Key Takeaways
- WLFI issued a cease-and-desist letter to Fight Fight Fight, the entity behind the TRUMP memecoin and a newly announced TRUMP Wallet
- WLFI accuses the firm of developing an unauthorised wallet and demands an immediate halt to its activities.
In an interesting development, World Liberty Financial (WLFI), a crypto platform with close ties to the U.S. President Donald Trump and his family, has issued a cease-and-desist letter to Fight Fight Fight, the entity behind the TRUMP memecoin and a newly announced “TRUMP Wallet.” Levelling serious allegations, the letter accuses the firm of developing an unauthorized wallet and demands an immediate halt to its activities.
Fight Fight Fight is associated with Trump’s longtime associate Bill Zanker and recently unveiled plans for the TRUMP Wallet, a product allowing users to store and trade memecoins and digital assets. The project is reportedly being developed in collaboration with Magic Eden, a digital marketplace, which also received a cease-and-desist letter from WLFI. The letter claims that the wallet infringes on WLFI’s rights related to Trump’s crypto brand.
Donald Trump Jr. responded to the project in a June 3 post on X, warning users against using the wallet and labeling it a “fake Trump wallet.” He stated that the initiative had “zero involvement” from the Trump Organization and urged caution, emphasizing, “I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
Since its announcement, the TRUMP Wallet website has faced technical issues, going offline and coming back online multiple times. Its associated X account was suspended earlier this week. Neither World Liberty Financial nor Fight Fight Fight has made further public statements regarding the cease-and-desist.
WLFI is developing its own crypto wallet, which will include features allowing users to earn yield on tokens. The firm has raised approximately $550 million through public token sales and has launched a stablecoin, USDL, pegged to the U.S. dollar. According to CoinMarketCap, USDL has a market cap of about $2.2 billion.
A June 5 Bloomberg report confirmed the cease-and-desist was sent to Fight Fight Fight LLC, the operator of Gettrumpmemes.com and issuer of the TRUMP memecoin. The letter followed public announcements by Magic Eden and the memecoin team promoting the wallet and opening a waitlist.
Donald Trump Jr., who serves as a Web3 ambassador for WLFI, reiterated that the wallet project was unauthorized and that the official Trump-affiliated wallet would be announced soon.
The Trump family holds equity in WLFI and earns from transaction fees via a connected entity. As of March, the platform had raised around $550 million. The launch of USDL in May also drew attention after an Abu Dhabi-based firm announced plans to use the stablecoin to settle a $2 billion investment in Binance.
