Citation Needed
As Trump’s web of crypto projects gets tangled up in itself, a regulator warns of “regulatory Jenga” in the crypto sector that echoes the 2008 financial crisis
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.
i think i need some red string
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.
Citation Needed
New crypto trading and wallet application, created in partnership with Magic Eden, invites fans of President Trump to buy his memecoin
Representative Raskin cited my analysis in his letter investigating Trump’s memecoin dinner
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.
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.
The SEC has just filed a lawsuit against Unicoin, its CEO, and promoters, accusing them of “a massive securities offering fraud” amounting to more than $100 million. The SEC had reportedly previously tried to negotiate a settlement, but Unicoin refused it.
The SEC warned Unicoin of impending civil charges in December 2024, after the company decided after Trump’s election that they would breach a standstill agreement they’d entered with the agency.
![9. On December 17, 2024, Arbitrator Kruze issued an Order Granting Dispositive Motion as to all of Mr. Spilker’s claims. Ex. A at 6 (“Respondent’s Motion for Summary Judgment is GRANTED. Claimant’s claims against Coinbase are dismissed.”). 10. The Final Award holds: a. Claimant’s EFTA cause of action is time-barred because the “one-year limitations period begins when the first unauthorized transfer occurs, not upon discovery by the consumer, and not when the consumer notifies the defendant of the unauthorized transfer.” Id. at 3, applying 15 U.S.C. §1693m(g) and Wike v. Vertrue, Inc., 566 F.3d 590,593 (6th Cir. 2009). b. “The undisputed facts show that a third party, not Coinbase, caused Claimant’s damages” and that “Claimant’s damages were the result of an intervening and superseding cause: the actions of a third-party scammer. Coinbase, as a matter of law, cannot be held liable for Claimant’s damages.” Ex. A at 4, citing May v. Google, LLC, No. 24-CV-01314- BLF, 2024 WL 4681604, at *10 (N.D. Cal. Nov. 4, 2024). c. The parties’ contract forecloses Mr. Spilker’s causes of action for breach of contract, negligence and tort claims, and claims under Idaho and Oregon law. Ex. A at 5. d. Pursuant to Melchoir v. New Line Prods., Inc., 106 Cal. App. 4th 779, 793 (2003), “Claimant’s cause of action for unjust enrichment fails because ‘there is no [such thing as a] cause of action in California for unjust enrichment.’” Ex. A at 5. e. Mr. Spilker’s CLRA claim fails “as courts have consistently held that the CLRA does not apply to cryptocurrency exchanges like Coinbase”. Id. at 6, citing various cases.](https://storage.mollywhite.net/micro/0bbcc42846cc232283eb_Screenshot-2025-05-27-at-1.04.40---PM.png)
![As the SEC has dropped the majority of its ongoing lawsuits and investigations into cryptocurrency firms, most recently the Immutable web3 gaming company, a few firms seem to be getting a little nervous. Unicoin, a firm that announced shortly after Trump’s election that they would breach the 2024 “standstill” agreement they had reached with the SEC [I72] (and then did so), is now writing letters to the agency asking why their case has yet to be dropped. “We thought the war was over, and we said to the SEC, ‘Hey, we’re resuming our activity,’” explained Unicoin CEO Alex Konanykhin. Like some other industry executives, Konanykhin has gone beyond merely asking for an end to the enforcement case, and in his letter seeks retribution against the SEC employee who led the investigation into his company.14](https://storage.mollywhite.net/micro/f8b26d94775ddfc5a65c_Screenshot-2025-05-21-at-1.52.33---PM.png)