Supporters Deposit $60 Million for Gold Phone and Memecoin

No confirmed buyer has yet received a device, according to CoinDesk. The company collected the deposits but has not delivered any phones. It quietly revised its terms in April, removing previous guarantees on delivery dates. CoinDesk reported that the same group of Trump supporters has also invested in a related memecoin.

That investment has not performed well. The deposits for the gold T1 phone represent advance payments from individuals seeking to purchase the device. The lack of deliveries has left many participants without the product they paid to receive.

The company changed its terms of service in April.

The update eliminated language that had previously assured customers of eventual delivery. Participants who made deposits before the change had operated under the original terms. The revision occurred without widespread notice to those who had already contributed funds.

The total value of deposits reached $60 million from nearly 600,000 separate transactions. That figure reflects broad participation but has not yet translated into delivered products.

CoinDesk reported that a memecoin tied to the same promotional effort has also seen poor results. Specific performance figures for the memecoin were not detailed beyond the report of underperformance. The dual initiatives represent an effort to monetize enthusiasm among Trump supporters through consumer hardware and cryptocurrency.

Both efforts have so far failed to meet initial expectations for delivery and returns. The company has not issued public statements on a revised timeline for phone deliveries or on steps to address the memecoin performance.