Rep. Jamie Raskin of Maryland demanded that President Trump turn over the names of the guests at the White House dinner for top investors in his meme coin.
Activity tagged "crypto"
Issue 85 – All the President’s tokens
The TrumpWallet.com website, which was previously hosting a waitlist sign-up for the Trump wallet project, has just gone offline.
This is less than an hour after Bloomberg reported that the World Liberty Financial project sent a cease and desist to both the memecoin project and Magic Eden.
I think this is a more or less up-to-date map of the businesses, LLCs, and people associated with the Trump family crypto projects.
The relative separation between World Liberty Financial and the Trump memecoin projects, both of which are trying to develop defi trading platforms, may help to explain the chaos around the latter’s wallet launch announcement yesterday.
It is very plausible to me that Trump has sold his likeness to so many separate projects, not to mention his sons also using the “Trump” branding, that no one really knows what’s going on in aggregate.
However, it’s still not fully clear to me how the memecoin end of the business could launch a wallet using Trump’s name and likeness without the sons’ knowledge unless the original licensing agreement for the memecoin was extremely broad.
This diagram is of course limited to what is publicly disclosed, and you’ll see a few places where links are uncertain, and where LLCs’ operators are partially or completely unknown. The flow of money is also a very partial accounting.
Absolute chaos. After my scoop about the upcoming launch of a Trump Wallet by Magic Eden, in cooperation with the $TRUMP memecoin team, Magic Eden pushed out their announcement. Both Eric and Don Jr then repudiated the project, stating they had no prior knowledge.
Magic Eden says claims the wallet is the “Official Trump Wallet” created in collaboration with the Trump memecoin team. Trump memecoin team is Fight Fight Fight LLC (Bill Zanker), though the Trump Organization-affiliated CIC Digital also holds a substantial quantity of tokens.
However, now Eric and Don Jr are saying the Trump Org had no knowledge of this deal between the TRUMP memecoin project and Magic Eden. No statement yet from the memecoin project or from President Trump.
Magic Eden is a relatively big player in the crypto world, so this is not a case of some nobody creating a fake project pretending to be an official Trump-affiliated app.
Trump to launch branded crypto trading application
Given the recent data breach and Coinbase’s user agreement that aims to force customers into arbitration rather than individual or class action lawsuits, it’s interesting to read the outcome of a recent arbitration case against Coinbase.
Customer lost $350,000 in September 2022 to a phishing attack from a scammer that the customer said had “confidential information that could have only been obtained with direct access to Coinbase’s database”.
Coinbase didn’t prevent the suspicious transfers, allegedly wiped customer’s transaction history, blamed the customer for the loss, then refused to reimburse. Arbitration concluded with $0 reimbursement.
Arbitrator found the complaint had been filed too late, and that the customer had admitted that a third party rather than a Coinbase insider had performed the theft. Doesn’t appear the arbitrator investigated the claims of a possible breach, or how the hardware MFA was bypassed.
A Coinbase data breach filing with the Maine Attorney General finally gives us some more detail than Coinbase’s vague “less than 1% of monthly transacting users”. 69,461 people were affected, and Coinbase says the data breach occurred on December 26, 2024.
It took them almost five months between the incident and the incident disclosure, although the company has since admitted it knew customer support agents were suspiciously accessing customer data as far back as January.
Security researchers who have spent months trying to call Coinbase’s attention to serious issues at the company are disputing Coinbase’s claims about the timing of the breach. “Threat actors had ongoing access via multiple insiders over a prolonged period of time.”
The SEC requires material cybersecurity incidents be disclosed within four business days; state laws often have a 30-day disclosure deadline. It’s not clear if customers outside the US were affected; if so, other disclosure laws may apply.