Eric Trump and Donald Trump Jr. are distancing themselves from the recently launched cryptocurrency wallet named Trump Wallet, which is being marketed as an official product tied to their family. Both sons of the former U.S. president have strongly criticized the project, claiming it was launched without their consent and warning of upcoming legal action.

The wallet, launched by Magic Eden in collaboration with its subsidiary Slingshot and the team behind the $TRUMP memecoin, was advertised as “the official wallet for real Trump supporters.” The promotional campaign was rolled out across social media, and Magic Eden CEO Jack Lu even confirmed its legitimacy on platform X.

This prompted a fierce reaction from the Trump family—specifically Donald Trump Jr. and Eric Trump—who stated that they had never heard of the wallet and gave no approval whatsoever. Eric Trump publicly warned Magic Eden that using their family name without permission is “extremely risky.”


Lawsuit in the Works and Competing Project

Eric Trump told the New York Times that the family's legal team is preparing to take the case to court, emphasizing that no agreement exists between the Trumps and Magic Eden. Simultaneously, Don Jr. revealed that World Liberty Financial (WLF)—a crypto venture run by the Trumps—is about to launch its own official wallet.

This development could lead to confusion, as two different Trump-branded wallets may coexist in the market—one of which is unaffiliated with the actual Trump family.


Memecoin Sparks Senate Inquiry

The original $TRUMP token is managed by Fight Fight Fight LLC, a company owned by Trump’s longtime associate Bill Zanker. Although the wallet’s website mentions an affiliation with CIC Digital (linked to the Trump Organization), the terms and conditions state that the Trump family bears no responsibility for the token’s distribution.

The ambiguous setup has caught the attention of U.S. lawmakers. The U.S. Senate Permanent Subcommittee on Investigations has opened an inquiry into potential conflicts of interest, market manipulation, and foreign influence. The committee is especially focused on how 80% of the token supply is held jointly by CIC Digital and Fight Fight Fight, with a three-year unlock schedule.


Deleted Account and Price Spike

The X account @TrumpWalletApp, which promoted the wallet, has since been suspended for violating platform rules, though specific reasons were not disclosed.

Interestingly, Magic Eden’s token $ME saw a more than 20% increase amid the wallet controversy, though it remains over 94% below its all-time high. This price action highlights how quickly media attention can influence the crypto market—even if only briefly.


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