Eric Trump and Donald Trump Jr. are contemplating legal action against Magic Eden $after learning of a crypto wallet named "Trump Wallet," which was launched without their consent. This wallet, developed by Magic Eden, its subsidiary Slingshot, and the creators of the TRUMP memecoin, was marketed as the “official $TRUMP wallet.” The Trump brothers have distanced themselves from the project and are gearing up to challenge it in court.
The wallet was first brought to light by crypto researcher Molly White before being confirmed by Magic Eden, which promoted it as “the first and only crypto wallet for true Trump fans,” encouraging users to sign up across social media platforms. CEO Jack Lu mentioned the launch on X, and the TRUMP token account's tweet was met with Magic Eden's confirmation that it was indeed a legitimate project.
Both Eric and Don Jr. emphasized that the Trump Organization was not affiliated with the wallet; Don Jr. claimed he was unaware of its existence, while Eric stated on X, “This project is not authorized by the Trump Organization.” He cautioned Magic Eden to refrain from using their family name on unapproved projects. Eric later informed The New York Times that the Trump family intends to pursue legal action, asserting, “There is no deal for this product. There is no agreement for this product. It has not been approved.”
Both brothers are simultaneously developing their own crypto initiatives through World Liberty Financial, with Don Jr. announcing plans for an official wallet that may create confusion among users due to the potential overlap in branding.
The crypto space is fraught with entities utilizing similar names, including the Trump team (behind the token), the Trump team (referring to the President's advisors), and the @Trump team (linked to the Trump Organization).
Concerns regarding the TRUMP memecoin have also emerged in Washington, as it is controlled by Fight Fight Fight LLC, a company owned by Bill Zanker, a longtime associate of the President and co-author of a book with him in 2007. The TRUMP token’s website claims affiliation with CIC Digital—owned by the Trump Organization—despite stating that neither the Trump family nor the Organization is responsible for its distribution. The site’s fine print reveals that Fight Fight Fight and CIC Digital hold 80% of the token supply, which is subject to a three-year lock-up period.
Recently, the US Senate Permanent Subcommittee on Investigations initiated a probe into the TRUMP token to examine whether Fight Fight Fight is adequately addressing potential conflicts of interest and foreign influence.
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