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US President Donald Trump Jr. and Barron Trump have distanced themselves from an “Official $TRUMP Wallet” announced by the non-fungible token marketplace Magic Eden and TRUMP token platform, branding the launch a case of “absolute chaos” and speculation of a breakdown in the Trump family’s crypto operations.
Announced on June 3, the wallet project was promoted as a collaboration between Magic Eden and TRUMP ($TRUMP) to launch “the Official $TRUMP Wallet.” However, neither Donald Trump Jr. nor his younger brother Barron indicated any approval or affiliation with the venture.
Senior Trump official
Donald Trump Jr., managing director of the family’s real estate and business interests, stated via X that the Trump Organization “has zero involvement” with the announced wallet and that he “knows nothing about it.” He separately promoted his family’s existing crypto platform, World Liberty Financial, stating its official wallet was expected shortly.
“Eric Trump said the wallet is not authorized by the family,” reports a source,” adding that Eric, another son, warned Magic Eden founder Jack Lu in an unspecified conversation, cautioning “be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
Barron Trump followed suit, posting his first X message on the topic to confirm: “the family has zero involvement with this wallet.”
Critics skeptical
Crypto-skeptic Molly White, who broke the news on X, termed the entire episode “absolute chaos.”
The Connected Identity Chain (CIC) Digital LLC, directly linked to Fight Fight Fight LLC (owner of GetTrumpMemes.com and TRUMP token co-sponsor) through the Trump Organization, co-founded TRUMP token’s marketing efforts. Bill Zanker, involved in launching TRUMP and NFT collections, is associated with these entities and holds substantial tokens.
This situation is reminiscent of accusations of internal conflict within CEO Donald Trump Jr.’s crypto projects.
Related legal issues
The proposed wallet website claimed it was the “Official $TRUMP Wallet by President Trump” orchestrated by Magic Eden.
— **Related lawsuit case:** Capitaline Law Group reported that the NY State Department of Financial Services revoked the license of Bright Digital Lending, a crypto arm of Trump’s son Eric. Eric Trump’s office acknowledged a previously undisclosed crypto lending business connected to the company in a separate case from late May.
Financing difficulties
A May 26 report by the Financial Times suggested TRUMP was raising $3 billion funding, including via convertible bonds, to buy Bitcoin.
TRUMP Media and Technology Group, owner of Truth Social, dismissed the FT report; a day later, the company confirmed a $2.5 billion capital raise to purchase Bitcoin.
Related reading: Financial Times raises Bitcoin funding concerns | Trump Junior’s Crypto Lending Business Reckless?
