Andrew Tate and his brother Tristan were arrested in Romania on July 19, 2024, after British authorities issued 38 new criminal counts including rape, human trafficking, and possession of indecent images. The news sent the meme coin DADDY, which Tate had promoted, into a tailspin. According to CoinGecko, the token's price dropped roughly 40% to $0.0092, and its market cap fell from $8 million to less than $5 million.
New charges, old pattern
The arrest follows a previous detention in December 2022 on similar allegations. This time, the warrants came from the UK, adding an international dimension. The brothers are currently held in Romania, where they also face separate legal proceedings. Andrew Tate claimed via X that he is in a Special Housing Unit (SHU) with no contact with the outside world, no visitation, and a neighbor described as 'a cannibal who screams throughout the night.' Several X users questioned how Tate could tweet if he is truly cut off from the outside world as he claimed.
DADDY token's rocky history
The DADDY token launched nearly two years ago as a counterpart to another meme coin, MOTHER. Tate promoted it as a coin for 'the patriarchy.' During the initial hype, the token's price briefly surged to nearly $0.30, with a market cap aiming at $100 million. But the coin had been in a downward trend even before the arrest, exacerbated by insider trading accusations against Tate. The latest news wiped out another chunk of its value.
The brothers remain in custody in Romania. The UK has requested extradition, but Romanian authorities have not yet set a timeline. Meanwhile, the DADDY token continues to trade, though its future is uncertain. Investors are left watching the legal proceedings and wondering whether the coin can survive the founder's legal troubles. The next court hearing in Romania is expected within weeks.
