Cease-and-Desist Issued Over Trump Wallet

World Liberty Financial (WLFI), the crypto venture backed by President Donald Trump and his family, has reportedly issued a cease-and-desist letter to Fight Fight Fight LLC—the entity behind GetTrumpMemes.com and the issuer of the TRUMP meme coin.

The legal action targets a newly announced Trump-branded crypto wallet that would let users store and manage the meme coin, which has recently drawn significant attention in the digital asset space.

The letter was sent shortly after non-fungible token (NFT) marketplace Magic Eden, in collaboration with the TRUMP meme coin team, unveiled a waitlist and promotional campaign for the so-called “Official $TRUMP Wallet.”

A landing page and social media posts went live earlier this week, touting the product and encouraging sign-ups.

But the project quickly drew public disapproval from the Trump family.

On 3 June, Donald Trump Jr.—who serves as WLFI’s Web3 ambassador—and Eric Trump both publicly denied any affiliation between the Trump Organisation or WLFI and the wallet, insisting that any official crypto release would come solely through WLFI.

A source familiar with the situation, who requested anonymity due to the sensitive nature of the letter, confirmed the cease-and-desist had not yet been made public.

Meanwhile, it remains unclear whether President Trump himself is directly involved in the dispute—a clash among competing crypto ventures using his brand, and ultimately seeking to profit from his image.

Although Trump’s Truth Social and X (formerly known as Twitter) accounts have previously promoted TRUMP meme coin-related products, they have notably avoided endorsing the contested wallet since the family’s pushback began.

Trump Wallet’s Website Went Dark But Came Online Briefly

The website for a crypto wallet tied to President Trump’s meme coin abruptly went offline for many users on Thursday, just hours after it was hit with a cease-and-desist letter from a rival Trump-affiliated crypto venture threatening legal action.

The site briefly flickered back online on 6 June before disappearing again.

Despite the takedown, promotional posts from Magic Eden and the meme coin team remained publicly visible on social media at the time of writing.

While the cease-and-desist letter has yet to be released publicly, WLFI—the entity reportedly behind the legal warning—has not issued an official statement confirming any legal proceedings.

Magic Eden’s ME Token and TRUMP Meme Coin Plummet After Letter Sent

Following news that WLFI issued a cease-and-desist letter, Magic Eden’s ME token dropped more than 9%.

At the time of writing, it is trading at $0.8448—a decline of 8.46% over the past 24 hours.

The Trump meme coin also took a hit, falling approximately 10% to $9.82, down 9.45% on the day.

$TRUMP memecoin dropped 12% just now

AFTER Trump team (world liberty fi) sent cease-and-desist to the TRUMP memecoin team to stop the “TRUMP wallet” pic.twitter.com/hbQZazZiXz
— Clint (@flinttrades) June 5, 2025
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The meme coin has now plunged roughly 87% from its January all-time high of $75.35, underscoring heightened market volatility surrounding Trump-branded crypto ventures.

Mapping Fight Fight Fight’s Crypto Moves

Bill Zanker, a longtime Trump associate, is at the helm of Fight Fight Fight, the firm behind the Trump-branded meme coin.

Since its debut, the token has seen a significant rise in value, with Zanker and other Trump-linked entities retaining a sizable share of its supply.

Beyond boosting market performance, Zanker has actively pushed for the coin’s integration into e-commerce, aiming to expand its everyday utility.

His broader promotional strategy includes exclusive events and giveaways tied to the $TRUMP Wallet.

One such high-profile event—a private dinner near Washington featuring remarks from Trump himself—was held for the meme coin’s top holders.

The evening served both to rally political support for Trump’s 2024 campaign and to deepen engagement with the crypto initiative.

Stalling Stablecoin and Market Structure Progress?

Several Democratic lawmakers in both the House and Senate have raised concerns that Trump may be using his political stature to personally benefit from his expanding crypto ventures.

Scrutiny has intensified around his ties to WLFI, its stablecoin USD1, and the issuance of a Trump-branded meme coin—whose top 220 holders were reportedly rewarded with a dinner invitation to one of Trump’s golf clubs.

Critics argue that this blending of political influence and private enterprise risks undermining the integrity of emerging crypto legislation.

Congress is currently deliberating key bills to establish a comprehensive framework for digital asset markets and regulate payment stablecoins.

However, controversy over Trump’s involvement—and the apparent internal rift among Web3 projects using his name and likeness, some with his approval and others without—has complicated the policy landscape.

The blurred lines between Trump’s public role and private crypto interests have not gone unnoticed.

Lawmakers warn that such entanglements could stall or politicise regulatory progress, particularly in areas like stablecoins, token oversight, and decentralised finance.