Amid the controversial announcement of an “official” TRUMP crypto wallet, the Trump family is allegedly considering taking legal action against the project for using the likeness of the US President.
According to the official website, the wallet will be “the first and only crypto wallet for true Trump fans,” supporting the trade of the TRUMP token and other digital assets, including Bitcoin (BTC). Users who join the wallet’s waitlist will reportedly have an opportunity to share $1 million worth of the memecoin’s rewards.
Nonetheless, the Trump family distanced itself from the wallet, with the President’s sons taking to social media to clarify the family’s involvement. Eric Trump said in a post that he knows “nothing about this project,” despite running The Trump Organization.
“There is no deal for this product,” he stated, reaffirming that “There is no agreement for this product. It has not been approved.” Since then, the “TrumpWalletApp” X account has been suspended, despite reportedly having a Magic Eden verification badge.
Journalist and podcast host Eleanor Terret shared a response from Magic Eden’s team regarding the claims of being the “official” wallet.
Depending on the deal The Trump Organization negotiated here, Fight Fight Fight LLC might be trying to use its connection to $TRUMP (which it seems to have bought for 80% of the supply) to connect Trump to other projects (like this wallet) which only benefit Trump through possible appreciation of $TRUMP. Fight Fight Fight LLC is heavily incentivized to monetize these products other ways since Trump owns 80% of $TRUMP.
Schwartz concluded that, “If this is correct, The Trump Organization may be very unhappy with this announcement — especially if they planned to launch their own wallet.”
