Ripple CTO David Schwartz has established a possible connection between the Trump family and the incoming Trump Wallet.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
David Schwartz, Chief Technology Officer at blockchain payments firm Ripple Labs Inc., disagrees with the narrative that President Donald Trump and his sons have no involvement with the new TRUMP Wallet generating attention.
On June 4, he took to X to highlight the apparent connection between these parties, emphasizing that it is unlikely the Trump Organization account was hacked.
David Schwartz highlighted an X post from GetTrumpMeme, stating that this account and that of Non-fungible Token (NFT) marketplace Magic Eden had published the news about the introduction of this crypto wallet. However, the President’s sons, Donald Trump Jr. and Eric Trump, claim that the Trump Organization has zero involvement.
This is a very bizarre situation.
Both @magiceden and @GetTrumpMemes have posted this announcement, but Donald Trump Jr. and Eric Trump say the Trump Organization has zero involvement. But @GetTrumpMemes is owned by FightFightFight LLC which launched the official Trump coin and… https://t.co/YKxKPhcCiv
— David 'JoelKatz' Schwartz (@JoelKatz) June 4, 2025
Schwartz pointed out that GetTrumpMemes is owned by Fight Fight Fight LLC. This is the same company that launched the official Trump coin TRUMP $9.76 24h volatility: 9.6% Market cap: $1.95 B Vol. 24h: $805.99 M and is co-owned by CIC Digital LLC, a part of the Trump organization.
Based on these established connections, the Ripple CTO questioned whether both accounts might have been hacked to post a false announcement. In response to this inquiry, he stated, “That seems very unlikely.”
This investigation became necessary after a flashy website appeared on Tuesday afternoon, promoting a potential announcement of the latest cryptocurrency venture supported by the 47th President of the United States.
According to the website release, the developers behind the TRUMP meme coin are collaborating closely with Magic Eden to launch “the Official $TRUMP Wallet.”
The wallet is designed as a trading app that offers customers a platform to buy and sell digital currencies.
Eric Trump and Donald Trump Jr. immediately and separately denied any connection to the crypto wallet, with Eric Trump going so far as to say that the project was not authorized by the Trump family.
He also warned Magic Eden against using the Trump family’s name in any project that has not been approved by them. These denials suggest there may be a rift within the network of Trump’s crypto ventures.
This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization. https://t.co/OovJGvGOkO
— Eric Trump (@EricTrump) June 3, 2025
For more context, the Trump crypto venture is a web of businesses run by different family members and associates. They all appear to be in disagreement and in competition with each other at the moment, or at least that is what the Trump Wallet controversy suggests.
Even after the president’s sons denied this rumor, an X account linked to TRUMP posted that the crypto wallet was coming soon.
On the flip side, the news of the Trump Wallet triggered an uptrend for some projects. Magic Eden’s native token ME recorded a rally of nearly 32% in the late hours of June 3.
This brought the token’s price from $0.80 to as high as $1.14. The sharp increase in the ME price triggered a 3,000% jump in 24-trading volume. ME trading volume reached $468 million.
Speculations like these are common in conversations surrounding celebrities and crypto projects. Until more clarity emerges regarding the TRUMP Wallet’s involvement, related projects are likely to continue benefiting from the ongoing hype.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
