Is Trump unveiling a crypto wallet? His associates say yes. His sons say no.
A flashy new website drew a surge of attention Tuesday afternoon, purporting to announce the latest cryptocurrency venture backed by President Donald Trump.
The developers of Trump's meme coin, the website said, were working with a company called Magic Eden to launch "the Official $TRUMP Wallet", a trading app for customers to buy and sell digital currencies.
But the announcement soon triggered a backlash from an unexpected source: Trump's sons.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Villa For Sale in Dubai Might Surprise You
Villas in Dubai | Search ads
Learn More
Undo
Donald Trump Jr.
wrote on the social platform X that the Trump family business had no connection to the new crypto product. His brother Eric Trump said he knew "nothing about" it. And in a rare social media post, Barron Trump, the youngest Trump son, said that "our family has zero involvement."
The sons' reaction to the announcement appeared to expose a rift in the president's ever-expanding network of crypto ventures, a complex web of businesses run by various family members and associates who now appear to be competing against one another.
Live Events
On one side is Bill Zanker, a longtime Trump business partner and the architect of the president's meme coin, a type of cryptocurrency usually based on an online joke, which Trump began promoting shortly before his inauguration in January. On the other are Trump's sons, who helped found World Liberty Financial, a separate crypto business that markets its own digital currency, which has generated $550 million in sales.
Discover the stories of your interest
Blockchain
5 Stories
Cyber-safety
7 Stories
Fintech
9 Stories
E-comm
9 Stories
ML
8 Stories
Edtech
6 Stories
In a series of text messages to The New York Times, Eric Trump escalated the dispute Tuesday, saying the Trump family would legally challenge the creation of the "Official $TRUMP Wallet" -- even though it was being promoted on social media by an account linked to Zanker.
"There is no deal for this product," Eric Trump wrote. "There is no agreement for this product. It has not been approved."
Zanker did not respond to a request for comment. But the meme coin's official X account confirmed the authenticity of the wallet announcement in a post late Tuesday. Similar language appeared on Magic Eden's official X account.
What appeared to have set off the Trump sons were their own plans to offer a similar product to what Zanker and Magic Eden unveiled. In his post, Donald Trump Jr. wrote that World Liberty Financial would be "launching our official wallet soon."
The back-and-forth illustrated the confusing array of Trump crypto products now on the market.
In the last four months, the Trump family and its partners have rushed to profit from the crypto industry's growth, with the president in the
White House
leading a rollback in crypto regulatory oversight. His embrace of the industry has fuelled predictions that crypto is poised to become a major part of the U.S. banking system and mainstream financial markets.
Since last fall, the Trump family and its associates have begun four different crypto ventures, under the brand names American Bitcoin, $TRUMP, World Liberty Financial and Trump Media & Technology Group.
A meme coin is a type of cryptocurrency with little value beyond speculation. Trump started marketing the $TRUMP meme coin as a collectible, the digital equivalent of a baseball card.
Almost immediately, it became an opportunity for speculators to try to make a quick profit by buying the coin as it first hit the market, worth less than $1, and then selling once it surged to nearly $75 per coin.
The Trump family and Zanker made money on every transaction, with small fees charged for each trade. They also control 80% of the total supply of $TRUMP coins, which could be worth billions of dollars, at least on paper. So far, none of those holdings have been sold. If even a small chunk hit the market, the price would crash.
Over the past few months, Zanker has explored various ways to drive up the price of $TRUMP.
In April, the meme coin's developers organized a monthlong contest for investors, announcing that the top 220 traders would be invited to dinner with Trump at the president's Virginia golf club. The event, on May 22, attracted crypto traders from around the world, some of whom attended with the explicit aim of influencing U.S. crypto policy. The dinner was followed by a White House tour for the top 25 buyers of the $TRUMP coin.
The chaos over the $TRUMP trading app started Tuesday, when Molly White, a prominent crypto researcher, unearthed a link to the website advertising the new product line.
The marketing materials featured a waitlist for customers to sign up for access to the app, promising the possibility of "$1 MILLION in $TRUMP REWARDS!" The site included an artist's rendering of the product, which resembled popular trading apps like Robinhood.
Soon Magic Eden, in a post from its official X account, confirmed the website's authenticity. Jack Lu, a founder of Magic Eden, said the app would allow customers to trade popular digital currencies like bitcoin and dogecoin.
The project showed his firm's "commitment to onboarding mainstream audience deeper into crypto," Lu wrote.
In late afternoon, the Trump meme coin's official X account also confirmed the announcement. "With Billions of Trump fans around the world, the $TRUMP mission has always been to make it super easy for Trump supporters to get into crypto and join the $TRUMP community," the post said.
By then, however, the Trump sons had each issued statements on social media distancing themselves from the plan. On Tuesday evening, Eric Trump went even further, effectively threatening the backers of the $TRUMP wallet effort.
"I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization," he wrote.
