From his political alliance to a crypto empire, cracks are appearing around Trump.

Written by: 0xFacai, BUBBLE, Rhythm BlockBeats

In the early hours of June 6, Musk and Trump completely fell out. Just a week after Musk stepped down as head of the "Department of Government Efficiency" (DOGE), the two began exchanging explosive accusations on the X platform. This led to Tesla's stock price dropping over 15% in a single day, while the stock price of Trump's media company (TMTG) also plummeted by 7.82%. As this "political reality show" reached its climax, cracks also appeared within Trump's crypto empire.

Presidential Live Feud, Global Netizens Watch

In the early hours of June 6, Musk suddenly posted on social platform X, "It's time to drop a real bomb: Trump appears in Epstein's documents. This is the real reason these documents have not been made public. Have a great day, DJT!"

This puzzling tweet was Musk's "latest bombshell" in the exchange of insults with Trump. Just hours earlier, Trump had posted on his personal social platform that Musk had made him "fed up," stating, "I let him go, I canceled the mandate for everyone to buy electric cars that no one wanted (he knew I was going to do this months ago!), and then he went crazy!" He continued to post, adding, "The easiest way to save tens of billions in our budget is to terminate government subsidies and contracts for companies like Musk (Tesla, SpaceX, etc.), and I have always been surprised that Biden hasn't done this!"

Trump continued to assert that he could win Pennsylvania even without Musk's help. This statement further angered Musk, who posted on X, "Trump is so ungrateful; without me, Trump would lose the election, the Democrats would control the House, and the Republican seats in the Senate would drop from 51 to 49."

After leaving the "Department of Government Efficiency" last Friday, Musk and Trump, once "allies," quickly moved toward open confrontation.

The starting point seems to stem from Trump withdrawing his nomination of Musk's close ally Jared Isaacman as NASA director, while Musk directly criticized Trump's promoted "One Big Beautiful Bill Act," calling it "disgusting": "This Congress spending bill full of private interests and absurdities is a nauseating disaster." This statement caused a stir in American politics and public opinion.

The "One Big Beautiful Bill Act" is actually a comprehensive legislative plan covering government budgets, tax systems, debt management, and environmental policies. The bill promises to extend the expiring tax cuts passed during Trump's first term in 2017, inject funding for defense spending, and provide funding for the large-scale deportation of undocumented immigrants, serving as a key tool for Trump to advance his core policy agenda after re-election.

Musk warned that this bill would push America's already massive fiscal deficit to $25 trillion, placing an unsustainable heavy debt on the American people. The plan faced strong opposition from within the party during its review in the House, and Musk's comments further reflected broader tensions within the Republican Party regarding the plan.

Some Republican lawmakers also sided with Musk. U.S. House Representative Thomas Massie posted on June 6, stating that lawmakers only learned the contents of the bill on the night it passed, "The House has a 72-hour rule requiring bills to be published 72 hours before they are passed. But the Speaker bypassed this rule with a 'manager's amendment,' which rewrote most of the bill's content and added important parts on the night the bill passed the rules committee."

The rift between Musk and the Trump administration had been frequently reported by the media months ago. In April, Musk and Bessent were seen arguing outside the White House, sparking discussions about American politics. Trump's eventual choice to support Bessent's nomination proposal also raised suspicions about whether the relationship between Trump and Musk had begun to fracture.

According to media reports, several White House officials privately expressed that Musk's sharp comments caught them off guard; they did not expect his public stance to be so strong. In response to Musk's criticism, White House Press Secretary Levitt stated at a press conference on June 3, "The President has long been aware of Musk's position on this bill, and this will not change the President's view. This is a great and beautiful bill. He will stick to it."

Family Internal Strife Over "Trump Wallet"

Also in the early hours of June 6, another wave of "friends and family" around Trump began to clash. Trump's family DeFi project WORLD LIBERTY FINANCIAL (WLFI) issued a cease-and-desist order to FIGHT FIGHT FIGHT LLC (the company behind the TRUMP token), reportedly related to the recent uproar in the crypto market over the Trump Wallet application.

On June 4, NFT trading platform MagicEden announced a collaboration with $TRUMP to launch Trump Wallet. Upon the announcement, the market cap of MagicEden's token $ME surged nearly 30% from $850 million to $1.1 billion within two hours, but immediately afterward, Trump's eldest son, second son Eric, and youngest son Barron all posted to deny any connection to the announcement.

Despite the resistance from various "WLFI members," the official TrumpMeme account and members of the MagicEden team confirmed the situation, leaving both sides in a state of confusion. Currently, the original X account for Trump Wallet has been banned multiple times by Twitter; prior to this, the account belonged to MagicEden's gold standard account, and according to information from the official website, the privacy policy and terms and conditions or "promotions" are managed by Slingshot Finance, which was acquired by MagicEden two months ago.

Factions Within Trump's Crypto Group

This is not the first time Trump's team has shown signs of instability. During his last presidential term, the internal team members of the Trump administration experienced significant factional struggles and changes, with resignations being a common occurrence. Trump's crypto empire has also sown the seeds of division, much like his government team.

Interestingly, from MagicEden CEO Jack's Twitter, it can be seen that he recently attended a dinner for $TRUMP alongside the founder of Slingshot, which was mentioned earlier. This tweet was also retweeted by the official $TRUMP meme account. On June 3, the TRUMP Meme official account stated that users participating in the "Dinner with Trump" event would receive airdrops of three different Solana NFTs to their wallets, which now seems to be a form of preheating for the "Trump Wallet App."

