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Sky News
23-05-2025
- Business
- Sky News
Investors descend on Trump's golf club for $148m meme coin dinner amid protests
Donald Trump hosted a dinner for investors in his meme coin on Thursday, as critics warned the US president was putting personal profit first. Some 220 of the biggest investors in the $TRUMP meme coin descended on the exclusive dinner at Mr Trump's private country club in Northern Virginia. As the US president arrived, more than a hundred protesters at the Trump National Golf Club held signs that included "America is not for sale", "stop crypto corruption" and "release the list". Massachusetts senator Elizabeth Warren described the dinner, where the US president spoke for about half an hour before dancing to the song YMCA, as an "orgy of corruption". Access to the dinner, and the president, was earned by purchasing enough of his $TRUMP meme coin to secure a seat. The White House insisted Mr Trump would attend the event "in his personal time", but the lectern he stood behind had the presidential seal. NBC News reported that during his remarks, Mr Trump did not unveil any new crypto policies but spoke in support of a potential bitcoin reserve and then left promptly afterward. In total, investors spent an estimated $148m (£110m), with the top 25 holders of the coin spending more than $111m (£82.56m), according to crypto intelligence firm Inca Digital. A company controlled by the Trump family, and a second firm, hold 80% of the remaining $TRUMP coins and have so far earned $320.19m (£238.14m), including at least $1.35m (£1m) after the dinner announcement, according to blockchain analytics firm Chainalysis. 'Trump a very successful businessman,' says White House According to blockchain analysis, more than half of the 220 holders who attended the black-tie event are likely based outside the US. This has led to claims the US president has auctioned off access to himself to foreign investors for personal gain. In response to criticisms about Mr Trump using his office to enrich himself from the meme coin, White House press secretary Karoline Leavitt said: "All of the president's assets are in a blind trust, which is managed by his children. "And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country." Who was on the guest list? One of those attending was China-born crypto entrepreneur and billionaire Justin Sun. He won first place in the dinner contest with his $18.5m (£13.76m) wallet of the Trump meme coin and is the largest publicly known investor in the family's crypto platform - which has made them hundreds of millions of dollars. Mr Sun posted videos of himself visiting parts of the White House complex on Wednesday, and on Thursday of Mr Trump at the dinner event. In February, the US Securities and Exchange Commission paused a 2023 fraud case against him, citing public interest. However, the identities of the majority of the coin holders attending the event remain unknown. Of those going, one was simply known as Ogle, a crypto security specialist who appears in video interviews with his face covered by a bandana and sunglasses. He says this is to protect his identity. 👉 Follow Trump100 on your podcast app 👈 Even some pro-Trump crypto voices worried his personal involvement may hurt efforts to establish credibility. "It's distasteful and an unnecessary distraction," said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures. "We would much rather that he passes common sense legislation and leave it at that." The event was capped off with an after-party, called "Meme The Night," thrown by a Singapore-based meme-coin engagement company called MemeCore.
Malay Mail
23-05-2025
- Business
- Malay Mail
Wealthy foreign crypto investors descend on Trump's golf club for US$148m $TRUMP meme coin dinner, raising concerns over foreign influence in US politics
Top-25 meme coin holders to enjoy private VIP reception with Trump Democratic lawmakers demand attendee names, citing foreign influence concerns Profits favour big investors, smaller wallets face significant losses STERLING (Virginia), May 23 — Buyers of President Donald Trump's meme coin converged from around the globe yesterday for an exclusive dinner at his private country club, overlooking the Potomac River, just outside the nation's capital. With guests filing into the event, and President Trump arriving by Marine One helicopter, more than a hundred protesters at the Trump National Golf Club crowded along the edge of the parking lot along the street. Signs included, 'America is not for sale,' 'stop crypto corruption,' and 'release the guest list.' Among those in attendance is China-born crypto entrepreneur and billionaire Justin Sun, who posted a video of himself, underscored by triumphant music, entering the ballroom and dressed in a tux. Sun won first place in the dinner contest with his US$18.5 million wallet, and is also the largest publicly known investor and an adviser to World Liberty Financial, the Trump family's crypto platform, which has made them hundreds of millions of dollars. On Wednesday, Sun also posted a video of himself visiting the Executive Office Building, part of the White House complex. In February, the US Securities and Exchange Commission paused its 2023 fraud case against Sun, citing public interest. Sun declined to comment but posted on X that he is 'grateful for the invitation.' The SEC declined to comment. In total, investors spent an estimated US$148 million on the $TRUMP meme coin to secure their seats at the dinner, with the top-25 holders spending more than US$111 million (RM473 million), according to crypto