Ripple CTO Sparks Firestorm Over Trump Wallet — Fake Launch or Real Deception?

Ripple’s Chief Technology Officer, David Schwartz, described the confusion surrounding the TRUMP Wallet launch as a “bizarre situation.” Yesterday, reports revealed the introduction of the TRUMP coin crypto wallet and trading platform. But Donald Trump Jr., who heads Trump Media and World Liberty Financial, denied the launch, calling it fake news.

However, Schwartz noted that the announcement of the wallet launch actually came from the platform that launched the Official Trump Coin in January. The crypto community remains confused about whether this is a fake launch or a real deception at play.

Ripple CTO Questions Confusion Around Trump Wallet Announcement

Ripple CTO David Schwartz has raised concerns about conflicting claims surrounding the TRUMP Coin wallet launch. In a message on the X platform, Schwartz wrote: “This is a very bizarre situation,” while disclosing some key links to Trump family members.

Schwartz noted that top platforms like Magic Eden and TrumpMeme ad posted a joint announcement regarding the Trump meme coin project. However, Donald Trump Jr. and Eric Trump have publicly denied any involvement by the Trump Organization in the initiative.

The Ripple CTO further highlighted that TrumpMeme is owned by FightFightFight LLC, which co-launched the official Trump coin in partnership with CIC Digital LLC, an entity tied to the Trump Organization.

“Were both accounts hacked to post a fake announcement? That seems very unlikely. What is going on here?!” Schwartz remarked.

Donald Trump Jr. Rejects Involvement

As soon as the news broke out yesterday, Donald Trump Jr. clarified on social media that neither he nor the Trump Organization is associated with a recently announced wallet product. “The Trump Organization has zero involvement with this wallet product,” he stated, adding, “Eric Trump and I know nothing about it”. With the Donald Trump family’s growing involvement into crypto, such announcements can trigger major volatility.

In a similar message, Eric Trump also warned Magic Eden platform of making such announcements. Eric wrote:

“This project is not authorized by The Trump Organization. Magic Eden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization”.

A New York Times report stated that Eric Trump announced his intent to pursue legal action against projects leveraging the Trump name without proper authorization. Interestingly, this development comes just as Trump’s media firm, Truth Social, submitted a filing for introducing spot Bitcoin ETFs on NYSE Arca.