Buyers of President Donald Trump’s meme coin gathered on Thursday for a dinner at his private country club near Washington, D.C. The event drew more than a hundred protesters outside the Trump National Golf Club.
Among the attendees was China-born crypto entrepreneur Justin Sun, who posted videos of his arrival and participation. Sun, who won first place in the dinner contest with an $18.5 million wallet, is also the largest publicly known investor and adviser to World Liberty Financial, the Trump family’s crypto platform.
Sun recently visited the Executive Office Building, part of the White House complex. The U.S. Securities and Exchange Commission paused its 2023 fraud case against him, citing public interest.
Sun posted on social media that he was grateful for the invitation.
At the event, Trump told attendees that he puts the country ahead of business and criticized the Biden administration for its stance on crypto innovators. Investors spent an estimated $148 million on the $TRUMP meme coin to secure dinner seats, with the top 25 holders spending more than $111 million.
The top holders had a private reception with Trump, and the four largest investors received limited edition watches valued at $100,000 each.
A company controlled by the Trump family and another firm hold 80% of the remaining $TRUMP coins, earning $320.19 million in fees, including $1.35 million after the dinner announcement, according to blockchain analytics. More than half of the 220 holders at the event are believed to be based outside the United States.
White House spokeswoman Karoline Leavitt said Trump’s assets are in a blind trust managed by his children and argued that his business success was a factor in his re-election. The Trump Organization did not respond to requests for comment.
Several attendees, including Vincent Liu, chief investment officer of Taiwan-based crypto market maker Kronos Research, said they attended to network and gain access to other top holders and possibly meet Trump.
Sheldon Zia, founder of the Cayman Islands-based crypto exchange BitMart and a top 25 holder, posted about attending the dinner, a private cocktail reception, and a planned VIP tour. An initial announcement mentioned a White House tour for VIPs, but this detail was later removed from the $TRUMP meme website.
Vincent Deriu, a New York consultant and Trump supporter, joined the dinner with a $116,000 ticket. Trump spent an hour at the event, where guests were served a multi-course meal.
Democratic lawmakers held a press conference criticizing Trump’s crypto activities and pushed for legislation to ban such practices. Senator Elizabeth Warren called the dinner “an orgy of corruption,” while Senator Chris Murphy highlighted the anonymity of some attendees.
A guest known as Ogle, a crypto security specialist and advisor to World Liberty Financial, defended his attendance and explained his use of a pseudonym.
Democrats have introduced bills aimed at preventing presidents and members of Congress from owning or managing businesses related to crypto products, but with Republicans controlling Congress, progress is limited.
The Trump family’s crypto ventures include a crypto exchange, a stablecoin, bitcoin mining, and digital asset ETFs. The $TRUMP meme coin has drawn significant criticism, including from some Trump allies like Republican Senator Cynthia Lummis.
Since its January launch, the meme coin has generated profits primarily for large investors, with over 60 wallets gaining close to $1.5 billion, while about 600,000 smaller wallets have lost $3.87 billion.
The event concluded with an after-party organized by MemeCore, a Singapore-based meme-coin engagement company. Its co-founder, known as Ice, attended the dinner after spending more than $16 million to secure second place in the contest.
