In the announcement of the controversial “official” Trump crypto wallet, the Trump family is allegedly considering legal action against the project to use the portrait of the U.S. president.
Trumps deny participation in crypto wallets
On Tuesday, the cryptocurrency community announced the upcoming “official” Trump crypto wallet, by the Unkillable Token (NFT) Market Magic Eden works with the president’s official commemoration of the team behind Trump.
According to the official website, the wallet will be “the first and only crypto wallet for real Trump fans” that supports the trade of Trump tokens and other digital assets, including Bitcoin (BTC). Users who are on the wallet waiting list will have the opportunity to share a $1 million Memecoin reward.
TRUMP Wallet annoucement. Source: Magic Eden on X
Jack Lu, CEO of Magic Eden, confirmed the news, confirming the project’s confirmation: “Defi can ultimately support seamless UX, and the clarity of regulation finally made Crypto flourish in the United States. It’s time to make big bets, now mainstream.”
Nevertheless, the Trump family is far away from their wallets, and the president’s sons are on social media to clarify family involvement. Eric Trump said in an article that despite running the Trump Organization, he “knows nothing about the project.”
He confirmed that the Magic Eden Crypto Wallet was “not authorized by the Trump family”, warning their team to use Trump’s name “very cautious” in an unauthorized project, while their organization is unknown.
Meanwhile, Donald Trump Jr also denied any involvement with the wallet and announced that World Free Finance (WLFI) is working to open up its official wallet.
The New York Times reported that Eric Trump “escalated the dispute”, confirming that the Trump family will “legally challenge the creation of unofficial wallets” in a series of news media.
He said: “The product has no deal for the product. Since then, despite a magical Garden of Eden verification badge, the “Trumpwalletapp” X account has been suspended.
“Freaky” communication is not smooth?
Reporter and podcast host Eleanor Terret shared the response from the Magic Eden team, indicating that it was the claim of the “official” wallet.
In a statement Tuesday, NFT Market confirmed: “The official $Trump Wallet carrying the official Trump brand and IP. Magic Eden has historically partnered with $trump Project to support their previous NFT launches and is excited about our larger project now with $trump Wallet.”
Molly White, who first reported the story, called the news “absolute chaos” and noted that “the Trump memorial team is Fight Fighting Fighting Fighting Fight LLC (Bill Zanker), although the Trump Organization’s CIC Digital also has a large number of tokens.”
To White, “it seems to be a breakdown between the Zanker team and Trump’s son, but they claim they have never heard of it.” Similarly, Ripple’s CTO David Schwartz called the incident a “very strange situation,” suggesting that the most likely explanation is a misunderstanding or misunderstanding.
He believes that the Trump token team may not need to obtain approval or notify the CIC number or the Trump Organization to launch the project, which could explain the Trump family’s comments on the wallet:
According to the deal, the Trump Organization is negotiating here, and Fight Fight LLC may attempt to exploit its connection to $trump (which appears to have been purchased for 80% of the supply) to connect Trump to other projects, such as this wallet, which can only benefit from a possible appreciation of Trump. Since Trump owns 80% of Trump, the Fight Fight Fight Fight Fight LLC is incentivized to make these products profitable.
Schwartz concluded: “If this is correct, the Trump Organization may be very unhappy with the announcement, especially if they plan to launch their own wallets.”
TRUMP trades at $11.09 in the one-week chart. Source: TRUMPUSDT on TradingView
Featured images from Unsplash.com, charts from TradingView.com
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