Trump wallet saga escalates as family pursues legal action

The ongoing controversy involving the Trump family and a recently launched crypto wallet is heating up, with legal action now underway.

World Liberty Financial (WLFI), the DeFi venture backed by Donald Trump and his family, has issued a cease-and-desist letter to creators of the controversial wallet tied to the president’s crypto brand, according to a June 5 Bloomberg report.

The letter was addressed to Fight Fight Fight LLC, the firm behind Trump-themed memecoin issuer ‘GetTrumpMemes.’ Earlier this week, the company announced the wallet launch in partnership with crypto service provider Magic Eden. 

WLFI’s legal move follows a series of public denunciations by the president’s sons. On June 3, both Eric Trump and Donald Trump Jr. took to X (formerly Twitter), asserting that the wallet was not endorsed by the family and calling out the project’s use of the Trump name without consent.

“This project is not authorized by @Trump. The Trump Organization has zero involvement with this wallet product,” the brothers wrote.

Following the cease-and-desist, the wallet’s official website, TrumpWallet.com, which had been accepting sign-ups for a waitlist, has gone offline. However, promotional content from both GetTrumpMemes and Magic Eden remains live on their respective social media accounts. 

Interestingly, Gettrumpmemes had maintained a cordial relationship with the Trump family and was even present at the recent exclusive dinner hosted by the president for his token’s top holders. The official memecoin website also suggests the firm is an affiliate of the Trump Organization, sharing ownership of 80% of the Trump cards supply.

The ongoing dispute adds another layer of uncertainty to the Trump family’s involvement in crypto ventures, which has already come under the scrutiny of lawmakers and the broader public. While Donald Trump’s “crypto president” image has earned him popularity in the industry, questions persist about whether many of the initiatives tied to his name are genuine value-driven projects or just profit-driven schemes.