Latest news with #GAnt
Yahoo
25-05-2025
- Business
- Yahoo
Trump to host dinner for top holders of his crypto token – although many lost money with it
Donald Trump will host the top holders of his cryptocurrency at a gala tonight at his private golf club near Washington DC. Though the president has called the $Trump token 'The Greatest of them all!!!!!!!!!!!!!!!!', nearly half the gala's guests suffered losses from purchasing it, according to a Guardian analysis of their public cryptocurrency wallets. The attendees are winners of the US president's meme coin competition. Last month, Trump announced that the 220 crypto wallets with the largest holdings of $Trump between 23 April and 12 May would win a ticket to a private dinner at the Trump National golf club. The top 25 holders would also be invited to a 'Private VIP Reception' with the president beforehand. The news caused the coin to spike more than 50%. Buyers were ranked by their 'time-weighted' holdings, which reached 11.3m coins – worth approximately $148m in total as of 12 May. Snapping up the coin propelled entrants to the top of the leaderboard. However, the Guardian's analysis of crypto wallets on the Solana blockchain suggests that many have been burned along the way. Related: Top buyers of Trump-sponsored crypto win exclusive dinner with president Of the 220 winners, 95 – some 43% – have suffered a net loss from purchasing $Trump since the coin's January launch, a combined $8.95m, according to trading history and portfolios as of 21 May. A contestant under the username 'GAnt' appears to have endured the biggest losses. Despite placing fourth on the leaderboard, buying the tokens has led to a $1.06m shortfall. Similarly, user 'Meow' is down $621,000, despite achieving VIP status. This aligns with a broader trend: it's believed that 764,000 wallets – mostly belonging to small holders – have lost money on $Trump, according to data from the cryptocurrency and blockchain analysis firm Chainalysis. Meanwhile, just 58 wallets have made more than $10m each on their purchases of the coin, per Chainalysis. The cryptocurrency is trading 68% below its all-time high when it peaked the day before the president's inauguration. About 40% of the gala attendees own less than one $Trump token. Among them are buyers who purchased the coin during its initial days of hype and then dumped it when the price hit its zenith. User 'UVIL', for example, profited more than $7m from the president's coin, followed by 'boop' and 'Woo', both earning more than $2m, respectively, according to the Guardian's analysis. Dinner ticket winners shelled out between $55,000 and $37.7m to attend, with the price of one seat averaging out to $1m, according to data from the blockchain analytics company Nansen published by NBC. Attendees are thus not necessarily current owners of the Trump coins, but 'people who pumped and dumped them', said James Angel, a professor of financial regulation at Georgetown University. 'It just shows that, when you elect a clown, you get a circus.' The coin definitely benefits the Trump family business, and it's yet another way for [the president] to cash in on celebrity The Guardian's calculations assume transfers in and out of wallets were sales at market prices from the time, although this is not possible to prove for all transactions. The Trump administration is not directly involved in administering $Trump. However, the president may profit from token sales and trading fees. Trump-affiliated entities – notably CIC Digital LLC and Fight Fight Fight LLC – issued the coin and own 80% of its supply, which will be gradually unlocked throughout his term. These entities also made $320m in trading fees as of 6 May, according to data from Chainalysis, published by CNBC. The Trump Organization did not immediately respond to a request for comment. The president lauding high-risk and opaque assets coincides with a wider easing of financial regulation. Until recently, the Securities and Exchange Commission viewed most cryptocurrencies as securities, not commodities. However, under new leadership, the regulator issued guidance stating that meme coins are 'akin to collectibles' and thus 'neither meme coin purchasers nor holders are protected by the federal securities laws.' On that view, $Trump sales are not subject to the same disclosures required of stocks or bonds, nor would the president's affiliates be considered unregistered issuers of securities. Despite the SEC's view, experts say the unique conditions of this particular meme coin may justify securities classification regardless. Corey Fraye, the director of investor protection for the Consumer Federation of America, a non-profit, believes that $Trump could pass the Howey test – the legal framework used to determine whether a transaction qualifies as an investment contract under securities laws. 'The promotion of these tokens to a reasonable investor would create an expectation of profit related to this entire scheme that they think they're buying into,' says Fraye. Moreover, the fact that Trump-affiliated entities own the majority of the supply, combined with the president's influence over crypto policy, may expose the public to market manipulation and suggest a need for securities law protections, says Angel. The identities of possible attendees have also raised ethical concerns over the risk of pay-to-play policymaking. Topping the leaderboard is Justin Sun, a Chinese-born crypto billionaire who founded the Tron blockchain. Sun was charged in 2023 with market manipulation and offering unregistered securities, but the SEC dropped the case in February. Related: Trump's cryptocurrency endeavor caps a political career filled with conflicts of interest Companies with strategic policy incentives have also spent heavily to reach Trump. A cross-border logistics firm called Freight Technologies bought $20m worth of tokens, calling it 'an effective way to advocate for fair, balanced, and free trade between Mexico and the US', according to a statement. Adding to that is GD Culture Group, a small tech company that operates an e-commerce business on TikTok. GD, which has a Chinese subsidiary, announced announced a plan to purchase up to $300m worth of $Trump, the New York Times reported, but did not specify whether that spending had begun. 'The coin definitely benefits the Trump family business, and it's yet another way for [the president] to cash in on celebrity,' says Angel. 'But the real question is: is this in the best interest of the United States of America?' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
