Trump Crypto Wallet in ‘Absolute Chaos’ as Family Disavows Launch

The unveiling of a Donald Trump-branded cryptocurrency wallet has descended into turmoil, with the Trump family publicly disavowing the project despite its ties to their business ventures.

The announcement, made by the non-fungible token (NFT) marketplace Magic Eden and the team behind the Official Trump (TRUMP) memecoin, has been labeled "absolute chaos" by crypto skeptic Molly White, highlighting a rift within the Trump family's sprawling crypto empire.

This latest controversy underscores ongoing concerns about the ethical and regulatory implications of the Trumps' deepening involvement in the volatile cryptocurrency industry.

The Chaotic Wallet Announcement

On June 3, Magic Eden and the Official Trump (TRUMP) memecoin team announced their collaboration to launch the "Official $TRUMP Wallet," a digital platform for trading cryptocurrencies.

The wallet's promotional website boldly claimed it was "by President Trump" and invited users to join a waitlist with promises of up to $1 million in TRUMP token rewards. However, the announcement quickly unraveled as Donald Trump Jr., Eric Trump, and even Barron Trump, in his first-ever social media post, denied any family involvement.

Donald Trump Jr. stated that the Trump Organization, which manages the family's extensive real estate and business interests, had "zero involvement" with the wallet and was unaware of its development. He emphasized that the family's own crypto venture, World Liberty Financial, would soon launch its own "official wallet."

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Trump Family's Crypto Ventures

The Trump family's crypto endeavors are complex and multifaceted. The $TRUMP memecoin, launched on January 17, 2025, on the Solana blockchain, is controlled by two entities: CIC Digital LLC, wholly owned by the Trump Organization, and Fight Fight Fight LLC, co-owned by CIC Digital and American businessman Bill Zanker.

Together, these firms hold 80% of the TRUMP token supply, valued at over $14 billion on paper, according to the memecoin's website. Zanker, a longtime Trump associate, has been instrumental in launching the TRUMP memecoin, Trump-backed NFT collections, and a forthcoming crypto-infused Monopoly-style game.

Meanwhile, World Liberty Financial, led by Donald Trump Jr. and Eric Trump, is developing a decentralized finance (DeFi) platform and a stablecoin called USD1, which has already raised $550 million in token sales.

Did You Know?
The $TRUMP memecoin surged to a $27 billion market valuation within a day of its January launch, only to lose over 60% of its value by January 31, 2025, highlighting the extreme volatility of memecoins.

Industry and Ethical Concerns

The wallet controversy has reignited scrutiny over the Trump family's crypto ventures, particularly their potential conflicts of interest given President Trump's role in shaping U.S. crypto policy.

Ethics experts have raised alarms about the family's financial stakes in an industry they are poised to regulate, with some calling the $TRUMP memecoin a "pump and dump" scheme.

A recent analysis by The New York Times revealed that 813,294 wallets lost $2 billion trading the TRUMP token, while the Trump family and partners earned $100 million in fees.

The wallet's launch has also drawn criticism from within the crypto industry, with some executives arguing that Trump's involvement undermines the sector's credibility.

The Senate's Permanent Subcommittee on Investigations has launched a probe into the token's ownership and revenue model, further complicating the narrative.