Magic Eden’s rollout of an “Official $TRUMP Wallet” this week quickly became a flashpoint in the crypto world. Marketed as a flagship product for Trump supporters, the wallet promised a $1 million reward pool in $TRUMP tokens—until the Trump family slammed the brakes on the celebration.

The launch announcement, posted on Magic Eden’s official X account, claimed: “The Official $TRUMP Wallet is COMING SOON! The First and Only Crypto Wallet for True Trump Fans.” It directed users to sign up at trumpwallet.com for a chance to win a share of $1 million in token rewards.

And now? Confusion, community skepticism, and growing scrutiny over how the rollout occurred.

Trump Family Drops the Hammer

Almost immediately after the announcement, Eric Trump and Donald Trump Jr. publicly disavowed the wallet. Eric issued a sharp warning:

“This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name.”

(Tweet from June 3—link)

Barron Trump, in his first-ever post on X, chimed in:

“To be clear, our family has zero involvement with this wallet.”

(Posted June 3—link)

The Trump Organization, according to Donald Jr., is working on its own official crypto wallet through World Liberty Financial—which has no connection to the Magic Eden effort.

Community Backlash Against Magic Eden

Magic Eden CEO Jack Lu also promoted the rollout, describing it as part of a broader push to onboard mainstream users into crypto. In a June 3 tweet, he wrote: “The time to take big bets & onboard mainstream is now.”

While Magic Eden insists the wallet was built in partnership with the $TRUMP memecoin team, that explanation has not calmed the crypto community.

The backlash has turned a hyped launch into a reputational issue for Magic Eden. Users are seeking answers about how such a high-profile rollout occurred without public authorization from the Trump family.

Even the X account promoting the wallet, @TrumpWalletApp, has been suspended—adding to doubts about the legitimacy of the effort.

Trump’s Growing Role in Crypto

The Trump family has become increasingly active in crypto, launching NFT collections, promoting memecoins like $TRUMP, and backing a stablecoin through World Liberty Financial. They’ve also partnered on a bitcoin mining venture, pursued a Truth Social Bitcoin ETF, and pushed pro-crypto policies aimed at positioning the U.S. as a global blockchain leader.

What’s Next for Magic Eden?

As of this writing, neither Magic Eden, the $TRUMP token team, nor CEO Jack Lu has addressed the controversy. That silence is amplifying concerns and undermining trust in the project.

The crypto space—already wary of ambiguous branding and celebrity-linked ventures—has little patience for uncertainty.

As the dust settles, Magic Eden must reckon with the consequences of a high-profile launch gone wrong—and a crypto community demanding transparency.

The alleged scammer behind the ZKasino rug pull has reportedly lost over $27 million in a high-risk Ethereum trade as crypto market turbulence continues to catch overleveraged traders.

On April 7, blockchain analytics platform Onchain Lens revealed that the scammer had exited a 20x leveraged long position on ETH using the Hyperliquid trading platform.

The setback is believed to have stemmed from Ethereum’s recent price correction amid the broader market slump triggered by the US deciding to implement reciprocal tariffs on 180 countries.

According to CryptoSlate’s data, Ethereum fell almost 20% over the last 24 hours to as low as $1415 before attempting a recovery above $1500. ETH was trading at $1537 as of press time.

Many in the crypto space view the ZKasino scammer’s recent trading loss as a “dose of karma.”

The scammer’s loss echoes a case from March 31, when the hacker behind the $9.6 million ZkLend exploit lost 2,930 ETH to a phishing site mimicking Tornado Cash. That individual had also ignored a bounty offer from ZkLend.

Zkasino scam

The funds used in the trade are believed to stem from an earlier exploit tied to ZKasino, which occurred in 2024. The platform faced widespread backlash after executing a rug pull that drained nearly $33 million worth of Ethereum from users.

ZKasino’s move triggered intense criticism across the industry. Ethereum co-founder Vitalik Buterin criticized the project, claiming its use of “ZK” branding was misleading and solely based on its deployment on zkSync.

In response to the backlash, ZKasino promised to refund investors’ funds while claiming it acted in users’ interests by converting the ETH to ZKAS tokens and locking them under a 15-month vesting schedule.

However, the promised refunds have not materialized as of press time.

Meanwhile, the Netherlands’ Fiscal Information and Investigation Service (FIOD) later arrested a 26-year-old man suspected of involvement in the scheme. Authorities seized digital assets, luxury cars, and real estate worth approximately $12.2 million.

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