Trump family denies involvement in new wallet launch

A new venture linked to the Donald Trump crypto brand has spiraled into public drama as the family moves to distance itself from the project.

Since adopting his self-acclaimed ‘crypto president’ title, Donald Trump and his family have ventured into the industry with bold business initiatives. Not ones to shy away from leveraging trends, several ventures from NFT collections to token launches have been linked to the Trump name, including a recently debuted DeFi platform, World Liberty Financial. 

But the latest project claiming Trump family ties has sparked a public fallout.

Drama ensues as Trump boys disown Wallet

On June 3, Magic Eden and the team behind the Trump-themed meme coin ($TRUMP) announced the launch of a crypto wallet branded as “The Official $TRUMP Wallet. Labeled as “the first and only crypto wallet for true Trump fans,” the project was branded as the latest addition to the president’s crypto brand initiatives. 

However, things took a turn just hours later, when the Trump family responded with firm denials. According to Donald Trump Jr, the family has “zero involvement” with the wallet. 

Eric Trump echoed his brother’s sentiment, stressing that the project is not authorized by the family. The brothers condemned Magic Eden for using the brand name for the launch, asserting that the project is entirely unaffiliated with them.

Despite the backlash, Magic Eden appeared unfazed. Roughly two hours after Eric Trump’s public statement, the platform doubled down on its position, reaffirming the project’s legitimacy in a separate X post: “Yes it’s real,” they said.

While Trump Jr. however hinted at an official wallet in the works, the debacle once again casts doubt on the coherence and credibility of the Trump crypto brand. Skeptics question whether these ventures are genuine projects or opportunistic cash-ins, particularly given the family’s history of leveraging trends for personal gain.