Latest news with #MagicEden
Arabian Post
3 hours ago
- Business
- Arabian Post
Trump Family Issues Legal Challenge Over Unauthorised Crypto Wallet
World Liberty Financial , a cryptocurrency firm closely linked to President Donald Trump and his family, has sent a cease-and-desist letter to Fight Fight Fight LLC and NFT marketplace Magic Eden. The legal action follows the announcement of a new digital wallet branded as the 'Official $TRUMP Wallet by President Trump,' which the Trump family asserts was launched without their approval. The disputed wallet was unveiled earlier this week through the X account associated with the $TRUMP memecoin, a cryptocurrency project initiated by Fight Fight Fight LLC. The company, reportedly connected to longtime Trump associate Bill Zanker, partnered with Magic Eden to promote the wallet, inviting users to join a waitlist. However, the Trump family has publicly denied any involvement with the project. Donald Trump Jr., Eric Trump, and Barron Trump have all issued statements distancing themselves from the wallet. Eric Trump cautioned against the unauthorized use of their family name, while Donald Trump Jr. emphasized that the Trump Organization had no connection to the project. He also revealed that the family is developing their own official wallet through World Liberty Financial. ADVERTISEMENT World Liberty Financial, co-founded by the Trump family, has been actively expanding its presence in the cryptocurrency space. The firm has launched its own stablecoin, USD1, and is reportedly working on a crypto wallet focused on token yield generation. The company has attracted significant investment, including a $2 billion infusion from a firm associated with the Abu Dhabi government. The emergence of the unauthorized $TRUMP Wallet has led to confusion and concern within the crypto community. The wallet's website has experienced intermittent outages, and its X account has been suspended. Despite these issues, neither Fight Fight Fight LLC nor Magic Eden has commented on the dispute. The Trump family's foray into cryptocurrency has been marked by controversy. The $TRUMP memecoin, launched in January 2025, saw an initial surge in value before experiencing a significant decline. While the token generated substantial revenue through trading fees, it also raised ethical questions regarding the president's dual role as a public official and a private entrepreneur. Critics argue that the intertwining of the Trump family's business interests with their political influence poses potential conflicts of interest. The lack of clear boundaries between governance and private enterprise has led to calls for greater transparency and regulatory oversight in the rapidly evolving crypto industry.
The Hindu
a day ago
- Business
- The Hindu
Trump-related crypto projects prompt user confusion, warnings from Trump's son
As U.S. President Donald Trump leans more heavily into the crypto sector, his name is being used to promote several crypto projects that have nothing to do with his own ventures, prompting confusion among users and making them more vulnerable to being scammed. Trump's son Eric Trump on Wednesday (June 4, 2025) used his X account to call out a project that was not affiliated with the official World Liberty Financial crypto project that Trump had previously endorsed. The project in question, Magic Eden, was using images of Trump and the $TRUMP crypto ticker in order to rally up hype around an upcoming crypto wallet that it claimed was 'official.' Magic Eden used an image of Trump holding up his fist that Trump himself has used to promote his $TRUMP crypto on January 18, which led to user confusion. Trump's son stated, 'This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.' Many X users in the comments expressed their confusion as they tried to differentiate between the $TRUMP crypto endorsed by the president and the version that Eric Trump had cautioned against. Others were not clear as to the links between World Liberty Financial, a Trump-linked crypto project working on a stablecoin, and the $TRUMP meme token. Magic Eden is a trading platform with more than 800,000 followers on X. The account bio noted that its posts were 'not intended for US or UK audiences.' Trump's promotion of crypto, and especially his own meme token, has made him the subject of criticism and concern as legal experts point out potential conflicts of interest. However, the U.S. crypto community has largely welcomed Trump's stance, hoping that his return to the White House will signal looser crypto regulations for businesses.