Around that time, an account on X called @TrumpWalletApp was suspended, leaving it unclear what might happen to the new venture.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
16 minutes ago
- Indian Express
‘This is an outright war crime': Protests erupt in US and other countries after Trump's strikes on Iran
Anti-war protests broke out in multiple US cities, including San Francisco, New York, and Washington, DC, over the weekend following US airstrikes on Iranian nuclear facilities. Demonstrators criticised what they called an 'unconstitutional' escalation and warned of a wider Middle East conflict. Meanwhile, President Donald Trump and administration officials defended the attacks and warned of further action if Iran retaliates. Hundreds of demonstrators marched through San Francisco's Market Street, demanding an end to US military intervention in Iran. 'Trump has bombed Iran three times. This is an outright war crime,' said one protest speaker, according to ABC News. Similar protests unfolded in Washington, DC, New York, and Boston, with demonstrators holding placards and chanting slogans. Many rallies were organised by the ANSWER Coalition and the Party for Socialism and Liberation. It also posted on X: 'The people of the United States don't want another forever war. The people of the United States want money for people's needs!' 'We need to show face and come out in mass and show our administration we're not going to be fooled,' said Ramsey Robinson of the Party for Socialism and Liberation in San Francisco. 'We are anti-war. We support the Iranian people. We want to prevent more death, more destruction.' Activist Deliliah Shenk from Colma said she joined the protest after learning that the US used 'bunker buster' bombs in the attack. 'This is absolutely insane. It's totally unconstitutional. This guy needs to be given the boot. In a big way,' she told ABC News. Some groups also used the protests to voice support for regime change in Iran, holding separate demonstrations on the issue. The ANSWER Coalition has planned a national 'Stop the War on Iran' march for June 28 in Washington, DC, with more local demonstrations scheduled throughout the week. Protests also occurred globally, including in Japan and Iran. Trump defended the decision to bomb three Iranian nuclear facilities and warned of further action. 'If peace does not come quickly, we will go after those other targets with precision, speed and skill,' he said during a White House address. Vice President JD Vance also reinforced the administration's stance in an interview with ABC News, stating, 'If they decide they're going to attack our troops or build a nuclear weapon, we're going to respond to that with overwhelming force.' The strike drew mixed reactions from US Congress. While some Republican lawmakers praised the move, Democrats were sharp in their criticism. According to the World Socialist Web Site, a broader wave of anti-war protests has also erupted in elsewhere across the globe, including Europe and Asia. In Europe, tens of thousands have taken to the streets in cities like The Hague, London, and Brussels, condemning violence in Gaza and opposing their governments' support for US-Israeli policies. Large protests have also been reported in Morocco, South Africa, Somalia, and Portugal. Many of these demonstrations include calls for a ceasefire and critiques of imperialism and foreign intervention. Protests have also spread across Asia, including Japan and Iran, where citizens voiced opposition to war and regional escalation. Pakistan also witnessed demonstrations. In Karachi, thousands of people protested against the US and Israeli airstrikes on Iran, reported Reuters. Demonstrators symbolically walked over a large American flag with Trump's image, expressing strong opposition to the bombings authorised by Trump against Iranian nuclear sites. (With inputs from USA Today, ABC News, World Socialist Web Site, Reuters)
Time of India
21 minutes ago
- Time of India
Blood, bombs and a Nobel? Pakistan chokes on Trump nomination after US bombs Iran
What began as a bold diplomatic gesture, Pakistan recommending former US President Donald Trump for the Nobel Peace Prize, has quickly turned into a political embarrassment. The move, announced Friday and formalised through a letter signed by Deputy Prime Minister and Foreign Minister Ishaq Dar, cited Trump's self-proclaimed efforts in preventing escalation during the recent India-Pakistan standoff. But within hours, the US bombed three of Iran's key nuclear facilities- Fordo, Isfahan, and Natanz- in a joint operation with Israel. That single event has flipped the narrative and ignited widespread condemnation inside Pakistan. 'Afghan blood is on his hands' Critics point not just to Trump's recent actions but to his broader legacy of war and destabilization. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo 'How can a man with the blood of Afghans and Palestinians on his hands claim to be a peacemaker?' asked Maulana Fazlur Rehman , leader of the Jamiat Ulema-i-Islam (JUI-F), at a party event in Murree. He demanded the government withdraw Trump's nomination immediately. Fazl slammed Trump's history of supporting Israeli military operations across Palestine, Syria, Lebanon—and now Iran. 'Trump's claim of peace has proven to be false,' he said, adding that the nomination appeared to be driven by Pakistani leaders' enthusiasm over Trump's lunch meeting with Chief of Army Staff, Field Marshal Asim Munir. Live Events Political outrage mounts Voices from across Pakistan's political spectrum have joined the backlash. Former senator Mushahid Hussain said on X: 'Since Trump is no longer a potential peacemaker, but a leader who has willfully unleashed an illegal war, Pakistan government must now review, rescind and revoke his Nobel nomination!' He further accused Trump of being manipulated by 'Netanyahu and the Israeli war lobby,' and warned that the former US president had committed the 'biggest blunder of his presidency.' 'National embarrassment' Pakistan Tehreek-i-Insaf (PTI) was among the first to formally condemn the US strikes, labeling them 'unprovoked' and expressing 'total support' for Iran's sovereignty. Raoof Hasan, head of PTI's political think-tank, called the Trump nomination a 'cause of unmitigated shame and embarrassment' and blasted the government for what he described as a misstep that undermines national legitimacy. Diplomats and Activists Speak Out The backlash extended beyond politicians. Former ambassador Maleeha Lodhi termed the decision 'unfortunate,' saying it failed to reflect public sentiment. Veteran politician Afrasiab Khattak described it as 'sycophancy,' unfit for responsible diplomacy. Jamaat-i-Islami chief Naeemur Rehman said the move 'undermines our national dignity,' while author Fatima Bhutto posed a pointed question on X: 'Will Pakistan withdraw its nomination for him to receive the Nobel Peace Prize?' A diplomatic blunder? The backlash highlights a deeper discomfort with aligning Pakistan's foreign policy narrative with a figure whose record includes drone strikes, Middle East escalation, and backing regimes accused of war crimes. As journalist Mariana Baabar noted, 'Today Pakistan does not look too good either,' sharing the official post announcing the nomination.
