The announcement of the Trump-branded cryptocurrency wallet has fallen into a state of "absolute chaos," as a company associated with the Trump family announced the launch of a digital wallet, only for President Trump's sons to publicly distance themselves from it.
The non-fungible token trading platform Magic Eden and the team behind the presidential meme coin Official Trump (TRUMP) both announced on June 3 that they would collaborate to launch the "Official $TRUMP Wallet."
However, Trump’s son, Donald Trump Jr., later issued a statement saying that the Trump Organization, which oversees the family's vast real estate and business interests, "is completely unrelated to this wallet product," emphasizing that he himself "knows nothing about it."
He added that the family’s cryptocurrency platform, World Liberty Financial, "will soon launch our official wallet."
Eric Trump explicitly stated that the wallet "was not authorized by Trump" and warned Magic Eden to "be extra cautious when using our name for an unapproved project that no one in our organization is aware of."
Trump's youngest son, Barron Trump, even took to the X platform for the first time to indicate that the family "has nothing to do with this wallet."
Cryptocurrency industry observer Molly White, who was among the first to report on the wallet, described the entire incident as "absolute chaos" and speculated that there might be communication barriers among various Trump-related cryptocurrency ventures.
The TRUMP token team, Magic Eden, and its CEO, ack Lu—who also released information about the wallet—have yet to publicly comment on the matter.
The Trump Wallet official website describes it as "the official $TRUMP wallet of President Trump" and claims that "Magic Eden is collaborating with GetTrumpMemes.com" to launch the product.
The website is owned by Fight Fight Fight LLC, which is co-owned by CIC Digital LLC, an affiliate of the Trump Organization—these two companies collectively control a significant portion of the TRUMP token supply.
American entrepreneur Bill Zanker is explicitly listed in the official documents of Fight Fight Fight LLC and holds a large amount of Trump tokens through CIC Digital. Zanker is a core team member who helped launch the TRUMP meme coin and several Trump-endorsed NFT series, and he is developing a game product that combines gaming with cryptocurrency elements, similar to Monopoly.
This is not the first time that a cryptocurrency venture under Trump's name has caused confusion.
Trump Media & Technology Group, the parent company of the president's social media platform Truth Social, initially denied a May 26 report by the Financial Times that stated the company was raising $3 billion through a mix of equity and convertible bonds to purchase Bitcoin and other cryptocurrencies.
However, just one day later, the company changed its stance, confirming that it would raise $2.5 billion through a $1.5 billion stock sale and $1 billion in convertible preferred secured bonds specifically for purchasing Bitcoin (BTC).
Related: CleanSpark expands Bitcoin (BTC) mining scale by 9% in May, with computing power and electricity capacity increasing simultaneously.
Original article: “Trump Memecoin Wallet in ‘Absolute Chaos,’ Family Organization Claims Unawareness”
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