Students for Trump co-founder admits to selling 50% of TIKTOK token supply

ChainCatcher news, according to The Block, Students for Trump co-founder Ryan Fournier admitted in an X Space to selling off 50% of his TIKTOK token supply, causing the project's market value to plummet from $90 million to $5 million. The token was originally issued to celebrate TikTok's unbanning in the United States.

Project founder Asta stated 5 minutes before Fournier's sell-off that he had gifted him 50% of the token supply, but Fournier immediately liquidated his holdings. Fournier argued that he is a cryptocurrency novice who was deceived by Asta, claiming he "almost lost everything," and promised to compensate investors $50,000. Fournier's wallet shows a trading history of 5 months, and he was previously publicly refuted by Eric Trump for spreading false information about Trump's involvement with the RTR token.