The announcement of a Trump-branded crypto wallet has been labelled “absolute chaos” as a business linked to the Trumps said it would launch a wallet only to have US President Donald Trump’s sons distance themselves from it.
The non-fungible token marketplace Magic Eden and the team behind the president’s memecoin, Official Trump (TRUMP), both said on June 3 that they were linking up to launch “the Official $TRUMP Wallet.”
However, Donald Trump Jr. said that the Trump Organization, which oversees Trump’s sprawling real estate and business interests, “has zero involvement with this wallet product” and that he knows “nothing about it.”
He added the family’s crypto platform, World Liberty Financial, “will be launching our official wallet soon.”
Eric Trump said the wallet “is not authorized by Trump” and warned Magic Eden to “be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
Trump’s youngest son, Barron Trump, even made his first-ever X post to say the family “has zero involvement with this wallet.”
Crypto skeptic Molly White, who first reported on the wallet, called the saga “absolute chaos” and speculated there is a breakdown in communication between the various crypto-related Trump-linked businesses.
The TRUMP token team, Magic Eden and the platform’s CEO, Jack Lu — who also posted about the wallet — have not publicly made a statement on the matter.
Trump’s crypto empire factions
The Trump Wallet website describes it as the “Official $TRUMP Wallet by President Trump” and says that “Magic Eden partnered with GetTrumpMemes.com” for its upcoming launch.
The website is owned by Fight Fight Fight LLC, which is co-owned by a company affiliated with the Trump Organization called CIC Digital LLC — the two firms together own a majority of the TRUMP token supply.
American businessman Bill Zanker is listed on documents for Fight Fight Fight LLC and also holds a substantial quantity of Trump tokens through CIC Digital. Zanker is part of the team that helped launch the TRUMP memecoin, various Trump-backed NFT collections, and is working on a Monopoly-style game blending gaming and crypto elements.
This isn’t the first time there has been confusion over crypto ventures bearing the Trump name.
Related: Trump crypto dinner guest describes ‘worst food’ ever and ‘bullshit’ speech
Trump Media and Technology Group, the company behind President Trump’s social media platform Truth Social, initially denied a May 26 report by the Financial Times, which claimed it was raising $3 billion in a mix of equity and convertible bonds to buy Bitcoin and other crypto.
The company backflipped only a day later and confirmed a $2.5 billion capital raise to purchase Bitcoin through a $1.5 billion stock sale and a $1 billion convertible senior secured bonds.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
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