Trump’s Sons Distance Themselves from New Trump-Branded Cryptocurrency Wallet
June 3, 2025
A newly launched crypto venture bearing the Trump name has stirred confusion as President Donald Trump’s sons, who manage Trump’s existing cryptocurrency businesses, have publicly distanced themselves from the project.
The controversy arose after Magic Eden, a digital asset marketplace led by CEO Jack Lu, announced a partnership with GetTrumpMemes—the company behind the $TRUMP meme coin—to launch the “Official $TRUMP Wallet.” This digital app is designed to facilitate financial transactions, allowing users to trade the $TRUMP coin and other cryptocurrencies. Lu emphasized the venture’s goal to bring mainstream audiences deeper into the cryptocurrency space.
However, within hours of the announcement, Eric Trump took to social media to declare, “I run @Trump and I know nothing about this project!” Similarly, Donald Trump Jr. stated that he “has zero involvement with this wallet product” and hinted at plans to launch a separate digital asset wallet via World Liberty Financial, another Trump-affiliated crypto firm.
Despite these rejections from the Trump family, the $TRUMP Wallet promoted itself as the “First and Only Crypto Wallet for True Trump Fans.” The project’s website provided limited details about the platform, instead inviting visitors to join a waitlist ahead of a formal launch. Joining the waitlist also entered users into a sweepstakes to win a share of $1 million worth of $TRUMP rewards.
The $TRUMP Wallet’s social media presence on the platform X—owned by Trump ally Elon Musk—was suspended shortly after launch for reasons that remain unclear. ABC News has reached out to Magic Eden seeking further clarification on the collaboration.
This development occurs amid the Trump family’s increasing involvement in cryptocurrency ventures. Once a skeptic, President Trump and his family have recently launched several crypto-related initiatives, including:
- The $TRUMP meme coin, a digital currency inspired by internet memes
- A bitcoin mining enterprise
- A stablecoin project
- A crypto reserve fund
Last month, President Trump hosted a black-tie gala to honor top investors in the $TRUMP coin, generating criticism from observers who view the event as a potential pay-for-play scheme. Critics have also raised concerns about conflicts of interest, as President Trump’s administration holds regulatory authority over cryptocurrencies while the family benefits financially from these ventures.
Responding to questions about these potential conflicts, Donald Trump Jr. told CNBC on Tuesday that the family “got into [crypto] out of necessity” because they had been “de-banked” after entering politics. He explained, “We got into politics and all of a sudden [the banks] wouldn’t take our call. 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.”
The disagreement over the $TRUMP Wallet highlights ongoing complexities and growing pains as the Trump family navigates the expanding and largely unregulated cryptocurrency landscape.
ABC News will continue to follow this story as more information becomes available.