Latest news with #Nansen
Yahoo
23-05-2025
- Business
- Yahoo
What we know about Trump's private dinner for top holders of his memecoin
President Donald Trump is set to gather with the top holders of his meme coin. They've spent millions to secure face time with the president. It's one way Trump is continuing to blur the lines of his business interests. President Donald Trump will host a dinner on Thursday not to raise cash but to thank the attendees for giving his family some of their money. The official backers of Trump's meme coin, $TRUMP, are hosting a gala at the president's DC-area private golf club. The top 220 holders of the digital token were invited to join the president. On average, they spent over $1 million on the coin to secure a seat, per NBC News. The White House has defended Trump's appearance amid criticism from congressional Democrats and government ethics organizations. "The President is working to secure GOOD deals for the American people, not for himself," White House spokesperson Anna Kelly said in a statement. "President Trump only acts in the best interests of the American public — which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media." This is what we know about Trump's meme coin dinner. Dinner with Trump isn't cheap. The lucky winners spent $394 million on the meme coin, per research conducted by blockchain analytics company Nansen, NBC News reported. The actual cost varies significantly from those at the very top to attendees who just barely made the cut. The top seven holders spent more than $10 million each, while those spending less than $100,000 filled the final 24 slots. The average winner spent $1,788,994.42, per NBC News. Trump's family and other coin backers have brought in over $320 million in trading fees so far, according to a Reuters report that cited research by Chainalysis, a blockchain analytics firm. Of those fees, at least $1.35 million were collected after the meme coin's official website announced the Trump dinner. The Trump Organization, Trump's private company, and related entities hold 80% of the meme coin's supply. Officially, the meme coin project says Trump is appearing as a guest at the dinner. Justin Sun, found of TRON, a blockchain platform, said that he was one of the top holders of Trump's meme coin. According to the coin's website, a wallet with the username "Sun" was listed as the top holder. On X, Sun joked about bringing bananas to his meeting with Trump. Last year, Sun paid $6.2 million for an edition of the viral art piece of a duct-taped banana, officially titled "Comedian." As is the tradition, Sun ate the banana. Sun is also a major investor in World Liberty Financial, a digital asset firm, backed by the Trump family. In 2023, the Securities and Exchange Commission sued Sun for market manipulation. After Trump retook office, the SEC paused enforcement of the case. A top official for MemeCore, a Singapore-based crypto company, told The New York Times that the company holds over $19 million worth of Trump coins because the dinner was too good of an opportunity to pass up. "They might be famous people from the crypto industry," Cherry Hsu, the company's chief business officer, told the Times. "It's a very, very good opportunity." Another top coin investor, Kain Warwick, echoed Hsu's hope of hobnobbing with the powerful. "It would be great to be able to meet the president," Warwick, a crypto entrepreneur in Sydney, told the Times. "That's something that I wouldn't have expected I would have the opportunity to be even in the position to do." Nineteen of the top 25 token holders are likely people not in the US, Bloomberg reported. Their analysis found that the wallets mostly used foreign exchanges, which are not supposed to be available to US users. It is possible that some holders used a VPN. The black-tie optional dinner will be held at the president's DC-area golf club, Trump National Golf Club, Washington DC, which is located in Northern Virginia. An avid golfer, Trump has frequented his properties during both terms in the White House. It's an exclusive invitation. No plus ones can attend. The top 220 holders could have passed on the rights to their invitation to someone else. The set-up is similar to previous dinners that Trump held to thank those who bought licensed nonfungible tokens. The major difference is that all of those events happened when he was out of office. Attendees had to pass a background check. They also couldn't be from "a KYC watchlist country," a reference to anti-money laundering standards. The top 25 coin holders will attend a special reception with Trump. There will also be a "special tour." Initially, the website mentioned a White House tour, but that has since changed. It's unclear where the special tour will be held. Sen. Jon Ossoff of Georgia, a Democrat, said during a town hall last month that there was "no question" that the meme coin backers, which include Trump's family, selling off dinner with the president "rises to the level of an impeachable offense." "It appears that the president's business and family are being personally enriched through this cryptocurrency venture," Ossoff later told CNN. Read the original article on Business Insider 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
Yahoo
23-05-2025
- Business
- Yahoo
Protesters decry 'crypto corruption' as Trump fetes top investors in his crypto meme coin
