Trump’s Crypto Dinner Draws $148M, Raises Corruption Concerns

Donald Trump’s memecoin dinner, held at his golf course in Virginia, attracted significant attention from the crypto community and beyond. The event, which cost attendees a total of $148 million, was billed as an “ultra-exclusive VIP reception with the president.” The gathering included a mix of crypto executives, influencers, and even a former NBA champion, raising questions about potential corruption and foreign influence.

The presence of foreign crypto executives and influencers at the event sparked concerns about the potential for foreign influence and corruption. The White House Press Secretary, Karoline Leavitt, declined to release a list of attendees, citing the event as a private affair outside of Trump’s presidential duties. However, some attendees shared their experiences on social media, providing insights into the event.

Justin Sun, the founder of Tron, was one of the most notable attendees. Sun, who was the largest TRUMP tokenholder, received a special watch during a ceremony at the event. His attendance was particularly controversial given his ongoing legal issues with the US Securities and Exchange Commission, which had accused him of orchestrating the unregistered offer and sale of crypto asset securities. Sun had previously stated his intention to spend a week in Washington, DC, to engage in meaningful conversations about the future of blockchain in the United States.

Kain Warwick, the founder of crypto exchange operator iFinex, also attended the event. Warwick, who had accumulated enough TRUMP tokens to break into the top 25 investors, expressed his desire to discuss decentralized finance (DeFi) with the president or his team. He saw the event as an opportunity to have a one-in-15 chance of engaging in a conversation with someone from the Trump administration.

Vincent Liu, the chief investment officer of Kronos Research, attended the event and shared pictures of the menu and Trump’s speech. Liu highlighted the unprecedented opportunity for individuals to meet the president simply by holding the Trump token. His firm had previously stated that the decision to acquire the token was based on identifying early momentum, cultural relevance, and potential market catalysts.

Lamar Odom, a two-time NBA champion, also attended the event. Odom used the opportunity to promote his own memecoin, ODOM, which he launched less than a week before the dinner. The anti-addiction-themed memecoin is issued on the Solana blockchain and includes a 20% “Trump Dinner Program” staking scheme, where TRUMP holders could stake their coins with Odom’s project to receive ODOM airdrops in return.

Sangrok Oh, the CEO of Hyperithm, was another notable attendee. Oh, who was the 13th-largest TRUMP holder, arrived with a batch of red “Make Crypto Great Again” hats to give away at the dinner. He expected to speak directly with the president and expressed his criticism of the slow regulatory progress for crypto in the countries where his company operates.

In addition to these high-profile attendees, the event also included several anonymous or pseudonymous crypto traders and entrepreneurs. Among them was “Ice,” co-founder of the Singaporean crypto company MemeCore, who saw Trump’s rise as an embodiment of the power of memes to influence culture and movements. “Ogle,” a cybersecurity adviser to Trump’s World Liberty Financial crypto enterprise, also attended, expressing curiosity about the event rather than personal endorsement of Trump. Another anonymous attendee, “Cryptoo Bear,” a crypto trader and occasional news reporter, mainly posted about the swag and the food, noting that they were promised a photo op with the president but it did not materialize.

Outside the country club, US senators and former staffers attended the event as part of a protest. Protestors shouted “Shame!” and “I hope you choke on your dinner!” at attendees, criticizing the event as a glaring example of corruption in Washington and within the Trump administration. Senator Jeff Merkley, a Democrat from Oregon, joined the protest, emphasizing the importance of government by and for the people. Ken Papaj, a former Treasury Department official, also criticized the event, calling it unconscionable.

The dinner comes at a pivotal time for the crypto industry in the US, where the industry is pushing hard for Congress to pass friendly regulations. Trump’s ties may complicate matters, however, as lawmakers have introduced anti-corruption bills targeting crypto and politicians. Senate Democrats are also taking aim at the stablecoin-focused GENIUS Act, introducing a slew of amendments addressing Trump’s crypto businesses.