Trump Family Disclaims Official Crypto Wallet Amid Legal Threats
Amidst the recent uproar over the announcement of an alleged “official” Trump crypto wallet, the Trump family is reportedly contemplating legal measures against the project for unauthorized use of the former US President’s likeness.
Trump Family Disavows Connection to Crypto Wallet
The crypto world was abuzz on Tuesday following the announcement of a purported “official” Trump crypto wallet by the NFT marketplace Magic Eden, in collaboration with the creators of the president’s endorsed memecoin, TRUMP. According to the project’s website, this wallet is poised to be “the first and only crypto wallet for ardent Trump supporters,” facilitating the trading of the TRUMP token alongside other digital currencies like Bitcoin (BTC). Enthusiasts who sign up for the wallet’s waitlist are promised a chance to partake in $1 million worth of memecoin rewards.
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Magic Eden’s CEO, Jack Lu, corroborated the development, emphasizing that the project represents a significant stride towards seamless user experience (UX) in decentralized finance (DeFi) and a new era of regulatory clarity fostering crypto growth in the US. Lu stated, “The moment to make substantial moves and onboard the mainstream has arrived.”
However, the Trump family quickly distanced itself from the venture. Eric Trump took to social media to assert his unfamiliarity with the project, despite his leadership role at The Trump Organization. He declared that the Magic Eden crypto wallet is “not authorized” by the Trump family and advised caution against utilizing the Trump name in unapproved projects.
Meanwhile, Donald Trump Jr. reiterated the family’s non-involvement and indicated that World Liberty Financial (WLFI) is working on launching an official wallet in the near future. The New York Times reported that Eric Trump escalated the situation, indicating the family’s intention to “legally challenge the creation” of the unofficial wallet.
A Potential Miscommunication?
Journalist and podcast host Eleanor Terret shared Magic Eden’s response to the claims of being the “official” wallet. In a statement released on Tuesday, Magic Eden asserted that it is the official $TRUMP Wallet, carrying legitimate Trump branding and intellectual property. The marketplace has previously collaborated with the $TRUMP project on other NFT launches and expressed enthusiasm about the current larger-scale endeavor.
Molly White, who initially reported the story, labeled the announcement as “absolute chaos,” highlighting the involvement of Fight Fight Fight LLC (Bill Zanker) in the Trump memecoin initiative. She noted that the Trump Organization-affiliated CIC Digital holds a significant portion of the tokens.
To White, the confusion seems to stem from a disconnect between the Zanker team and the Trump family members, suggesting it’s astonishing that they claim complete ignorance of the project. Ripple’s CTO, David Schwartz, also described the situation as “bizarre,” proposing that a miscommunication or misunderstanding is the most plausible explanation.
Schwartz theorized that the TRUMP token team may not have required approval from or notification to CIC Digital or The Trump Organization for the project’s launch, which could explain the Trump family’s statements. Depending on the terms negotiated by The Trump Organization, Fight Fight Fight LLC might be leveraging its connection to $TRUMP to link Trump to other initiatives, including the wallet, which might only indirectly benefit Trump through potential $TRUMP token appreciation.
Schwartz concluded, “If this theory holds, The Trump Organization might be quite displeased with this announcement, especially if they had plans to introduce their own wallet.”
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