Ross Gerber Slams Trump's Crypto 'Rug Pull,' Points to Report of 'Over 1 Million People' Losing Money While President Made a Fortune

Veteran investor Ross Gerber highlighted on Thursday a report revealing that more than one million people lost money while President Donald Trump made a fortune from those same ventures.

TRUMP Investors Left Holding Bags Gerber cited a Wall Street Journal report, which found that approximately two-thirds of wallets that purchased the Official Trump (CRYPTO: TRUMP) meme coin—around 1.48 million—are currently holding unrealized losses.

The report also stated that 85% of secondary-market buyers of World Liberty Financial’s token remain underwater. “Over 1 million people lost money on the trump crypto rug pull,” said the CEO of Gerber Kawasaki Wealth and Investment Management.

Note that there’s no direct one-to-one match between cryptocurrency wallets and actual holders.

A single individual can create dozens or even hundreds of distinct wallets, while a single wallet address can represent multiple holders.

According to the data in this article.

Over 1 million people lost money on the trump crypto rug pull. — Ross Gerber (@GerberKawasaki) July 2, 2026 The TRUMP memecoin reached a market capitalization of nearly $15 billion shortly after its launch in January 2025, before collapsing by 97% to $408 million at the time of writing.

The interesting part is that Trump collected $635 million in royalties from the same cryptocurrency last year, according to his latest financial disclosure.

Read Also: Europe Had 3,167 Crypto Firms, Now It Has 244: What The MiCA Deadline Means For Coinbase, Robinhood And Circle Critics Question, Trump Says No Big Deal Gerber previously called Trump’s earnings from his cryptocurrency projects a “grift,” arguing that it has undermined confidence in Bitcoin (CRYPTO: BTC) and contributed to the negative sentiment.

The revelation sparked massive backlash from the opposition as well as from people who supported Trump’s pro-cryptocurrency stance.

Sen.

Elizabeth Warren (D-Mass.) pushed for stronger cryptocurrency legislation to prevent Trump and his family from profiting off cryptocurrency.

Skybridge Capital founder Anthony Scaramucci said that the cryptocurrency windfall in a bear market would be cited as the main factor if the Clarity Act fails to pass the Senate.

Trump defended his billion-dollar cryptocurrency windfall, asserting there was nothing "illegal" or "wrong" about it.

He emphasized that cryptocurrency is a "big deal," and the U.S. must lead in the space or risk ceding dominance to China.

Price Action: At the time of writing, TRUMP was exchanging hands at $1.71, up 1.97% in the last 24 hours, according to data Pro.

Read Also: Trump Says 'Everybody's Profiting' in Response to $1 Billion Crypto Windfall: Peter Schiff Comes Back With 'Everybody Named Trump Is Profiting' Photo: Rawpixel.com / Shutterstock.com