The Guardian
a day ago
- Business
- The Guardian
Trump's crypto firms spar with each other over rogue wallet announcement
A splashy website featuring an illustration of Donald Trump, looking buff and pumping his fist in the air, appeared online on Tuesday. The image is the logo of one of Trump's digital currencies, and the website claims to be the 'Official $Trump Wallet', hawking a product that would allow customers to buy and sell cryptocurrencies, primarily the president's own. The website prominently features the name of Trump's coin, $Trump, and invites people to join the waitlist to use the digital wallet. It was first noticed by the crypto newsletter Citation Needed. Magic Eden, an established cryptocurrency marketplace, said on the website that it had partnered with Trump's official digital coin team to create the wallet. The Twitter/X account for one of Trump's cryptocurrencies promoted the wallet product as well. 'The $TRUMP Wallet powered by @magiceden is coming soon. Join the $TRUMP community! reads a tweet from @TrumpMeme. With Billions of Trump fans around the world, the $TRUMP mission has always been to make it super easy for Trump supporters to get into crypto and join the $TRUMP community. The $TRUMP Wallet powered by @magiceden is coming soon. Join the $TRUMP community!… Though the announcements bear the markers of legitimacy and official involvement, Trump's sons have called foul. 'The Trump Organization has zero involvement with this wallet product,' Donald Trump Jr. quickly posted to the social media site X on Tuesday. Shortly after, Eric Trump posted: 'I run @Trump and I know nothing about this project!' Even Barron Trump chimed in saying: 'To be clear, our family has zero involvement with this wallet.' Trump Jr added that he'd been 'working tirelessly' on launching an official wallet with another of the family's crypto businesses, World Liberty Financial, which Trump and his sons created last year. The cryptocurrency industry is known for frauds, scams and infighting. The latest spat between Magic Eden and World Liberty Financial appears to stem from a conflict between Trump's sons and Bill Zanker, who is a longtime business partner of Trump. Zanker runs the business that issued $Trump, Fight Fight Fight LLC, which is separate from the Trump Organization and World Liberty. The Trump Organization also owns a firm called CIC Digital, which, along with Fight Fight Fight, oversees and profits from the trade of the cryptocurrency while owning 80% of the coin's reserves, on paper worth about $2bn. On X, Magic Eden and Zanker's company both said the crypto wallet announced on Tuesday was indeed affiliated with Trump and powered by Magic Eden. Eric Trump maintained this was wrong. Later on Tuesday, he issued a warning on X: 'This project is not authorized by @Trump,' he wrote. '@MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.' Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion Over the past several months, Trump's family and business partners have debuted a web of crypto business and digital currencies – those include a memecoin with the image of Trump pumping his fist, and a stablecoin that is designed to maintain a constant value of $1. Melania Trump even presented her own memecoin. In his first term, Trump was adamantly opposed to cryptocurrency, but has since had an about-face. He's embraced the volatile industry, becoming the first major candidate to accept donations in cryptocurrency, speaking at a major crypto conference on the campaign trail. Trump has hosted industry leaders at the White House, and wined and dined the top holders of his cryptocurrency at his private golf club outside Washington DC. Trump's administration has also named tech investor David Sacks his 'crypto czar', rolled back regulations on digital assets and halted a series of federal investigations into cryptocurrency firms. The White House, Magic Eden and Zanker did not return requests for comment.
