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WLFI Takes Legal Action Against Rival $TRUMP Wallet
World Liberty Financial Inc. (WLFI), a cryptocurrency venture linked to Donald Trump and his family, is taking decisive action against a rival project attempting an unauthorised launch of a crypto wallet associated with Trump’s name. This initiative has prompted WLFI to issue a cease-and-desist order to Fight Fight Fight LLC, the creators behind the $TRUMP memecoin and the controversial $TRUMP Wallet.
The wallet in question, developed with the involvement of NFT marketplace Magic Eden—also receiving legal warnings—aims to facilitate trading and storage of tokens related to Trump. WLFI asserts that the wallet’s launch infringes upon its exclusive rights, leading to the removal of the wallet’s website and the suspension of associated social media accounts.
Public Disavowal and Future Plans
In a public statement on the social media platform X (previously Twitter), Donald Trump Jr., serving as an ambassador for WLFI, distanced himself and the Trump Organisation from the unauthorised wallet. He urged followers to await the forthcoming official wallet from WLFI, which promises enhanced features, including yield-earning options on tokens.
WLFI has successfully raised approximately US$550 million (around AU$846.1 million) through token sales, also issuing the USDL stablecoin, pegged to the US dollar, valued at about US$2.2 billion (around AU$3.38 billion).
Trump Family’s Expanding Crypto Empire Amid Ethical Scrutiny
The emergence of WLFI signifies a growing alliance between cryptocurrency and the Trump family, who have transitioned from being sceptics of digital currencies to actively participating in the space with various projects, including a bitcoin mining operation and a dedicated crypto reserve.
The Trump family recently hosted an event rewarding distinguished holders of the $TRUMP coin, igniting concerns regarding potential conflicts of interest, particularly as regulatory measures may have significant financial implications for them. Donald Trump Jr. defended their foray into cryptocurrency, indicating that the family has faced financial exclusion due to political motives, prompting them to invest in digital assets as a protective measure.
In his remarks, he reflected on their commitment to the crypto landscape: "We fully embraced the concept because we had experienced firsthand how quickly our financial channels could be severed."
As the family deepens its involvement in the cryptocurrency market, questions around ethics and regulatory compliance loom large, adding scrutiny to the rapidly evolving situation.
The future of WLFI and its initiatives remains to be seen as the legal landscape and public perception continue to shift.
