Trump Family Cease & Desist on $TRUMP Wallet
Trump Family Takes Legal Action Against Unauthorized Crypto Wallet
World Liberty Financial, a company partly owned by the Trump family, has sent cease-and-desist letters to Fight Fight Fight and Magic Eden. This action stems from the development of an "Official $TRUMP Wallet" for trading and holding digital assets, announced earlier this week. The Trump family, through World Liberty Financial, is pursuing this legal action due to the unauthorized use of the Trump name and brand in connection with this crypto wallet.
Key Developments:
- Cease-and-Desist Letters Issued: World Liberty Financial issued cease-and-desist letters to both Fight Fight Fight, the developers of the Trump memecoin, and Magic Eden, the marketplace involved in the wallet's development.
- Social Media Criticism: Donald Trump Jr. and Eric Trump publicly criticized the unauthorized use of the Trump name on social media.
- Conflicting Wallet Projects: World Liberty Financial is separately developing its own crypto wallet focused on token yield generation.
- Financial Stakes: Fight Fight Fight's Trump memecoin, launched in January, generated over $300 million in fees for its owners, according to Chainalysis. The token supply is currently valued at approximately $1.7 billion (CoinMarketCap).
- World Liberty Financial's Revenue: World Liberty Financial has raised $550 million through token sales and has a dollar-pegged stablecoin (USD1) with a market value of $2.2 billion. The Trump family receives 75% of net revenue as fees, including token sale proceeds, through a 60% ownership stake in World Liberty via DT Marks DeFi LLC.
The situation remains fluid. While trumpwallet.com is currently accessible, its X (formerly Twitter) account is suspended. This legal dispute highlights the complexities and potential risks involved in the rapidly evolving cryptocurrency market. At Codeum, we help navigate these challenges by offering comprehensive blockchain security solutions, including smart contract audits, KYC verification, custom smart contract and DApp development, and tokenomics and security consultations. We also partner with launchpads and crypto agencies to ensure secure and compliant projects.
This is a developing story. Codeum will continue to monitor and provide updates as they become available.