Yahoo
a day ago
- Business
- Yahoo
Trump's sons deny involvement in ‘official' Trump memecoin wallet
A version of this story appeared in CNN Business' Nightcap newsletter. To get it in your inbox, sign up for free here. The Trump family is quickly learning what happens when you get into business with one of the internet's most bizarre sideshows. As a quick catch-up: On Tuesday, crypto researcher Molly White dropped a scoop that said the president was about to launch a Trump-branded cryptocurrency wallet to encourage people to trade his $TRUMP memecoin — yet another product expanding the Trump family's reach in digital assets. (For the uninitiated, a crypto wallet is a kind of personal online vault for storing digital assets like cryptocurrencies.) The project, White wrote, was being developed by the two Trump-family-run entities behind the memecoin in partnership with a crypto marketplace called Magic Eden. A few hours later, Magic Eden confirmed White's reporting and pushed out its own announcement of the 'Official $TRUMP Wallet by President Trump.' The official Trump memecoin website also confirmed the launch in a post on X. So far, just another day in crypto-land under Trump 2.0. The Trumps have raked in nearly $1 billion in paper gains (according to a Bloomberg estimate) through various ventures since the president's re-election in November, and the wallet seemed like just the latest project in an ever-expanding crypto empire. But then, the story took a turn. Trump's sons came out saying the family had 'zero involvement with this wallet product.' Donald Trump Jr. posted that he and his brother Eric knew 'nothing about it,' but that separately one of their other crypto ventures, World Liberty Financial, would be launching an official wallet 'soon.' Even Barron Trump, who rarely posts on social media, chimed in to say the family 'has zero involvement with this wallet.' It appears to be more than just a slight miscommunication. As White noted in an update to her story, Magic Eden is a relatively big player in crypto, 'so this is not a case of some nobody creating a fake project pretending to be an official Trump-affiliated app.' But it's far from clear how a run-of-the-mill wallet announcement turned into a public feud. A Trump Organization spokeswoman wrote in an email to CNN that 'Eric and Don had no prior knowledge on this project and there is no agreement with The Trump Organization.' Representatives for the Trump memecoin and Magic Eden didn't respond to CNN's request for comment Wednesday. Just to underscore the point: Eric Trump appeared to threaten Magic Eden with a lawsuit in a post Tuesday night, telling the company 'I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.' (Eric also told the New York Times that the Trump family would legally challenge the creation of the 'Official $TRUMP Wallet.' This rift is surprising because of how closely connected the two sides are. On one side we've got the Trump boys, on the other the folks at Magic Eden and the official $TRUMP memecoin. Those two sides are hardly isolated strangers. The Trump boys run the Trump Organization, which has an affiliate called CIC Digital, which shares the majority of $TRUMP memecoins with another company called Fight Fight Fight . *Deep breath* Fight Fight Fight is led by a longtime Trump business associate named Bill Zanker, who co-wrote a book with the president in 2008 and has worked on several Trump-related crypto projects, and it runs the $TRUMP website. So, Zanker is not officially part of the Trump Org, but he is deeply connected to the president and the family's various crypto money-making operations. Zanker was the brains behind last month's memecoin dinner at Trump's DC-area golf club, Bloomberg's Olga Kharif wrote recently. 'Zanker's name is not on the website for the memecoin and he has avoided any comment on it,' Kharif writes. 'But on a Delaware corporate filing, Zanker is listed as the 'authorized person' for Fight Fight Fight LLC.' The $3 trillion crypto industry has been thrilled to get a cheerleader in the White House who's promised to push friendly legislation and defang the regulators that have historically held crypto at arm's length. But at the same time, many crypto executives and investors are holding their nose and looking the other way whenever Trump embraces some of the silly (at times scammy) elements of crypto-land. Like the memecoin, a joke-based subcategory of crypto that has no utility and is closely associated with 'rug-pull' scams. See also: the bitcoin strategic reserve and the pardoning of a notorious crypto criminal who was serving a life sentence for selling and distributing narcotics. Or the Trump $TRUMP dinner, widely criticized as selling access to the president. White House Press Secretary Karoline Leavitt pushed back heavily on those criticisms during a press briefing hours before the May 22 dinner, telling reporters it was 'absurd for anyone to insinuate that this president is profiting off of the presidency.' This confusion over the crypto wallet rollout isn't helping anyone trying to pitch crypto as a sophisticated market that's ready for prime time.
