Trump’s sons distance themselves from new Trump-branded crypto venture

(WASHINGTON) — A digital asset company has collaborated with the firm behind President Donald Trump’s $TRUMP meme coin to launch what it’s calling the “Official $TRUMP Wallet” — but the president’s sons, who run Trump’s crypto businesses, say they have no involvement with the offering.

In a post on X Tuesday, Jack Lu, the CEO of a digital asset marketplace called Magic Eden, said his firm had collaborated with GetTrumpMemes — the firm behind the $TRUMP meme coin — on $TRUMP Wallet, a digital app that allows users to conduct financial transactions. Lu said the venture would allow users to trade the $TRUMP coin and other cryptocurrencies.

But within hours, Eric Trump wrote on social media that “I run @Trump and I know nothing about this project!”

Donald Trump Jr. added that he “has zero involvement with this wallet product,” and teased plans for a separate digital asset wallet under a different Trump-affiliated crypto firm, World Liberty Financial.

Despite those disavowals, the $TRUMP Wallet that launched Tuesday claimed to be the “First and Only Crypto Wallet for True Trump Fans.”

“Our partnership with the $TRUMP team to build @TrumpWalletApp represents our commitment to onboarding mainstream audience deeper into crypto,” Lu wrote on X.

ABC News has reached out to Magic Eden for clarification on the venture.

As of Tuesday afternoon, X — the social media company run by Trump ally Elon Musk — had suspended the account for @TrumpWalletApp. It was not immediately clear why the account was removed.

The $TRUMP Wallet website contains little information about the platform itself, but invites visitors to sign up for a waitlist ahead of a formal launch at some later date. Joining the waitlist also allows users to enter a sweepstakes for a share of $1 million worth of $TRUMP rewards.

Once a crypto skeptic, Trump and his family have fully immersed themselves in the cryptocurrency marketplace in recent months, developing not only the $TRUMP meme coin — a type of digital currency that’s often based on an internet meme — but also a bitcoin mining firm, a stablecoin firm, and a crypto reserve.

Last month Trump held a black tie event for the winners of a contest that awarded invitations to the top investors in his $TRUMP coin — with at least some of the funds flowing directly into the Trump family’s coffers.

Critics have raised concerns about the Trump administration’s regulatory role over cryptocurrencies while the president stands to personally benefit from cryptocurrency ventures.

Asked Tuesday about the potential conflicts of interest in the Trump family’s nascent crypto empire, Donald Trump Jr. said on CNBC that the family “got into [crypto] out of necessity,” claiming the Trump family had been “de-banked.”

“We got into politics and all of a sudden [the banks] wouldn’t take our call,” he said. “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.”