World Liberty Financial Takes Action Against Magic Eden Over TRUMP Wallet

World Liberty Financial (WLFI), the decentralized finance (DeFi) venture associated with the Trump family, has taken decisive action to prevent the launch of an unofficial TRUMP-braded wallet. 

On Thursday, the crypto firm issued a cease-and-desist letter to Fight Fight Fight LLC and its partner, Magic Eden, demanding an immediate halt to development activities related to the wallet project, which has become a point of contention within the Trump-affiliated crypto space.

World Liberty Financial Claims Over Trump-Branded Assets

The TRUMP Wallet, announced by Fight Fight Fight LLC in collaboration with Magic Eden, was intended to serve as a platform for holding the Trump-branded memecoin and various digital assets. 

However, World Liberty Financial claims that this initiative was undertaken without their authorization, asserting control over all official cryptocurrency ventures linked to the Trump name.

Magic Eden, a marketplace for non-fungible tokens (NFTs), had initially joined the project to assist in building the wallet’s infrastructure. Despite this, World Liberty Financial maintains that no external entity has permission to utilize the Trump brand for such projects. The firm argues that the development is unauthorized and could mislead potential users.

In response to this situation, World Liberty Financial quickly dispatched legal notices to both Fight Fight Fight LLC and Magic Eden, aiming to block any promotion or release of the wallet under the Trump branding.

The Battle For Control Of The Trump Memecoin

Following the announcement of the wallet initiative, several members of the Trump family publicly distanced themselves from the project. Statements from Eric Trump and Barron Trump emphasized that the Trump Organization and its advisors had no role in the wallet’s development. 

Their social media posts reinforced the notion that World Liberty Financial is the only authorized entity for any official Trump-related cryptocurrency tools, signaling a clear separation between the family’s interests and those of Fight Fight Fight LLC.

World Liberty Financial reiterated its commitment to launching an official Trump crypto wallet through its own channels, emphasizing the importance of protecting the Trump name and image from unauthorized blockchain usage. 

The conflict has intensified existing tensions among Trump-affiliated crypto entities, particularly as competition heats up for control over the memecoin’s future. Fight Fight Fight LLC was instrumental in launching the original Trump memecoin earlier this year, receiving considerable public support. 

Led by Bill Zanker, a longtime associate of President Donald Trump, the firm is now facing challenges from World Liberty Financial, which questions Zanker’s authority to expand the token’s ecosystem without proper consent.

World Liberty Financial contends that only projects endorsed by its advisory team can continue under the Trump brand, highlighting divergent visions for the memecoin’s trajectory among key stakeholders.

When writing, the official TRUMP memecoin trades at $9.74, recording losses of over 33% in the fourteen-days time frame, and 86% from its all-time high of $73 reached 24 hours following its launch earlier this year.  

Featured image from DALL-E, chart from TradingView.com