Latest news with #Official$TRUMPWallet
Arabian Post
18 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.
CNN
2 days 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.
CNN
2 days 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.
Time of India
3 days ago
- Business
- Time of India
Is Trump unveiling a crypto wallet? His associates say yes. His sons say no.
A flashy new website drew a surge of attention Tuesday afternoon, purporting to announce the latest cryptocurrency venture backed by President Donald Trump. The developers of Trump's meme coin, the website said, were working with a company called Magic Eden to launch "the Official $TRUMP Wallet", a trading app for customers to buy and sell digital currencies. But the announcement soon triggered a backlash from an unexpected source: Trump's sons. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo Donald Trump Jr. wrote on the social platform X that the Trump family business had no connection to the new crypto product. His brother Eric Trump said he knew "nothing about" it. And in a rare social media post, Barron Trump, the youngest Trump son, said that "our family has zero involvement." The sons' reaction to the announcement appeared to expose a rift in the president's ever-expanding network of crypto ventures, a complex web of businesses run by various family members and associates who now appear to be competing against one another. Live Events On one side is Bill Zanker, a longtime Trump business partner and the architect of the president's meme coin, a type of cryptocurrency usually based on an online joke, which Trump began promoting shortly before his inauguration in January. On the other are Trump's sons, who helped found World Liberty Financial, a separate crypto business that markets its own digital currency, which has generated $550 million in sales. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In a series of text messages to The New York Times, Eric Trump escalated the dispute Tuesday, saying the Trump family would legally challenge the creation of the "Official $TRUMP Wallet" -- even though it was being promoted on social media by an account linked to Zanker. "There is no deal for this product," Eric Trump wrote. "There is no agreement for this product. It has not been approved." Zanker did not respond to a request for comment. But the meme coin's official X account confirmed the authenticity of the wallet announcement in a post late Tuesday. Similar language appeared on Magic Eden's official X account. What appeared to have set off the Trump sons were their own plans to offer a similar product to what Zanker and Magic Eden unveiled. In his post, Donald Trump Jr. wrote that World Liberty Financial would be "launching our official wallet soon." The back-and-forth illustrated the confusing array of Trump crypto products now on the market. In the last four months, the Trump family and its partners have rushed to profit from the crypto industry's growth, with the president in the White House leading a rollback in crypto regulatory oversight. His embrace of the industry has fuelled predictions that crypto is poised to become a major part of the U.S. banking system and mainstream financial markets. Since last fall, the Trump family and its associates have begun four different crypto ventures, under the brand names American Bitcoin, $TRUMP, World Liberty Financial and Trump Media & Technology Group. A meme coin is a type of cryptocurrency with little value beyond speculation. Trump started marketing the $TRUMP meme coin as a collectible, the digital equivalent of a baseball card. Almost immediately, it became an opportunity for speculators to try to make a quick profit by buying the coin as it first hit the market, worth less than $1, and then selling once it surged to nearly $75 per coin. The Trump family and Zanker made money on every transaction, with small fees charged for each trade. They also control 80% of the total supply of $TRUMP coins, which could be worth billions of dollars, at least on paper. So far, none of those holdings have been sold. If even a small chunk hit the market, the price would crash. Over the past few months, Zanker has explored various ways to drive up the price of $TRUMP. In April, the meme coin's developers organized a monthlong contest for investors, announcing that the top 220 traders would be invited to dinner with Trump at the president's Virginia golf club. The event, on May 22, attracted crypto traders from around the world, some of whom attended with the explicit aim of influencing U.S. crypto policy. The dinner was followed by a White House tour for the top 25 buyers of the $TRUMP coin. The chaos over the $TRUMP trading app started Tuesday, when Molly White, a prominent crypto researcher, unearthed a link to the website advertising the new product line. The marketing materials featured a waitlist for customers to sign up for access to the app, promising the possibility of "$1 MILLION in $TRUMP REWARDS!" The site included an artist's rendering of the product, which resembled popular trading apps like Robinhood. Soon Magic Eden, in a post from its official X account, confirmed the website's authenticity. Jack Lu, a founder of Magic Eden, said the app would allow customers to trade popular digital currencies like bitcoin and dogecoin. The project showed his firm's "commitment to onboarding mainstream audience deeper into crypto," Lu wrote. In late afternoon, the Trump meme coin's official X account also confirmed the announcement. "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 post said. By then, however, the Trump sons had each issued statements on social media distancing themselves from the plan. On Tuesday evening, Eric Trump went even further, effectively threatening the backers of the $TRUMP wallet effort. "I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization," he wrote. Around that time, an account on X called @TrumpWalletApp was suspended, leaving it unclear what might happen to the new venture.
3 days ago
- Business
Trump's sons distance themselves from new Trump-branded crypto venture
A digital asset company has collaborated with the firm behind President Donald Trump's $TRUMP meme coin to launch what it's calling the "Official $TRUMP Wallet" -- but the president's sons, who run Trump's crypto businesses, say they have no involvement with the offering. In a post on X Tuesday, Jack Lu, the CEO of a digital asset marketplace called Magic Eden, said his firm had collaborated with GetTrumpMemes -- the firm behind the $TRUMP meme coin -- on $TRUMP Wallet, a digital app that allows users to conduct financial transactions. Lu said the venture would allow users to trade the $TRUMP coin and other cryptocurrencies. But within hours, Eric Trump wrote on social media that "I run @Trump and I know nothing about this project!" Donald Trump Jr. added that he "has zero involvement with this wallet product," and teased plans for a separate digital asset wallet under a different Trump-affiliated crypto firm, World Liberty Financial. Despite those disavowals, the $TRUMP Wallet that launched Tuesday claimed to be the "First and Only Crypto Wallet for True Trump Fans." "Our partnership with the $TRUMP team to build @TrumpWalletApp represents our commitment to onboarding mainstream audience deeper into crypto," Lu wrote on X. ABC News has reached out to Magic Eden for clarification on the venture. As of Tuesday afternoon, X -- the social media company run by Trump ally Elon Musk -- had suspended the account for @TrumpWalletApp. It was not immediately clear why the account was removed. The $TRUMP Wallet website contains little information about the platform itself, but invites visitors to sign up for a waitlist ahead of a formal launch at some later date. Joining the waitlist also allows users to enter a sweepstakes for a share of $1 million worth of $TRUMP rewards. Once a crypto skeptic, Trump and his family have fully immersed themselves in the cryptocurrency marketplace in recent months, developing not only the $TRUMP meme coin -- a type of digital currency that's often based on an internet meme -- but also a bitcoin mining firm, a stablecoin firm, and a crypto reserve. Last month Trump held a black tie event for the winners of a contest that awarded invitations to the top investors in his $TRUMP coin -- with at least some of the funds flowing directly into the Trump family's coffers. Critics have raised concerns about the Trump administration's regulatory role over cryptocurrencies while the president stands to personally benefit from cryptocurrency ventures. Asked Tuesday about the potential conflicts of interest in the Trump family's nascent crypto empire, Donald Trump Jr. said on CNBC that the family "got into [crypto] out of necessity," claiming the Trump family had been "de-banked." "We got into politics and all of a sudden [the banks] wouldn't take our call," he said. "We went all in on a concept that makes total sense because we'd actually been the recipients of how quickly that can be shut off."
