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A crypto wallet made by Magic Eden, its subsidiary Slingshot, and the TRUMP memecoin team called Trump Wallet is facing scrutiny from the US President’s sons.
The wallet’s reveal — which began as a leak after crypto researcher and critic Molly White spotted it online — spurred an announcement from Magic Eden yesterday confirming the Trump Wallet’s existence, calling it an “official $TRUMP wallet.”
The marketplace promoted the upcoming wallet as “the first and only crypto wallet for true Trump fans.”
Magic Eden CEO Jack Lu also posted on X about the wallet, encouraging users to sign up for it after some media outlets including Blockworks had already reported the news.
The marketplace later said “Yes. It’s real” in response to a tweet from the TRUMP memecoin account.
But the pro-crypto President’s sons Eric and Donald Jr., who are working on various Trump-themed crypto projects of their own via World Liberty Financial, both said they had no idea the wallet was being launched.
There’s also a difference between the “$TRUMP team” (who made the TRUMP memecoin) the “Trump team” (Presidents’ advisors and staff), and the “@Trump team” (Trump Organization), to make things even more confusing.
To further that confusion, CIC Digital, which is owned by the Trump Organization, is affiliated with the token. But the coin’s website says that the Trump family and The Trump Organization aren’t distributing the coin.
Fight Fight Fight LLC is behind the TRUMP token. Fight Fight Fight is run by Bill Zanker, a man believed to be close to the President and who co-authored a book with him that was released back in 2007.
Fine print on the memecoin’s website notes that CIC Digital and Fight Fight Fight collectively own 80% of the token supply, with a three-year unlocking schedule.
The TRUMP token — and the President’s profits from it — sparked an investigation last month from the US Senate Permanent Subcommittee on Investigations, which seeks to understand the steps Fight Fight Fight is taking to prevent “conflicts of interest or foreign interest” and to assess whether it’s violating federal laws, among its concerns.
Donald Trump Jr. said The Trump Organization has “nothing to do with” the Magic Eden-powered Trump Wallet and that he knew nothing about it. Eric Trump also denied any knowledge of the wallet, and later cautioned the NFT marketplace against using his family’s name.
“This project is not authorized by @Trump,” Eric wrote, adding: “@MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
Eric Trump reportedly told The New York Times yesterday that his family will take action against the Magic Eden Trump Wallet, which could include legal steps. In a text to the newspaper, he said: “There is no deal for this product” and added that “There is no agreement for this product. It has not been approved.”
Donald Jr. shared that WLF will launch its own “official wallet” soon. This could mean there may be two Trump-branded crypto wallets out in the world at some point in the near future, which would surely cause confusion.
The X account (@TrumpWalletApp) linked to Magic Eden’s so-called Trump Wallet was suspended for breaking the social media platform’s rules, but it’s unclear which rule or rules might have been broken.
Magic Eden’s ME token spiked shortly after the wallet was first revealed online, rising from $0.86 to roughly $1.04. ME is up roughly 7% in the past month, but remains down about 94% from its all-time high.
A spokesperson for Magic Eden and Lu declined to comment further beyond its existing social media posts.
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