Time of India
21 minutes ago
- Time of India
Canada takes a page out of Trump's immigration playbook; announces policies to tighten borders
Canada has announced new legislation called the Strong Borders Act to give authorities more powers over its borders, security, and immigration systems. The Carney government said the measures will help 'protect the integrity of the system' and respond quickly to emergencies, security threats, and rising asylum claims. The new law allows authorities to cancel, suspend or change documents like visas, work permits, or travel authorizations if needed for the public interest. This can be done to respond to health or safety threats, misuse of programmes, or other emergencies. 'The new legislation does not grant the Government of Canada the authority to cancel asylum claims," the government said. Final decisions will be made by the Governor General and consider the impact on vulnerable people. The Strong Borders Act will also make information sharing between federal departments, provinces, and territories more effective. Immigration, Refugees and Citizenship Canada (IRCC) will be able to share information such as status and documents with authorized departments and services. This will help authorities confirm identities, detect fraud, and support enforcement. All information sharing will still be subject to privacy laws. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Confidence packed. Wrinkles left behind. Philips Garment Steamers Book Now Undo To make the asylum process faster and more organized, the new rules will simplify online applications, making them the same across airports and inland offices. The Immigration and Refugee Board of Canada (IRB) will only review claims from people physically present in Canada, and remove inactive claims quickly. The changes will also help minors and claimants unfamiliar with the process by providing representatives. (Join our ETNRI WhatsApp channel for all the latest updates) Two new ineligibility measures will take effect from June 3, 2025. The first applies to people making an asylum claim more than a year after arriving in Canada. The second applies to people entering from the United States between official crossings and making claims after 14 days. These claimants can still seek protection through a Pre‑Removal Risk Assessment, which ensures no one is returned to a country where they risk harm. Live Events You Might Also Like: Canada uncovers bribery and misconduct cases within immigration system Additional Border and Security Powers The Strong Borders Act will also expand the role of the Canadian Coast Guard to conduct security patrols, especially in remote Arctic waters. It allows the Coast Guard to collect, analyze, and share security information. The new rules also enable the RCMP to share information about registered sex offenders with authorities in Canada and the United States. Fighting Organized Crime and Fentanyl To fight organized crime and the spread of fentanyl, the Government will make it easier for authorities to control chemicals used in making illegal drugs. The Minister of Health can quickly ban such chemicals. New powers will also be added to the Criminal Code, the Customs Act, and other laws, allowing authorities to search mail and digital data, and obtain information from transporters and warehouses to aid investigations. The 'Supporting Authorized Access to Information Act' will require service providers to help authorities with access to data and intercepting information during investigations. You Might Also Like: Accessing federal benefits in Canada just got easier for newcomers Stopping Money Laundering The new measures will also update the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. New penalties will apply for violations, and restrictions will be introduced for large cash and third‑party cash transactions. All businesses subject to the law must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The law will also allow FINTRAC to share information with the Office of the Commissioner of Canada Elections, making it harder for money to move secretly within the country. The changes clarify how private institutions can share information with authorities and support the Integrated Money Laundering Intelligence Partnership between banks and enforcement agencies. The amendments will also add the Director of FINTRAC to the Financial Institutions Supervisory Committee (FISC), making it possible for the Director to share information with other members. You Might Also Like: Canada's population growth slows as immigration rules tighten These changes, the Government said, are 'to build a safer and more equitable Canada' while aligning its laws with modern needs and making sure privacy and Charter rights are respected.
