On June 3, 2025, a website launched promoting the "Official $TRUMP Wallet," marketed as a crypto trading platform with a Trump-branded memecoin and backed by the NFT platform Magic Eden. It promised support for Bitcoin, Ether, Solana, Magic Eden's ME token, and offered $1 million in rewards for early adopters.
But within hours, Donald Trump Jr. and Eric Trump publicly denied any involvement via their X accounts, labeling the initiative unauthorized and asserting the Trump Organization had no part in it.
Trump family lawyers from World Liberty Financial quickly issued cease-and-desist letters to both Magic Eden and Fight Fight Fight LLC (the developers behind the memecoin) for misusing the Trump name. The wallet's waitlist was removed, and its X account suspended shortly after.
Magic Eden claimed it was a genuine partner: its CEO Jack Lu confirmed collaboration and saw the wallet as viable DeFi integration. Critics, however, called the situation a "bizarre miscommunication" or possible scam. They warned about unauthorized brand use and seen doubts over whether Magic Eden's org or its account was compromised.
This wallet clash adds to a broader narrative: the Trump family's growing crypto involvement, including the $TRUMP and $MELANIA meme coins, crypto dinners, World Liberty Financial, and TrumpMedia crypto treasury—has drawn ethics scrutiny.
Critics argue that the memecoin projects—especially when tied to exclusive events like VIP dinners—pose conflicts of interest, potential foreign influence, and even calls for new legislation like the "End Crypto Corruption Act"