Tensions are mounting over US President Donald Trump’s sprawling cryptocurrency empire. Trump family-owned firm World Liberty Financial has sent a cease-and-desist letter to Fight Fight Fight, the company behind the “TRUMP” memecoin run by the president’s close friend Bill Zanker.
According to a source briefed on the matter, who asked to remain anonymous because the letter has not yet been made public, the letter was sent not only to Fight Fight Fight, but also to Magic Eden, the crypto marketplace the company works with.
The tension began when Fight Fight Fight announced that it was working on a new digital wallet called the “TRUMP Wallet” that would allow for the storage and trading of memecoins as well as other digital assets. However, World Liberty Financial, which has the backing of the Trump family, was also in the process of developing its own digital wallet and quickly responded to the new initiative.
Donald Trump Jr. criticized the project in a statement he made on social media, while Eric Trump warned, “It is very risky to use our name on a project that our organization has not approved and that no one knows.”
On the other hand, it has been observed that TRUMP Wallet’s website and social media accounts have been opened and closed many times in recent days.
Fight Fight Fight has played a major role in the creation of the Trump family’s crypto wealth. Launched in January, the Trump memecoin has generated more than $300 million in transaction fees to date. The company, along with another Trump partnership, CIC Digital LLC, owns 80% of the token supply. The memecoin has a market value of around $1.7 billion, according to CoinMarketCap.
However, following the news, the TRUMP price experienced a sudden drop.
Chart showing the decline in the price of TRUMP.
*This is not investment advice.
