Korean crypto CEO to join Trump's inner circle of 'meme coin' millionaires
A South Korean crypto firm CEO has landed an unexpected invitation to an upcoming private dinner with US President Donald Trump on May 22, after becoming one of the largest holders of the president's own cryptocurrency, $TRUMP.
The May 22 event at Trump National Golf Club in Washington is limited to just 25 people worldwide, a group chosen based on their weighted holdings of $TRUMP between the coin's Jan. 17 launch and May 12. The only Korean on the list is Oh Sang-rok, CEO of Hyperithm, a Seoul- and Tokyo-based firm that manages digital assets for institutional investors in Asia.
Blockchain records show Oh is likely behind a wallet holding roughly $3 million worth of $TRUMP, making him the 13th-largest investor.
$TRUMP is what's known as a meme coin, which is a type of cryptocurrency that doesn't offer any particular technical innovation or utility, but gains attention through internet culture, celebrity association, or viral hype. Unlike mainstream tokens like Bitcoin, meme coins are typically driven by social media momentum and investor speculation. They can soar in price when they catch attention, but just as often crash once that momentum fades.
Oh is not a celebrity trader or a speculative retail buyer. He comes from a traditional finance background, with experience in M&A at Morgan Stanley's Seoul office, and co-founded Hyperithm in 2018 with a goal of building a crypto investment firm that behaves more like a disciplined fund than a hype-chasing startup. Since then, the company has remained profitable even through industry crashes like FTX and Terra-Luna, which is a rarity in a market known for dramatic booms and busts.
Unlike many Korean crypto firms focused on local exchanges or retail platforms, Hyperithm deliberately built its first base in Japan, where institutional crypto investing is legally recognized. The company now works with banks, securities firms, and funds across Asia and the US, and has received backing from global players like Coinbase Ventures and GS Futures.
Oh has been outspoken about Korea's slow regulatory progress and the need for digital assets to be treated as part of the country's broader high-value economy. He sees crypto not as a cultural fad, but as a serious financial infrastructure play.
'Crypto should be recognized as a core K-asset,' he said in a Korean media interview earlier this year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
14 hours ago
- Korea Herald
Trump approves US Steel, Nippon Steel partnership
President Donald Trump signed an executive order Friday approving a partnership between US Steel and Nippon Steel after the companies reached agreement on US national security guarantees. The deal brings an end to the long-running saga over foreign ownership of a key national asset which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger. Nippon's acquisition of US Steel was held up by former president Joe Biden, who blocked it in his last weeks in the White House on national security grounds. Trump initially opposed Nippon Steel's takeover plan, calling for US Steel to remain domestically owned, but he threw his support behind a "partnership" in May. "US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," the US president said in a Truth Social post. In a joint statement, US Steel and Nippon Steel said Trump "has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs." "In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement (NSA) with the US Government," they said, which calls for approximately $11 billion in new investments to be made by 2028. Trump's executive order did not provide details about the NSA but he reserved the authority to issue further orders "as shall in my judgment be necessary to protect the national security of the United States." Friday's announcement follows a review of the deal by the government's Committee on Foreign Investment in the United States (CFIUS), which is tasked with analyzing the national security implications of foreign takeovers of US companies. (AFP)
Korea Herald
a day ago
- Korea Herald
Green Fertilizer Made with Air and Plasma: NitroCapt (Sweden) wins $2M Food Planet Prize 2025 for developing low-emission fertilizers