From left to right, Slingshot founder Clinton Bembry Jr., MagicEden founder Jack, MagicEden Chief Business Officer Chris Akhavan

The person planning the $TRUMP dinner in Washington in May 2025 is none other than Trump's longtime friend—Bill Zanker. Bill Zanker is the authorized person behind Fight Fight Fight LLC, the company promoting the $TRUMP token, which jointly owns 80% of Trump's $TRUMP memecoin with CIC Digital LLC, valued at billions of dollars.

Bill and Trump co-authored "Think Big and Kick ASS in Business and Life" in 2007. Additionally, they collaborated in 2013 to establish the ill-fated crowdfunding site FundAnything, which Zanker founded with his own $1 million. However, a year later, Trump distanced himself from the project, only posting a few tweets and stating, "Raising this money took too much of my time and energy," after which the project "fizzled out." Until 2022, when Bill Zanker proposed the business concept of "trump NFT," the two have been collaborating in the cryptocurrency field ever since.

Bill Zanker with Trump

CIC Digital LLC was established in 2021 by one of Trump's lawyers, John Marion, and former advisor Nick Luna. CIC Digital LLC operates the website for the $TRUMP token in collaboration with Fight Fight Fight LLC, as a subsidiary of the Trump Group, and generates revenue from transactions.

CIC Digital LLC is responsible for authorizing the use of Trump's name and likeness for NFT projects such as Trump Digital Trading Cards. Bill Zanker is considered a key promoter of the Trump NFT project. CIC Digital LLC licenses Trump's brand to NFT INT LLC (a company registered in Delaware), while Zanker plays a role in organizing and promoting the project, even though he does not directly own NFT INT LLC.

Magic Eden, a well-known NFT platform, has also collaborated with the Trump Digital Trading Cards project. In March 2024, the Trump card NFT project announced it would migrate to Magic Eden, stating that Magic Eden "has established a dedicated team to assist users in managing their Trump digital card collections."

In addition to Bill Zanker, the community believes that the leader of $TRUMP also includes the involvement of David Sacks, the chairman of the Crypto Council. David Sacks is known as one of the founders of PayPal and gained fame by creating Yammer and selling it to Microsoft for $1.2 billion. In the crypto space, David Sacks is primarily known as an investor in the crypto venture capital firm Multicoin and a strong supporter of Solana.

Within days of $TRUMP's launch, a token named $MELANIA, after Trump's wife Melania, was also issued. Ryan Selkis, the founder of Messari, tweeted urging Trump to fire those involved in launching the $MELANIA project. "The project team lacks professional capability, which could lead to significant economic losses and damage to reputation, and the project decisions did not adequately consider Trump's interests," Selkis pointed out the issues with $MELANIA.

Compared to the $TRUMP coin, the issuance of $MELANIA was more hasty, with incomplete front-end code, uncompressed images, and the website only being set up the day before the project launch. The legal texts were also not rigorous, leading many netizens to speculate that there were significant differences in the methods of $MELANIA and $TRUMP, suggesting they might not be operated by the same team.

Similar to the previous situation where $TRUMP and $MELANIA "collided," after Magic Eden announced its collaboration with the $TRUMP crypto wallet, Trump's eldest son stated that WLFI would also launch its official wallet. However, applications like "Trump Wallet" cannot exist alongside Memecoins; there can only be one Trump-themed wallet app, which led to today's mix-up of "true and false Monkey Kings."

Eric Trump sent a series of text messages to The New York Times, further escalating the dispute, claiming that the Trump family would legally challenge the "$TRUMP Wallet," even though the wallet was promoted on social media by an account associated with Bill Zanker, who is also part of the "Trump interest group." "This product has not reached any agreement," Eric Trump wrote, "This product has not reached any agreement. It has not been approved yet."

WLFI was established on September 16, 2024, when then-elected President Donald Trump announced his entry into X. The company was founded by real estate mogul Steve Witkoff and his son Zach Witkoff, with Trump's sons Eric Trump and Donald J. Trump Jr. also participating as team members in the project.

Justin Sun (left), Zach Witkoff (middle), and Trump's second son Eric Trump (right) attended the cryptocurrency conference Token2049 held in Dubai.

Witkoff's son, Zach Witkoff, co-founder of the crypto company World Liberty Financial, announced at a conference in Dubai that the company had reached an agreement with Tahnoon's enterprise, which will purchase $2 billion worth of stablecoins USD1 issued by World Liberty. The Witkoff family and the Trump family are expected to share tens of millions of dollars in annual profits, as "the Trump family holds 60% of World Liberty Financial."

Since last fall, the Trump family has begun multiple different cryptocurrency projects, including American Bitcoin, $TRUMP, $MELANIA, World Liberty Financial, and Trump Media & Technology Group. Recently, the Trump family's related crypto business has not slowed down; in addition to today's farce over the "wallet," Trump's social media platform Truth Social submitted a Bitcoin ETF application, and the official meme coin $MELANIA has also reached a liquidity provision agreement with Wintermute. WLFI has also airdropped 47 USD1 stablecoins to its token subscribers' addresses, seemingly putting the stablecoin track on the right path.

At this point, it seems that the teams behind $TRUMP and Trump NFT, which can no longer draw liquidity from the market, are gradually distancing themselves from the core circle of the "Trump Group."

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