CNN
a day ago
- Business
- CNN
Trump's sons deny involvement in ‘official' Trump memecoin wallet
The Trump family is quickly learning what happens when you get into business with one of the internet's most bizarre sideshows. As a quick catch-up: On Tuesday, crypto researcher Molly White dropped a scoop that said the president was about to launch a Trump-branded cryptocurrency wallet to encourage people to trade his $TRUMP memecoin — yet another product expanding the Trump family's reach in digital assets. (For the uninitiated, a crypto wallet is a kind of personal online vault for storing digital assets like cryptocurrencies.) The project, White wrote, was being developed by the two Trump-family-run entities behind the memecoin in partnership with a crypto marketplace called Magic Eden. A few hours later, Magic Eden confirmed White's reporting and pushed out its own announcement of the 'Official $TRUMP Wallet by President Trump.' The official Trump memecoin website also confirmed the launch in a post on X. So far, just another day in crypto-land under Trump 2.0. The Trumps have raked in nearly $1 billion in paper gains (according to a Bloomberg estimate) through various ventures since the president's re-election in November, and the wallet seemed like just the latest project in an ever-expanding crypto empire. But then, the story took a turn. Trump's sons came out saying the family had 'zero involvement with this wallet product.' Donald Trump Jr. posted that he and his brother Eric knew 'nothing about it,' but that separately one of their other crypto ventures, World Liberty Financial, would be launching an official wallet 'soon.' Even Barron Trump, who rarely posts on social media, chimed in to say the family 'has zero involvement with this wallet.' It appears to be more than just a slight miscommunication. As White noted in an update to her story, Magic Eden is a relatively big player in crypto, 'so this is not a case of some nobody creating a fake project pretending to be an official Trump-affiliated app.' But it's far from clear how a run-of-the-mill wallet announcement turned into a public feud. A Trump Organization spokeswoman wrote in an email to CNN that 'Eric and Don had no prior knowledge on this project and there is no agreement with The Trump Organization.' Representatives for the Trump memecoin and Magic Eden didn't respond to CNN's request for comment Wednesday. Just to underscore the point: Eric Trump appeared to threaten Magic Eden with a lawsuit in a post Tuesday night, telling the company 'I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.' (Eric also told the New York Times that the Trump family would legally challenge the creation of the 'Official $TRUMP Wallet.' This rift is surprising because of how closely connected the two sides are. On one side we've got the Trump boys, on the other the folks at Magic Eden and the official $TRUMP memecoin. Those two sides are hardly isolated strangers. The Trump boys run the Trump Organization, which has an affiliate called CIC Digital, which shares the majority of $TRUMP memecoins with another company called Fight Fight Fight. *Deep breath* Fight Fight Fight is led by a longtime Trump business associate named Bill Zanker, who co-wrote a book with the president in 2008 and has worked on several Trump-related crypto projects, and it runs the $TRUMP website. So, Zanker is not officially part of the Trump Org, but he is deeply connected to the president and the family's various crypto money-making operations. Zanker was the brains behind last month's memecoin dinner at Trump's DC-area golf club, Bloomberg's Olga Kharif wrote recently. 'Zanker's name is not on the website for the memecoin and he has avoided any comment on it,' Kharif writes. 'But on a Delaware corporate filing, Zanker is listed as the 'authorized person' for Fight Fight Fight LLC.' The $3 trillion crypto industry has been thrilled to get a cheerleader in the White House who's promised to push friendly legislation and defang the regulators that have historically held crypto at arm's length. But at the same time, many crypto executives and investors are holding their nose and looking the other way whenever Trump embraces some of the silly (at times scammy) elements of crypto-land. Like the memecoin, a joke-based subcategory of crypto that has no utility and is closely associated with 'rug-pull' scams. See also: the bitcoin strategic reserve and the pardoning of a notorious crypto criminal who was serving a life sentence for selling and distributing narcotics. Or the Trump $TRUMP dinner, widely criticized as selling access to the president. White House Press Secretary Karoline Leavitt pushed back heavily on those criticisms during a press briefing hours before the May 22 dinner, telling reporters it was 'absurd for anyone to insinuate that this president is profiting off of the presidency.' This confusion over the crypto wallet rollout isn't helping anyone trying to pitch crypto as a sophisticated market that's ready for prime time.
