Trump-branded phone, crypto projects cost investors millions, CoinDesk reports

Smartphone and cryptocurrency projects bearing U.S. President Donald Trump's name are causing tens of millions of dollars in losses for investors due to product delivery failures and sharp price declines, CoinDesk reported. The Trump Mobile T1, announced 16 months ago, secured $60 million in deposits from 600,000 pre-orders at $100 each. However, not a single device has been confirmed as delivered. Trump Mobile has reportedly amended its terms and conditions to state that it does not guarantee refunds or device delivery. Additionally, the meme coin TRUMP has plummeted by approximately 97% from its all-time high, with estimated losses for retail investors reaching $2 billion.