The Dark Side of Cryptocurrency: Profiteering from Tragedy
Explore how the cryptocurrency world reacted to Charlie Kirk's assassination with a surge of profit-driven tokens.
In the wake of right-wing youth activist Charlie Kirk's assassination at Utah Valley University, the cryptocurrency world seized the opportunity to capitalize on the tragedy. Almost immediately, tokens bearing Kirk's name began to flood the market. As reported by Bloomberg News, coins like 'Pray For Kirk Coin,' 'DEAD KIRK,' and 'Charlie Kirk’s Dog' emerged within minutes of the incident. While these tokens were often marketed as memorials or charitable endeavors for Kirk's family, the underlying motivation was profit.
Since the shooting, over 10,000 new crypto tokens have been launched featuring the names 'Charlie' and/or 'Kirk,' according to a data review. Incredibly, within an hour, one of these tokens achieved a market capitalization of $16 million. By the end of the day, the creators of these coins had amassed hundreds of thousands of dollars in transaction fees on the Solana blockchain. On social media platform X, many in the crypto community criticized their peers—often referred to as 'degens,' a term blending derogatory and endearing tones for 'degenerate gamblers'—for exploiting Kirk's death for financial gain.
One such crypto trader, Evan Rademaker from Florida, recounted to Bloomberg how he initially invested $30,000 in 'RIP Charlie Kirk' coin, only to sell at a $17,000 loss after its value plummeted. Despite this setback, he reinvested following another price surge, only to suffer losses once more.
Critics argue that these so-called 'memecoins' serve as little more than modern pump-and-dump schemes reminiscent of older financial fraud tactics. This controversy extends beyond Kirk's case. Recently, the Trump family faced scrutiny for their own ventures into cryptocurrency, involving tokens used to offer access to exclusive events and a project called World Liberty Financial, co-founded by Trump's children. This venture has reportedly earned the family billions, with substantial investments from foreign entities.
The intersection of cryptocurrency and current events highlights the volatile and often ethically questionable nature of the market. As tokens continue to emerge in the aftermath of tragedies, the debate over the moral implications of such profiteering grows ever more pressing.