Recently, the controversy surrounding the "official $TRUMP crypto wallet" involving the family of U.S. President Donald Trump has attracted widespread attention in the crypto market. This incident not only reveals the internal divisions within the Trump family regarding crypto assets but also exposes the potential risks of celebrity influence in the crypto market.
The True and False "Official" Wallet Dispute
The focus of the controversy is a crypto wallet named "Official $TRUMP Wallet." This wallet was launched by Bill Zanker, a long-time business partner of Trump, under Fight Fight Fight LLC, and promoted in collaboration with the NFT market Magic Eden, claiming to be the official wallet for trading $TRUMP tokens. However, Trump's sons Donald Trump Jr. and Eric Trump publicly denied any association with the project, emphasizing that the family did not authorize the release of the wallet and warning that they might take legal action to protect the legitimacy of the "Trump" brand.
Internal Family Discrepancies in Crypto Layouts
The Trump family's involvement in the crypto space is becoming increasingly complex. In addition to the $TRUMP token, they are also involved in various projects including stablecoins, NFTs, Bitcoin mining, and an upcoming Bitcoin ETF. Donald Trump Jr. and Eric Trump are developing another "official" crypto wallet through World Liberty Financial, attempting to establish a more unified crypto asset platform under the family brand. However, the lack of coordination among family members has led to confusion in the market regarding "official" products, increasing investor confusion and risk.
Market Reaction and Investor Risks
Due to the controversy over the "official" status, the market performance of the $TRUMP token has been affected. Previously, a $32.5 million sell-off of $TRUMP tokens caused its price to drop by 17% in a short period, raising concerns about insider trading and market manipulation. Additionally, the high concentration of tokens controlled by the Trump family has raised questions about market liquidity and price stability.
Regulatory and Ethical Controversies
During his presidency, Trump launched and promoted the $TRUMP token, sparking widespread ethical and legal controversies. On January 17, 2025, Trump launched the $TRUMP token through his owned CIC Digital LLC, quickly boosting its market value to $27 billion. The Trump family controls 80% of the token supply, raising questions about their use of the presidential position for personal gain.
Furthermore, on May 22, 2025, Trump hosted a private dinner at the Trump National Golf Club in Washington, D.C. for major holders of the $TRUMP token. This event was criticized as an act of "selling access to the presidency," provoking strong opposition from senators and ethical oversight organizations. Senator Elizabeth Warren called it a "corrupt spectacle" and urged an investigation into the president and his family members' profit-making activities in the cryptocurrency field.
Conclusion
The controversy surrounding the Trump crypto wallet highlights the double-edged sword of celebrity influence in the crypto market. On one hand, celebrity involvement can quickly attract attention and funds; on the other hand, projects lacking transparency and internal coordination can easily lead to market chaos and investor losses. As the crypto market continues to evolve, ensuring the legitimacy and transparency of projects while attracting investment will be a challenge that regulators and market participants must face together.
Related: Senate Committee to Consider Trump's Nominee for CFTC Chair
Original: “The Trump Crypto Wallet Controversy: The True and False 'Official' Dispute Causes Market Turmoil”
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