ben Hunt.
Fournier denies intentionally harming the project. He described his decision as being driven by fear of the declining value of cryptocurrencies and attributed the controversy to his inexperience with cryptocurrencies. “I am new to cryptocurrency and have not embraced it,” he wrote in response to the accusations on social media.
“I was contacted earlier by someone who wanted to make a coin to support TikTok’s comeback. It turned out to be a mess because I got scammed by that person. I really send my condolences to everyone who was affected and put money into this Apologies. I will stay away from cryptocurrencies until I have a better idea of who to trust.” wrote Fournier is on X (formerly Twitter).
Whether intentional or not, this is Definitely another pull. Blockchain data suggests that the sell-off occurred while the coin’s price remained relatively stable.
Obviously, the President of the United States Trump and Melania meme coins It caused the market to go crazy. Politicians and celebrities who know little about this complex industry are trying to launch their own coins.
Meanwhile, scammers are using the hype to attract more victims. Surveys show that more than 40% of users who purchased TRUMP tokens Be a first time cryptocurrency investor. Therefore, these large numbers of consumers are almost perfect victims for scammers.
It is vital that users exercise caution in this area. Cryptocurrencies are unstablebut meme coins are at this extreme volatility. this The risk of loss and fraud is almost inevitable.
Therefore, it is important to carefully review and scrutinize any asset before making any investment.
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