Calling them "pioneers," President Donald Trump praised the top investors in his cryptocurrency meme coin at an exclusive black-tie dinner Thursday as protesters outside the event chanted and displayed signs blasting the gala as a pay-for-play event. Two hundred and twenty cryptocurrency traders, including many from overseas, pumped tens of millions of dollars into Trump's meme coin to gain admission to the gala through a contest that awarded invitations to the top investors -- with at least some of the funds flowing directly into the Trump family's coffers. Among those spotted arriving for the event at Trump's private golf club outside Washington were Lamar Odom of the NBA and "Keeping Up With the Kardashians" fame, controversial cryptocurrency mogul Justin Sun, and Kendall Davis, an Austin-based cryptocurrency investor, who told ABC News that he "came here to advocate for things to be done right in the crypto space." MORE: Trump holds gala for top investors in his meme coin, as some critics slam event as pay-for-play The top 220 holders of Trump's meme coin -- a type of digital currency that's often based on an internet meme -- collectively spent upwards of $140 million for a seat at the table on Thursday, according to an analysis by the data analytics firm Nansen. According to CNBC's reporting of blockchain analytics firm Chainalysis' data, 58 crypto wallets had made millions from their Trump coin investments as of May 6 -- while roughly 764,000 crypto wallets had lost money. White House Press Secretary Karoline Leavitt said the gala was not a White House event and that the president was attending in a personal capacity. The White House did not release a list of the event's attendees. Protesters outside the event -- which included Sen. Jeff Merkley, D-Ore. -- chanted slogans and displayed signs reading "Stop Trump's Crypto Corruption" and "America is not for sale" as attendees made their way into the venue. Trump, addressing attendees at the dinner, said that he always puts the country "way ahead of the business" and added, "You can't say that about Hunter Biden and Joe Biden," according to social media posts. On the topic of cryptocurrency, Trump attacked the previous administration and touted his own administration's support of crypto. "The Biden administration persecuted crypto innovators, and we're bringing them back into the USA where they belong. They were fleeing. They were leaving our country," Trump was seen saying in a social media video posted by an attendee. Many of the dinner guests were overseas investors, and several of them told ABC News they had flown into the country just for a chance to see the president of the United States. One attendee, who asked that he not be identified, told ABC News he flew in from Taiwan for the dinner. "The second day Trump made the announcement about the dinner, I bought a bunch of tokens," he said. The attendee said he didn't have anything specific he wanted to hear from Trump, but that he wanted to attend the dinner because "I just think to have opportunity to come to an event like this is very rare." Another attendee, who asked to be identified only by his first name, Alex, told ABC News he is an investment banker from Moscow, Russia, who currently resides in Cancun. MORE: Winners of Trump's meme coin contest potentially include foreign investors He said he didn't understand much of what Trump spoke about at the dinner because of the language barrier, but that he's a supporter of Trump and that he was happy to see him. Attendee Bryce Paul, in a video he posted to social media, likened Trump's meme coin gala to crypto's "Iwo Jima" moment -- where attendees would be "raising the flags, behind the enemy lines, right here in the swamp of D.C." "I'm just one of 220 people that are invited," Paul said. "There's no media, there's no recording, there are no plus-ones. It's just truly some of the most influential figures in crypto, in policy, and of course, the man himself." Protesters decry 'crypto corruption' as Trump fetes top investors in his crypto meme coin originally appeared on
Yahoo
23-05-2025
- Business
- Yahoo
Protesters decry 'crypto corruption' as Trump fetes top investors in his crypto meme coin
Calling them "pioneers," President Donald Trump praised the top investors in his cryptocurrency meme coin at an exclusive black-tie dinner Thursday as protesters outside the event chanted and displayed signs blasting the gala as a pay-for-play event. Two hundred and twenty cryptocurrency traders, including many from overseas, pumped tens of millions of dollars into Trump's meme coin to gain admission to the gala through a contest that awarded invitations to the top investors -- with at least some of the funds flowing directly into the Trump family's coffers. Among those spotted arriving for the event at Trump's private golf club outside Washington were Lamar Odom of the NBA and "Keeping Up With the Kardashians" fame, controversial cryptocurrency mogul Justin Sun, and Kendall Davis, an Austin-based cryptocurrency investor, who told ABC News that he "came here to advocate for things to be done right in the crypto space." MORE: Trump holds gala for top investors in his meme coin, as some critics slam event as pay-for-play The top 220 holders of Trump's meme coin -- a type of digital currency that's often based on an internet meme -- collectively spent upwards of $140 million for a seat at the table on Thursday, according to an analysis by the data analytics firm Nansen. According to CNBC's reporting of blockchain analytics firm Chainalysis' data, 58 crypto wallets had made millions from their Trump coin investments as of May 6 -- while roughly 764,000 crypto wallets had lost money. White House Press Secretary Karoline Leavitt said the gala was not a White House event and that the president was attending in a personal capacity. The White House did not release a list of the event's attendees. Protesters outside the event -- which included Sen. Jeff Merkley, D-Ore. -- chanted slogans and displayed signs reading "Stop Trump's Crypto Corruption" and "America is not for sale" as attendees made their way into the venue. Trump, addressing attendees at the dinner, said that he always puts the country "way ahead of the business" and added, "You can't say that about Hunter Biden and Joe Biden," according to