Trump Family Hits Magic Eden With Cease-and-Desist Over Crypto Wallet Plans: Bloomberg
The Trump family is taking legal action against the creators of a purported Trump-branded cryptocurrency wallet, the “$TRUMP Wallet,” following its controversial launch. Donald Trump Jr., Eric Trump, and Barron Trump have all publicly denounced the project, emphasizing that neither the Trump family nor the Trump Organization authorized it. This public repudiation follows the earlier announcement of the wallet, which has already sparked significant controversy.
Eric Trump’s statement on X (formerly Twitter) explicitly cautioned against using the Trump name in association with an unapproved and unfamiliar project. This underscores the family’s clear intention to distance themselves from the initiative.
The legal action involves cease-and-desist letters drafted by lawyers representing World Liberty Financial, a Trump family-linked crypto venture currently developing its own crypto wallet. The letters are directed at Magic Eden, an NFT marketplace, and GetTrumpMemes.com, the website behind the $TRUMP memecoin. GetTrumpMemes.com is owned by Bill Zanker, a long-time associate of the Trump family, through his Florida-based LLC, Fight Fight Fight.
This legal dispute highlights a breakdown in the previously established relationship between the Trump family and Zanker. Despite past collaborations on various crypto ventures, including four of Trump’s NFT launches and a recent dinner for top holders of the $TRUMP memecoin, the association appears to have irrevocably fractured.
Blockchain analytics from Chainalysis reveal that the creators of the $TRUMP memecoin generated $320 million in fees, while a significant portion of retail investors incurred losses. This financial disparity contributes to the overall controversy surrounding the project.
The Trump Organization, World Liberty Financial, and Magic Eden have been contacted for comment on this developing situation. The legal actions taken by the Trump family clearly signal their intent to protect their brand and disassociate themselves from the unauthorized use of their name and likeness in this cryptocurrency venture. The outcome of the cease-and-desist letters and any subsequent legal proceedings remains to be seen.