STOCKHOLM, June 13, 2025 /PRNewswire/ -- The Curt Bergfors Foundation is honored to announce that NitroCapt was awarded the Food Planet Prize, the world's biggest environmental award, on June 13 in Stockholm, Sweden. This recognition highlights their exceptional contributions and potential to disrupt the global nitrogen fertilizer industry. Nitrogen fertilizers are used for 50% of the world's food production and emit as much carbon dioxide as the aviation industry. Sweden-based NitroCapt has developed a novel, energy-efficient process that makes fertilizer through plasma-produced nitrate. NitroCapt's technology could improve access to green fertilizer across the world. In awarding the Prize to NitroCapt, the Food Planet Prize jury Co-Chair Johan Rockström commented: "Through NitroCapt's innovation, nitrogen fertilizer can now be produced by splitting nitrogen from the air with plasma technology simply needing green electricity as input. This technology reduces the use of energy tenfold, can be produced locally, avoids fossil-fuels entirely, while producing a nitrate fertilizer that can improve soil health and may be used sustainably by farmers across the world." Gustaf Forsberg, CEO and Founder of NitroCapt, added: "NitroCapt's mission is to decarbonize the nitrogen fertilizer industry. The current fossil-based process has reached its end point. We can also contribute to increased food production in areas that today have difficulties producing sufficient amounts. We are just about to finalize our industrial-scale pilot, and we have fertilizer in the field, but we're still not at the scale where we want to be. This Prize will be very important for us to bring our technology to the stage where we can start making a difference." About the Food Planet Prize The Curt Bergfors Food Planet Prize was established in Sweden in 2019, in acknowledgement of the perils that our current food systems pose to the health of people and the planet. The Prize supports initiatives that significantly reduce the environmental impact of the way we eat today. Unlike many awards, the Food Planet Prize recognizes initiatives for their potential future impact on the environment rather than past achievements. The Food Planet Prize's international jury consists of 10 leading specialists in complex Food Planet challenges. The jury is co-chaired by Johan Rockström and Magnus Nilsson.
Korea Herald
a day ago
- Korea Herald
US steel tariffs on home appliances spark concerns for Samsung, LG
The Trump administration's decision to expand steel tariffs to include washing machines, refrigerators and other household appliances containing steel components is stoking fresh concerns for Korean appliance giants Samsung Electronics and LG Electronics. The Department of Commerce said the steel duties, which are currently at 50 percent, will apply to so-called 'steel-derivative products' starting June 23, in a notice published in the Federal Register on Thursday. Newly affected items include combined refrigerator-freezers, small and large dryers, washing machines, dishwashers, chest and upright freezers, cooking stoves, rages and ovens, food waste disposals and welded wire racks. The duties will apply to the value of the steel content in each import, the notice said, meaning items with higher steel content will face higher tariffs. The decision comes just a week after Trump ratcheted up tariffs on imported steel and aluminum to 50 percent, up from the initial 25 percent announced in March. The latest round of tariffs could significantly affect South Korean electronics giants like Samsung Electronics and LG Electronics that sell a wide range of home appliances in the US market, including refrigerators, washers, dryers, dishwashers and ovens. While both companies operate US facilities, the bulk of their home appliances sold in the American market remains overseas, including in South Korea and Mexico. Much of the steel used in these appliances is also sourced from outside the US. Both Samsung and LG set up production facilities for home appliances during the Trump's first term, largely in response to his tariff policies. Samsung manufactures washing machines in Newberry, South Carolina, while LG produces washing machines and dryers at its plant in Clarksville, Tennesse. With Trump's second term and escalated tariff measures, the two companies are reportedly considering relocating some of its production in Mexico to its US plants. Analysts say tariffs on imported steel could drive up production costs, which companies may have no choice but to pass on to consumers by hiking prices. Samsung and LG together account for around 40 percent of the home appliance market in the US, according to market tracker Traqline. If they raise prices, it could hurt their price competitiveness and reduce sales volume in the all-important American market. "We are closely monitoring the situation in response to the tariffs," said an industry official in condition of anonymity. In response to new tariff measures, South Korea's Ministry of Trade, Industry and Energy on Friday held an emergency meeting with officials from Samsung, LG and their suppliers to assess the situation and discuss possible responses. The ministry said it will continue to operate the task force for the home appliance industry and maintain close communication with appliance manufacturers to monitor the impact and come up with support measures.