22-05-2025
- Business
- The Guardian
Nearly half of Trump's crypto sweepstakes winners lost money
Donald Trump will host the top holders of his cryptocurrency at a gala tonight at his private golf club near Washington DC. Though the president has called the $TRUMP token 'The Greatest of them all!!!!!!!!!!!!!!!!', nearly half the gala's guests suffered losses from purchasing it, according to a Guardian analysis of their public cryptocurrency wallets. The attendees are winners of the US president's meme coin competition. Last month, Trump announced that the 220 crypto wallets with the largest holdings of $TRUMP between 23 April and 12 May would win a ticket to a private dinner at the Trump National golf club. The top 25 holders would also be invited to a 'Private VIP Reception' with the president beforehand. The news caused the coin to spike more than 50%. Buyers were ranked by their 'time-weighted' holdings, which reached 11.3m coins – worth approximately $148m in total as of 12 May. Snapping up the coin propelled entrants to the top of the leaderboard. However, the Guardian's analysis of crypto wallets on the Solana blockchain suggests that many have been burned along the way. Of the 220 winners, 95 – some 43% – have suffered a net loss from purchasing $TRUMP since the coin's January launch, a combined $8.95m, according to trading history and portfolios as of 21 May. A contestant under the username 'GAnt' appears to have endured the biggest losses. Despite placing fourth on the leaderboard, buying the tokens has led to a $1.06m shortfall. Similarly, user 'Meow' is down $621,000, despite achieving VIP status. This aligns with a broader trend: it's believed that 764,000 wallets – mostly belonging to small holders – have lost money on $TRUMP, according to data from cryptocurrency and blockchain analysis firm Chainalysis. Meanwhile, just 58 wallets have made more than $10m each on their purchases of the coin, per Chainalysis. The cryptocurrency is trading 68% below its all-time high when it peaked the day before the president's inauguration. Around 40% of the gala attendees own less than one $TRUMP token. Among them are buyers who purchased the coin during its initial days of hype and then dumped it when the price hit its zenith. User 'UVIL,' for example, profited more than $7m from the president's coin, followed by 'boop' and 'Woo,' both earning more than $2m, respectively, according to the Guardian's analysis. Dinner ticket winners shelled out between $55,000 and $37.7m to attend, with the price of one seat averaging out to $1m, according to data from blockchain analytics company Nansen published in NBC. Attendees are thus not necessarily current owners of the Trump coins, but 'people who pumped and dumped them', said James Angel, a professor of financial regulation at Georgetown University. 'It just shows that, when you elect a clown, you get a circus.' The Guardian's calculations assume transfers in and out of wallets were sales at market prices from the time, although this is not possible to prove for all transactions. The Trump administration is not directly involved in administering $TRUMP. However, the president may profit from token sales and trading fees. Trump-affiliated entities – notably CIC Digital LLC and Fight Fight Fight LLC – issued the coin and own 80% of its supply, which will be gradually unlocked throughout his term. These entities also made $320m in trading fees as of 6 May, according to data from Chainalysis, published by CNBC. The Trump Organization did not immediately respond to a request for comment. The president lauding high-risk and opaque assets coincides with a wider easing of financial regulation. Until recently, the Securities and Exchange Commission viewed most cryptocurrencies as securities, not commodities. However, under new leadership, the regulator issued guidance stating that meme coins are 'akin to collectibles' and thus 'neither meme coin purchasers nor holders are protected by the federal securities laws.' On that view, $TRUMP sales are not subject to the same disclosures required of stocks or bonds, nor would the president's affiliates be considered unregistered issuers of securities. Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion Despite the SEC's view, experts say the unique conditions of this particular meme coin may justify securities classification regardless. Corey Fraye, the director of investor protection for the Consumer Federation of America, a non-profit, believes that $TRUMP could pass the Howey test – the legal framework used to determine whether a transaction qualifies as an investment contract under securities laws. 'The promotion of these tokens to a reasonable investor would create an expectation of profit related to this entire scheme that they think they're buying into,' says Fraye. Moreover, the fact that Trump-affiliated entities own the majority of the supply, combined with the president's influence over crypto policy, may expose the public to market manipulation and suggest a need for securities law protections, says Angel. The identities of possible attendees have also raised ethical concerns over the risk of pay-to-play policymaking. Topping the leaderboard is Justin Sun, a Chinese-born crypto billionaire who founded the Tron blockchain. Sun was charged in 2023 with market manipulation and offering unregistered securities, but the SEC dropped the case in February. Companies with strategic policy incentives have also spent heavily to reach Trump. A cross-border logistics firm called Freight Technologies bought $20m worth of tokens, calling it 'an effective way to advocate for fair, balanced, and free trade between Mexico and the US', according to a statement. Adding to that is GD Culture Group, a small tech company that operates an e-commerce business on TikTok. GD, which has a Chinese subsidiary, announced announced a plan to purchase up to $300m worth of $TRUMP, the New York Times reported, but did not specify whether that spending had begun. 'The coin definitely benefits the Trump family business, and it's yet another way for [the president] to cash in on celebrity,' says Angel. 'But the real question is: is this in the best interest of the United States of America?'
