- WLFI issues cease-and-desist over unapproved $TRUMP Wallet launch.
- Magic Eden and Fight Fight Fight named in legal warnings.
- Trump Jr. denounces project, promotes upcoming WLFI wallet instead.
World Liberty Financial (WLFI), the cryptocurrency company associated with Donald Trump and his family, is pushing back against a rival project attempting to launch a crypto wallet tied to Trump’s brand without authorisation.
WLFI issued a cease-and-desist letter to Fight Fight Fight LLC, the issuers of the $TRUMP memecoin and the disputed $TRUMP Wallet, demanding they halt development of the latter immediately.
The contested wallet, developed in partnership with NFT marketplace Magic Eden – which also received a warning – is designed to enable trading and storage of Trump-related tokens.
However, WLFI claims this infringes on its exclusive rights. Following the legal notice, the wallet’s website has become unavailable and related social media accounts have faced suspensions.
Related: Trump Dodges Questions on Memecoin Profits Amid Price Plunge
President Trump’s oldest son, Donald Trump Jr., who acts as WLFI’s ambassador, publicly disavowed the unauthorised wallet on X (formerly known as Twitter) and told followers to instead anticipate WLFI’s own official crypto wallet. WLFI’s crypto wallet is expected to include additional features such as yield-earning on tokens.
WLFI has raised about US$550 million (AU$846.1 million) via token sales and has issued the USDL stablecoin, pegged to the US dollar and valued at around US$2.2 billion (AU$3.38 billion).
Trump Family Deepens Crypto Ties Amid Conflict of Interest Concerns
WLFI is only one piece of a rapidly expanding crypto empire now closely tied to the Trump name. Once dismissive of crypto, Donald Trump and his family have recently embraced the space, launching multiple ventures – including a bitcoin mining firm and crypto reserve.
A recent event rewarded top $TRUMP coin holders, with critics raising ethical concerns over potential conflicts of interest, as regulatory decisions could benefit the family’s financial stakes.
Defending the move into crypto, Donald Trump Jr. said the family was “de-banked” for political reasons and turned to digital assets as a safeguard.
We went all in on a concept that makes total sense because we’d actually been the recipients of how quickly that can be shut off.
Donald Trump Jr.Related: Cheap Food and A $TRUMP Cap: VIP Crypto Dinner Leaves President’s Guests Feeling Cheated
Credit: Source link
