The launch of a Trump-branded cryptocurrency wallet, tied to the controversial $TRUMP memecoin, has descended into what observers are calling “absolute chaos,” with President Donald Trump’s sons publicly distancing the family from the project. Announced on 3 June 2025 by the non-fungible token marketplace Magic Eden and the team behind the $TRUMP memecoin, the wallet was promoted as the “Official $TRUMP Wallet” with a rewards campaign offering up to $1 million in tokens. However, the Trump Organization, led by Donald Trump Jr. and Eric Trump, has declared no involvement, exposing a rift between the family and the memecoin’s creators, raising ethical questions, and fueling speculation about mismanagement in Trump’s sprawling crypto ventures.
The $TRUMP memecoin, launched on the Solana blockchain in January 2025, has been a lightning rod for controversy. Backed by Fight Fight Fight LLC and CIC Digital LLC—entities linked to the Trump Organization and holding 80% of the token’s supply—it soared to a $72 billion market valuation within days but has since plummeted to around $12 per token, leaving over 760,000 small investors with $3.87 billion in losses. Meanwhile, insiders, including 58 large wallets, have reaped profits exceeding $1.5 billion, with the Trump-affiliated entities earning nearly $320 million in trading fees alone. The wallet’s launch was meant to capitalise on this frenzy, promising seamless integration with the memecoin and exclusive rewards, but it has instead highlighted disarray.
Donald Trump Jr. stated that the Trump Organization “has zero involvement with this wallet product” and knows “nothing about it,” while Eric Trump warned Magic Eden to “be extremely careful” using the Trump name without approval, asserting the wallet “is not authorised by Trump.” The family’s own crypto platform, World Liberty Financial, is reportedly preparing its own wallet, suggesting the $TRUMP team preempted their plans. Crypto analyst Molly White, who first flagged the issue, described the situation as a breakdown in communication between Trump-linked ventures, pointing to the memecoin team’s ties to Fight Fight Fight LLC, co-owned by businessman Bill Zanker, a key figure in Trump’s NFT and memecoin projects.
The wallet’s website, branded as the “Official $TRUMP Wallet by President Trump,” has intensified confusion, with critics accusing the memecoin team of exploiting Trump’s name for clout. Posts on X reflect a polarised sentiment, with supporters hailing the wallet as a bold move to democratise wealth, while detractors label it a “pay-to-play scheme” riddled with ethical red flags. The announcement follows a May 2025 dinner at Trump’s golf club, where top $TRUMP holders, including billionaire Justin Sun, secured seats through massive token purchases, further stoking concerns about access to the president being commodified.
Ethics experts warn that the wallet saga underscores broader issues with Trump’s crypto ventures, which have drawn scrutiny for potential conflicts of interest. The Modern Emoluments and Malfeasance Enforcement Act, proposed by Representative Sam Liccardo, aims to curb such ventures by prohibiting presidents from issuing financial assets. As the $TRUMP memecoin continues to generate headlines—both for its volatility and the family’s disavowal of the wallet—the episode highlights the murky intersection of cryptocurrency, political influence, and personal profit, leaving investors and observers grappling with the fallout of a venture mired in chaos.
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