social media posts. On the topic of cryptocurrency, Trump attacked the previous administration and touted his own administration's support of crypto. "The Biden administration persecuted crypto innovators, and we're bringing them back into the USA where they belong. They were fleeing. They were leaving our country," Trump was seen saying in a social media video posted by an attendee. Many of the dinner guests were overseas investors, and several of them told ABC News they had flown into the country just for a chance to see the president of the United States. One attendee, who asked that he not be identified, told ABC News he flew in from Taiwan for the dinner. "The second day Trump made the announcement about the dinner, I bought a bunch of tokens," he said. The attendee said he didn't have anything specific he wanted to hear from Trump, but that he wanted to attend the dinner because "I just think to have opportunity to come to an event like this is very rare." Another attendee, who asked to be identified only by his first name, Alex, told ABC News he is an investment banker from Moscow, Russia, who currently resides in Cancun. MORE: Winners of Trump's meme coin contest potentially include foreign investors He said he didn't understand much of what Trump spoke about at the dinner because of the language barrier, but that he's a supporter of Trump and that he was happy to see him. Attendee Bryce Paul, in a video he posted to social media, likened Trump's meme coin gala to crypto's "Iwo Jima" moment -- where attendees would be "raising the flags, behind the enemy lines, right here in the swamp of D.C." "I'm just one of 220 people that are invited," Paul said. "There's no media, there's no recording, there are no plus-ones. It's just truly some of the most influential figures in crypto, in policy, and of course, the man himself." Protesters decry 'crypto corruption' as Trump fetes top investors in his crypto meme coin originally appeared on
23-05-2025
- Business
Protesters decry 'crypto corruption' as Trump fetes top investors in his crypto meme coin
Calling them "pioneers," President Donald Trump praised the top investors in his cryptocurrency meme coin at an exclusive black-tie dinner Thursday as protesters outside the event chanted and displayed signs blasting the gala as a pay-for-play event. Two hundred and twenty cryptocurrency traders, including many from overseas, pumped tens of millions of dollars into Trump's meme coin to gain admission to the gala through a contest that awarded invitations to the top investors -- with at least some of the funds flowing directly into the Trump family's coffers. Among those spotted arriving for the event at Trump's private golf club outside Washington were Lamar Odom of the NBA and "Keeping Up With the Kardashians" fame, controversial cryptocurrency mogul Justin Sun, and Kendall Davis, an Austin-based cryptocurrency investor, who told ABC News that he "came here to advocate for things to be done right in the crypto space." The top 220 holders of Trump's meme coin -- a type of digital currency that's often based on an internet meme -- collectively spent upwards of $140 million for a seat at the table on Thursday, according to an analysis by the data analytics firm Nansen. According to CNBC's reporting of blockchain analytics firm Chainalysis' data, 58 crypto wallets had made millions from their Trump coin investments as of May 6 -- while roughly 764,000 crypto wallets had lost money. White House Press Secretary Karoline Leavitt said the gala was not a White House event and that the president was attending in a personal capacity. The White House did not release a list of the event's attendees. Protesters outside the event -- which included Sen. Jeff Merkley, D-Ore. -- chanted slogans and displayed signs reading "Stop Trump's Crypto Corruption" and "America is not for sale" as attendees made their way into the venue. Trump, addressing attendees at the dinner, said that he always puts the country "way ahead of the business" and added, "You can't say that about Hunter Biden and Joe Biden," according to social media posts. On the topic of cryptocurrency, Trump attacked the previous administration and touted his own administration's support of crypto. "The Biden administration persecuted crypto innovators, and we're bringing them back into the USA where they belong. They were fleeing. They were leaving our country," Trump was seen saying in a social media video posted by an attendee. Many of the dinner guests were overseas investors, and several of them told ABC News they had flown into the country just for a chance to see the president of the United States. One attendee, who asked that he not be identified, told ABC News he flew in from Taiwan for the dinner. "The second day Trump made the announcement about the dinner, I bought a bunch of tokens," he said. The attendee said he didn't have anything specific he wanted to hear from Trump, but that he wanted to attend the dinner because "I just think to have opportunity to come to an event like this is very rare." Another attendee, who asked to be identified only by his first name, Alex, told ABC News he is an investment banker from Moscow, Russia, who currently resides in Cancun. He said he didn't understand much of what Trump spoke about at the dinner because of the language barrier, but that he's a supporter of Trump and that he was happy to see him. Attendee Bryce Paul, in a video he posted to social media, likened Trump's meme coin gala to crypto's "Iwo Jima" moment -- where attendees would be "raising the flags, behind the enemy lines, right here in the swamp of D.C." "I'm just one of 220 people that are invited," Paul said. "There's no media, there's no recording, there are no plus-ones. It's just truly some of the most influential figures in crypto, in policy, and of course, the man himself."
