Cryptopolitan 2025-06-05 06:20:53

Eric Trump and Donald Trump Jr. are threatening legal action against Magic Eden

Eric Trump and Donald Trump Jr. are threatening legal action against Magic Eden after discovering a crypto wallet using their family name was launched without their approval. The wallet, called Trump Wallet, was created by Magic Eden, its subsidiary Slingshot, and the team behind the TRUMP memecoin. The product was announced as the “official $TRUMP wallet,” but the President’s sons are denying any involvement and are preparing to fight it in court. Crypto researcher Molly White first spotted the wallet online before Magic Eden publicly confirmed it. The NFT marketplace then promoted it as “the first and only crypto wallet for true Trump fans,” pushing it across social media and telling users to sign up. CEO Jack Lu posted about it on X, and when the TRUMP token account tweeted about the launch, Magic Eden replied with, “Yes. It’s real.” Trump family disowns the wallet project Don Jr. said the Trump Organization “has nothing to do with” the wallet and added that he knew “nothing about it.” Eric Trump echoed that same stance and took it further. “This project is not authorized by the Trump Organization,” Eric wrote on X. “@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 later told The New York Times that the Trump family plans to take legal action. “There is no deal for this product,” he said in a message to the paper. “There is no agreement for this product. It has not been approved.” Both Eric and Don Jr. are currently working on their own crypto ventures through World Liberty Financial. Jr. said WLF is preparing to launch its own “official wallet” soon, which could result in two different crypto wallets using the Trump brand. This raises the risk of confusion among users and investors. On top of that, the crypto industry is already filled with entities using similar branding: the $TRUMP team (which built the token), the Trump team (referring to the President’s advisors), and the @Trump team (connected to the Trump Organization). Memecoin raises concerns in Washington The TRUMP token is controlled by Fight Fight Fight LLC, a company owned by Bill Zanker. Zanker is a longtime associate of the President and co-authored a book with him in 2007. The website of the TRUMP token lists CIC Digital — which is owned by the Trump Organization — as affiliated with the token, even though it also says that neither the Trump family nor the Trump Organization are responsible for distributing it. Fine print on the token’s site reveals that Fight Fight Fight and CIC Digital collectively hold 80% of the supply. The tokens are locked under a three-year unlocking period. Last month, the US Senate Permanent Subcommittee on Investigations launched a probe into the TRUMP token, focusing on whether Fight Fight Fight was doing enough to avoid conflicts of interest and foreign influence. Lawmakers are also checking if the setup might be violating federal laws. As the Trump Wallet situation escalated, the X account @TrumpWalletApp, which had been tied to the Magic Eden wallet, was taken down. The account was suspended for breaking platform rules, but no one has said exactly which ones. Meanwhile, the price of Magic Eden’s ME token jumped right after the Trump Wallet started getting attention. It rose from $0.86 to around $1.04. That’s a gain of about 21%, but the token is still down more than 94% from its all-time high. Over the last month, ME is up about 7%, per data from CoinGecko. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

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