Tensions between groups involved in Donald Trump’s expanding crypto ventures have intensified following the recent announcement of a TRUMP Wallet.
World Liberty Financial (WLF) has reportedly sent a cease and desist letter to Fight Fight Fight, the company behind the TRUMP meme coin and its partner Magic Eden.
Trump Wallet Dispute Escalates
According to a Bloomberg report, the conflict began after Fight Fight Fight, run by Trump’s longtime ally Bill Zanker, revealed plans on Tuesday for a new TRUMP Wallet. Magic Eden, which is collaborating with the firm on the project, had promoted it on its social media account as “The First and Only Crypto Wallet for True Trump Fans.” The application would enable users to store and trade the TRUMP meme coin and other digital assets.
Shortly after the announcement, Trump’s sons went on social media to say they were not aware of the initiative’s existence. Donald Trump Jr. also clarified that the Trump Organization is developing its wallet in partnership with World Liberty Financial.
Confusion surrounding the wallet project has been intensified by inconsistencies in its online presence. The official website has fluctuated between being live and offline in recent days. Meanwhile, its associated X account has since been suspended.
At the heart of the dispute is the fight for dominance over Trump-themed crypto products. This is due to the growing market fueled by the president’s supporters entering the crypto space.
The President’s Growing Crypto Empire
Fight Fight Fight and CIC Digital LLC launched the Trump meme coin in January. Since then, the project has brought in over $300 million in fees. The two companies still hold 80% of the token supply, now valued at around $1.7 billion.
To boost interest, Zanker has promoted the coin for use in online shopping and hosted a private dinner last month near Washington, where Trump addressed major token holders. The upcoming wallet is now using similar promotions. Its website has offered free meme coins to users who sign up for its waiting list.
Meanwhile, WLF has raised around $550 million through token sales since its launch last year. The Trump crypto venture also released a stablecoin called USD1 that currently has a market value of $2.2 billion.
According to offering documents, a Trump-affiliated company receives 75% of the net revenue from the project. The First family also has 60% ownership of World Liberty through DT Marks DeFi LLC.
Trump once questioned crypto but entered the space through Zanker, who suggested using his name on NFTs. Since then, they have launched four NFT collections and held dinners for supporters during his presidential campaign. Magic Eden has also worked with him on the projects.
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