A cryptocurrency wallet project named Trump has just been 'snuffed out in its infancy' after receiving legal warnings from the family of the former U.S. President. Behind the incident is a brand war in the crypto world – where the name Donald Trump is being exploited for profit.
On June 5, Bloomberg reported that World Liberty Financial (WLFI) – a cryptocurrency platform backed by former President Donald Trump and his family – sent a cease-and-desist letter to Fight Fight Fight LLC, the owner of the Gettrumpmemes.com site and the issuer of the TRUMP memecoin.
The reason? The company has quietly prepared to launch a cryptocurrency wallet branded Trump, even creating a waiting list on the Magic Eden platform – a major NFT exchange. Notably, this project has not received permission from the Trump family.
Donald Trump Jr., the eldest son of the former President and the 'Web3 ambassador' of WLFI, has publicly denied any involvement. He stated that the Trump family is not connected to the TrumpWallet and will launch their own product in the near future.
One name - two games?
The phenomenon of 'brand parasitism' in crypto is no longer unfamiliar. With a famous name like Trump, it's understandable that others would exploit it to issue coins, NFTs, or digital wallets. But this time, things have gone too far as the unauthorized project dares to publicly await users.
The website TrumpWallet.com, which previously allowed users to sign up for a waiting list, is now offline following a cease-and-desist order. However, the promotional posts for this wallet on Magic Eden and the Gettrumpmemes page have not yet been removed.
Politics and crypto: a risky romance
The incident is not merely a brand conflict. It also raises questions about the relationship between the political sphere and cryptocurrency. Trump is accused of using political influence to manipulate the crypto market, from the USD1 stablecoin project to the memecoin inviting holders to dinner at his private golf course.
Many Democratic senators have strongly criticized, arguing that Trump is turning cryptocurrency into a campaign tool and personal enrichment. If these allegations are investigated deeply, they could seriously affect the legislative process related to digital assets in the U.S. Congress.
The TrumpWallet project is just the tip of the iceberg. The remaining question is: is the crypto world being politicized, or is politics being crypto-ized?
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