Magic Eden’s ME Token Crashes to All-Time Low Amid Trump Family Backlash
A legal battle has erupted over the rights to create a TRUMP Wallet, with WLFI and Magic Eden both claiming the right to use the President's name. This confusion has led to market turbulence and uncertain outcomes.
Trump family’s World Liberty Financial (WLFI) issued a cease and desist order to FIGHT FIGHT FIGHT over its partnership with Magic Eden to launch a TRUMP Wallet. After the announcement, Magic Eden’s ME token fell by over 9%.
WLFI co-founder Donald Trump Jr. claimed that his firm is also planning to launch a crypto wallet bearing the President’s name and likeness. It’s unclear which company has the legal right to create such a product.
Who Can Launch a TRUMP Wallet?
President Trump has a sprawling crypto empire, but evidently, its constituent parts aren’t always in contact with each other.
Two days ago, Magic Eden announced that it was powering a TRUMP wallet, but two of Trump’s sons disputed any involvement with the project. Now, WLFI has filed a cease and desist order demanding an end to the project.
“The Trump Organization has zero involvement with this wallet product. Eric and I know nothing about it. Stay tuned—World Liberty Financial, which we have been working tirelessly on, will be launching our official wallet soon,” Don Jr. claimed over social media.
When this confusion first appeared, the crypto community hypothesized that this was simply a communication mixup. However, the TRUMP Wallet debacle runs a little deeper than that.
Bill Zanker, a longtime Trump associate, is the head of FIGHT FIGHT FIGHT, which issues TRUMP and runs other projects.
However, Zanker and FIGHT FIGHT FIGHT have no direct connection to WLFI or the Trump Organization.
The firm possesses a license to use Trump’s name and likeness for the meme coin, NFTs, and other projects, but the same people do not actually own it. With WLFI wanting to launch its own Trump Wallet, this caused a minor snafu.
Trump’s Crypto Empire. Source:
Molly White
A Convoluted Crypto Empire
For example, Don Jr. mentioned above that the Trump Organization had no knowledge of the wallet plan, but this company didn’t issue the cease and desist letter. It, World Liberty Financial, and FIGHT FIGHT FIGHT are all separate entities with overlapping employees, painting a confusing picture.
This incident has left a lot of things in flux. At the time of this writing, trumpwallet.com is offline, and its associated X account has been suspended.
It’s unclear which company will end up using Trump’s name for a crypto wallet and whether this could cause a schism between these businesses. Whatever happens, Magic Eden is the biggest loser, as its token dropped over 9%.
Magic Eden Price Performance. Source:
CoinGecko
On one hand, it makes sense for Trump to segregate his disparate crypto ventures in this manner, as they’ve attracted a lot of criticism.
Meanwhile, the TRUMP Wallet debacle also shows the limitations of this group. Two companies both believe they’re entitled to use the President’s likeness for a similar project. Someone will need to resolve the dispute.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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