intelligence firm Inca Digital. These top holders will enjoy a private VIP reception with Trump, and the four largest investors will also receive a limited edition Trump Tourbillon watch that sells for US$100,000. A company controlled by the Trump family and a second firm together hold 80 per cent of the remaining supply of coins, and have so far earned US$320.19 million in fees, including at least US$1.35 million after the dinner announcement, according to blockchain analytics firm Chainalysis. More than half of the 220 holders at the black-tie event are likely based outside the United States, according to blockchain analysis. In response to criticisms about Trump using his office to enrich himself from the meme coin, White House spokeswoman Karoline Leavitt said yesterday: 'All of the president's assets are in a blind trust, which is managed by his children. And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.' She also said that, 'The president is attending it in his personal time. It is not a White House dinner. It's not taking place here at the White House.' The Trump Organisation did not respond to requests for comment. Vincent Liu, chief investment officer of Taiwan-based crypto market maker Kronos Research, said he had hopes of networking with other top holders and even possibly meeting the president. 'That kind of access is rare, and it represents how digital assets are entering the mainstream.' Demonstrators shout outside Trump National Golf Course in Sterling, Virginia, on May 22, 2025. US President Donald Trump is attending a private dinner at his club for the top 220 buyers of his memecoin $TRUMP. — AFP pic Private cocktail reception Sheldon Zia, founder of the Cayman Islands-based crypto exchange BitMart, posted on X that, as a top-25 holder, he was heading to not just the dinner but also to a private VIP cocktail reception before the dinner and a private VIP tour the following day. An initial announcement said the 25 VIPs-the majority of their identities so far unknown-would tour the White House. That detail has since been deleted from the $TRUMP meme website ( There are also domestic Trump supporters such as Vincent Deriu, a 27-year-old New York consultant who said he already owns 'many' Trump-branded watches, 'a few pairs of' Trump sneakers, and 'more than 50' Trump NFTs. Deriu will join the dinner yesterday, for US$116,000. Senior Democratic members of the House and Senate held a press conference earlier yesterday to highlight what they describe as Trump's corrupt crypto practices and to push for legislation that would ban such activities. 'Donald Trump's dinner is an orgy of corruption,' said Massachusetts Senator Elizabeth Warren. Connecticut Senator Chris Murphy noted the anonymity of attendees. 'Reportedly, there's going to be a guy there tonight called Ogle,' Murphy said. 'That's it. That's all we know about this guy. He wears a mask all the time.' When reached for comment by Reuters, Ogle, a crypto security specialist, said that he uses a pseudonym and appears in video interviews with his face obscured by a bandana and sunglasses to protect himself because of safety concerns related to his pro bono work, in which he says he has helped victims of crypto criminals recover more than half a billion dollars. Ogle said Murphy's accusations were 'misplaced.' 'My motive for attending this dinner is very straightforward,' said Ogle, who also serves as an advisor to Trump's cryptocurrency platform, World Liberty Financial. 'I'm curious by nature, I believe it will be an historic moment, and I'm fortunate to have the opportunity to go.' Ogle came in at number 22 in the contest, and holds a total of US$3.6 million worth of the $TRUMP coin. Democratic lawmakers have introduced a flurry of bills aimed at ending the ability of presidents and members of Congress to own or oversee businesses that issue or promote crypto products. Given that Republicans have majority control of both the US House and Senate, the Democratic Party has limited ability to pass legislation and call for public hearings or formal investigations. A placard against US President Donald Trump is seen outside Trump National Golf Course in Sterling, Virginia, on May 22, 2025. US President Donald Trump is attending a private dinner at his club for the top 220 buyers of his memecoin $TRUMP. — AFP pic Of all of the Trump family's cascade of new crypto ventures — which now include a crypto exchange, a stablecoin, a bitcoin mining operation and digital asset ETFs — the meme coin has sparked particularly strident criticism from Democratic lawmakers and government watchdog groups, who have decried it as 'a race to the bottom for presidential grifting.' Now, even some Trump allies are starting to weigh in, with Republican Senator Cynthia Lummis, a robust and staunch crypto industry advocate, saying the dinner gives her 'pause.' Since the $TRUMP meme coin launched in January, the profits have favoured big investors: more than 60 large wallets have profited close to US$1.5 billion, with US$48 million in profits occurring after Trump posted about the contest on social media, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps, as of May 8. Meanwhile, about 600,000 other smaller wallets have lost US$3.87 billion so far, with US$117 million of the losses occurring after the dinner announcement. The event was set to cap off with an after-party, called 'Meme The Night,' thrown by a Singapore-based meme-coin engagement company MemeCore. MemeCore's co-founder, who goes by the name Ice, traversed the planet to attend the dinner after spending more than US$16 million to come in second place. — Reuters