Yahoo
23-05-2025
- Business
- Yahoo
The problem(s) with the White House's defense of Trump's scandalous crypto dinner
When Donald Trump unveiled a meme coin a few days before his second inaugural, the ethical mess was obvious. The Campaign Legal Center's Adav Noti explained at the time, 'It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president's family in connection with his office. It is beyond unprecedented.' But when the president and his partners launched a contest of sorts last month, it took the story to a new level: Those interested in investing in Trump's meme coin — and by extension, giving the president money — were told they'd have a chance to win special access to Trump and the White House. Democratic Sen. Chris Murphy of Connecticut said of the scheme, 'This isn't Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a president has ever done. Not close.' The gambit proved predictably lucrative. NBC News reported this week: More than 200 wealthy, mostly anonymous crypto buyers are coming to Washington on Thursday to have dinner with President Donald Trump. The price of admission: $55,000 to $37.7 million. That's how much the 220 winners of a contest to meet Trump spent on his volatile cryptocurrency token, $TRUMP, according to an analysis by the blockchain analytics company Nansen. The top $TRUMP coin holders at a specific time — determined by the dinner's organizers — secured a seat. The dinner nevertheless happened at a Trump-owned property in Virginia on Thursday night, and it was described by MSNBC's Chris Hayes as 'the Met Gala of presidential pay-for-play.' Chris added that the dinner was 'the most brazen act of corruption by a president in our lifetimes, probably in a century, possibly ever.' For its part, the White House hasn't said who attended the event or exactly how much money ended up in the president's pockets. Hours before the dinner, however, press secretary Karoline Leavitt did take some time to offer her most detailed defense of the scandalous arrangement to date. The president's chief spokesperson was asked, for example, whether Trump was using the gathering to enrich himself. Instead of answering directly, Leavitt said the president was re-elected 'because he was a successful businessman.' The problem with this, of course, was (a) she didn't answer the question; (b) he wasn't a successful businessman; and (c) there's no evidence to suggest Trump's private-sector background contributed to his successful 2024 candidacy. At the same briefing, Leavitt also argued that Trump was attending the crypto dinner in his 'personal time,' which made even less sense, given that presidents while in office don't have the luxury of simply taking off the presidential hat and acting as a private citizen for a while. Ethical norms and legal standards always apply to the nation's chief executive, especially when interacting with those eager to give them financial rewards. But I was especially interested in Leavitt's third point: Trump's assets, she insisted, are in a 'blind trust' managed by his adult sons, which necessarily mitigates potential ethical conflicts. This almost resembles a credible point, but there's a problem: Trump's 'trust' isn't actually 'blind.' When the president's first term began, many urged the Republican to avoid ethical quandaries by utilizing a blind trust, but Trump refused. After he was elected to a second term, he did transfer assets into a trust controlled by his eldest son, but to call it 'blind' is to stretch the definition to an unreasonable degree. Indeed, The New York Times spoke to Dennis Kelleher, the chief executive of Better Markets, a nonprofit that pushes for more transparency on Wall Street, who emphasized the family connection. 'This is not a blind trust with an independent trustee, where people can have confidence that the conflicts of interest are in fact removed,' he explained. In other words, after having plenty of time to come up with a defense for Trump's meme coin scheme, the White House came up with a handful of talking points, and all three fell apart rather quickly. All things considered, that's not too surprising: Defending the indefensible isn't easy. This article was originally published on
