TikTok Denies $300M TRUMP Memecoin Purchase Bribe Rumors

TikTok has denied accusations that it bought $300 million worth of TRUMP memecoins to sway U.S. President Donald Trump. In a public statement on June 19, the company called the claims false and irresponsible, saying they were meant to harm its reputation. TikTok Responds to Bribery Allegations In a recent X post , TikTok responded to the accusations, calling the rumors false and irresponsible. The company said it had not bought any TRUMP tokens, and the claim was based on a misunderstanding. This response came after the U.S. Congressman Brad Sherman suggested that TikTok’s parent company, ByteDance, made a large purchase of TRUMP tokens. According to Sherman, this act could be seen as a direct financial benefit to President Trump, since he reportedly created the token at no cost. However, TikTok firmly denied the claim, saying no such transaction ever happened. The company stated that Congressman Sherman misunderstood a recent letter related to the matter. The company called the accusation a misleading attempt to twist its actions and misinform the public. New Executive Order Escalates Tensions These claims come during a tense period. President Trump recently signed an Executive Order giving TikTok 90 extra days to sell its U.S. operations. If the deal is not done by then, the app could be banned in the country. However, some critics say the President may not have the legal authority to extend the deadline again. They argue the original law from Congress allowed just one extension. This has raised concerns about whether President Trump is using his power appropriately. TRUMP Memecoin Sparks Ethics Concerns The TRUMP memecoin, backed by Donald Trump and his family, is drawing criticism. Experts argued that a sitting president associating with a digital token raises serious ethical questions. They are concerned it could lead to secret profits, a lack of transparency, and even foreign interference. Nonprofits and lawmakers are urging deeper investigations into Trump’s crypto involvement. They argue that public officials should not be tied to tokens with unclear value or purpose. In April, U.S. Senator Jon Ossoff held a town hall and expressed strong support for impeaching President Donald Trump . He was concerned about Trump’s connection to a cryptocurrency project that uses his name. Meanwhile, the TRUMP memecoin is struggling in the crypto market. Its price has dropped over 34% in the past month and is now trading at about $9.37, according to CoinMarketCap data. This is far below its January high of $44.28. Investor confidence is fading, possibly due to rising political and ethical concerns. The post TikTok Denies $300M TRUMP Memecoin Purchase Bribe Rumors appeared first on TheCoinrise.com .

Source: The Coin Rise