The crypto world is abuzz with news of a brewing legal battle surrounding a Trump-branded crypto wallet. World Liberty Financial (WLFI), a company with ties to the Trump family, has issued a cease-and-desist letter to Fight Fight Fight LLC, the firm behind the planned launch of the wallet in collaboration with NFT marketplace Magic Eden.
The wallet, which was announced without the approval of the Trump Organization or WLFI, has sparked controversy within Trump’s digital asset efforts. Donald Trump Jr., serving as a Web3 ambassador for WLFI, publicly disavowed the project on social media, emphasizing that the Trump Organization has no involvement with the unauthorized wallet. He reassured supporters that WLFI is preparing to launch its own official crypto product in the near future.
Magic Eden, the NFT marketplace partnering with Fight Fight Fight, confirmed their collaboration and verified the @TrumpWalletApp account on X before it was deleted. The Bloomberg report also revealed that a cease-and-desist letter was sent to Magic Eden, further complicating the situation.
Other members of the Trump family, including Eric and Barron Trump, have distanced themselves from the wallet project and voiced their support for WLFI’s official crypto offering. The dispute highlights the conflicting interests within Trump’s expanding crypto ventures, with WLFI representing the Trump family’s official endorsement while Fight Fight Fight controls the successful $TRUMP memecoin.
The legal wrangling has had immediate repercussions on the $TRUMP token, which lost over $130 million in market cap within minutes of the cease-and-desist being issued. Despite the drop in value, trading volume surged, reflecting heightened activity in response to the news.
The Trump Wallet’s website claims to be the “Official $TRUMP Wallet by President Trump,” listing Magic Eden and GetTrumpMemes.com as launch partners. Fight Fight Fight LLC, which owns GetTrumpMemes.com and shares a majority of the $TRUMP token’s supply with CIC Digital LLC, is led by Bill Zanker, a prominent figure in Trump-branded crypto ventures.
This latest clash over the Trump brand in crypto underscores the complexities of navigating the intersection of politics and digital assets. As the legal battle unfolds, the future of the Trump-branded crypto wallet remains uncertain, leaving investors and enthusiasts alike on edge.