Yahoo
22-05-2025
- Business
- Yahoo
Trump Openly Sells Access To Those Who Put The Most Cash In His Pocket
WASHINGTON — President Donald Trump is taking his efforts to use his office for personal enrichment — the very definition of corruption — to new levels Thursday night, selling face time to those who put money into his bank account by purchasing nearly $200 million worth of his branded souvenir crypto coins. And while Trump will know who has parted with all that cash for the opportunity to spend a few hours to bend his ear, Americans will not — unless they can somehow match real names to monikers like 'MeCo,' 'CASE, 'GAnt' and 'REKT.' Those four individuals or organizations, identified only by their usernames and crypto 'wallet' addresses, collectively owned 2.7 million $TRUMP coins, worth a total of $38.3 million on Wednesday, based on the $14 price per coin that day. Heather Cox Richardson, a Boston College historian, said Trump's open corruption is unprecedented in American history. 'Interestingly, the real financial corruption in an administration is around the president, not usually the president himself,' she said. A White House official, speaking on condition of anonymity, said the crypto coin business 'has nothing to do with the White House.' Anna Kelly, a White House deputy press secretary, denied Trump was doing anything wrong and instead attacked the news media for correctly reporting on his two federal prosecutions, his criminal conviction for falsifying business records and the civil judgment against his company for massive fraud. 'President Trump only acts in the best interests of the American public, which is why they overwhelmingly reelected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media,' she said. Trump began selling his new tokens three days before his inauguration. The coin, which has zero intrinsic value, soared in price to as high as $75, allowing 58 early buyers to make over $10 million each before the coins plummeted in value. They were selling for about $8 each before Trump announced his contest in late April to award a 'gala' dinner at his golf resort in Sterling, Virginia, to the top 220 Trump coin purchasers, based on how much they held on average from Jan. 17 through May 15. The top 25 coin holders would also be invited to a 'VIP' reception with Trump before the dinner and then a tour the following day. The contest website originally had promised a White House tour, but subsequently changed the page to delete the White House reference. According to a 'leaderboard' maintained by the company that is managing the coin sales, the 220 winning coin holders in total owned 13.8 million coins on the May 15 close of the contest, worth just over $192 million. Just over $20 million of that total was held by the single biggest Trump coin holder, Chinese-born crypto billionaire Justin Sun, who is among the few of the contest winners whose identities are known because they have boasted about it publicly. 'Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump's Gala Dinner as his TOP fan!' Sun wrote in a social media post Wednesday. 'As the top holder of $TRUMP, I'm excited to connect with everyone, talk crypto, and discuss the future of our industry.' Sun last year bought $75 million of crypto coins issued by a different Trump family business, World Liberty Financial. Not long after Trump retook the White House, the Securities and Exchange Commission asked a federal court to pause its two-year-old civil fraud suit against Sun and his businesses. It is unknown and, from the public record, unknowable what other coin buyers want out of their meeting with Trump. One publicly traded trucking logistics company revealed in an SEC filing that it planned to buy as much as $20 million in Trump coin 'to advocate for fair, balanced and free trade between Mexico and the U.S.' The company, Freight Technologies, however, said through a spokesperson that it is not attending the dinner. The Trump meme coin is just one piece of Trump's open attempts to use his presidency for his personal gain. While he did the same in his first term through his hotels and golf resorts, he has focused this time around on his various crypto ventures. Indeed, his World Liberty Financial brokerage announced just before Trump's recent trip to the Middle East that a state-backed firm in the United Arab Emirates was using its 'stable' coin for a $2 billion transaction. How much, precisely, Trump is earning through these various schemes may never be known, because — unlike every other president in recent times — he has refused to release his tax returns to the public. A recent Washington Post analysis found that Trump and his partners in the Trump coin business made $3 million in transaction fees since the contest was announced in April, and $43 million in fees and $312 million in coin sales since Jan. 17 — all despite the Constitution's prohibition against presidents accepting income other than their salary. Trump's lack of interest in abiding by constitutional rules on outside income and gifts, in fact, appears to have become an international joke. On Wednesday, Trump angrily defended his decision to accept a $400 million luxury Boeing 747 from Qatar, attacking a reporter who asked about it during an Oval Office photo opportunity with South Africa's president. Cyril Ramaphosa, who came to the White House to win a trade agreement, told Trump: 'I'm sorry I don't have a plane to give you.' Trump responded: 'I wish you did. I would take it.'
