President Trump’s memecoin investors are gathering at his exclusive country club near Washington, D.C., for a special dinner.
Among the attendees is Justin Sang, a notable Chinese-born crypto entrepreneur. Sang, with an $18.5 million crypto wallet, is the largest investor in Liberty Financial and serves as an adviser to the Trump family’s crypto venture.
Recently, Sang shared a video of his visit to the Executive Office Building adjacent to the White House. This comes as the U.S. Securities and Exchange Commission paused its fraud case against him, focusing instead on public interest.
Sang has not elaborated further but expressed gratitude for the invitation via a platform. The SEC has chosen not to comment on the matter.
In total, the attendees have reportedly spent $148 million on dinner reservations, as noted by Inca Digital, a firm specializing in crypto intelligence.
VIP guests, including the top investors, are set to attend a private reception with Trump and receive a limited edition Trump Tourbillon watch, priced at $100,000.
Analysis from a blockchain firm reveals that a company linked to the Trump family and another entity collectively control 80% of the memecoin’s supply, raking in $320 million in fees since the project’s inception, including over $1.35 million after the dinner was announced.
Interestingly, over half of the 220 investors linked to the BlackTie event could be based outside of the United States.
The White House maintains that Trump’s assets are under a trust managed by his children, asserting that he has no direct involvement in the operations.
Requests for comments from both the White House and Trump organizations went unanswered.
Vincent Liu, chief investment officer of a crypto market maker from Taiwan, looked forward to networking at the event, anticipating a potential encounter with Trump himself.
“Access like this is pretty rare,” he remarked.
Sheldon Zia, founder of a crypto exchange based in the Cayman Islands, is also attending for the dinner and a private tour scheduled for the following day.
In the initial announcement, 25 VIPs—many previously undisclosed—are scheduled to tour the White House.
The $Trump Meme website has had some details redacted.
On the domestic front, 27-year-old consultant Vincent Deriu from New York revealed he owns several Trump brand watches and paid $116,000 to join the dinner event.
Meanwhile, a Democrat plans a press conference to protest the dinner, demanding that the identities of the participants be revealed. This raises several issues regarding foreign wallets, untraceable transactions, and corruption tied to Trump’s activities, especially since those linked to foreign interests can buy access anonymously.
The Trump family currently has a variety of crypto ventures, including exchanges, stablecoin projects, Bitcoin mining operations, and digital asset ETFs, among others.
Critics argue that this platform enables Trump to leverage unregulated markets for personal gain, potentially inviting undue foreign influence.
The White House has previously addressed similar criticisms, with a deputy press secretary commenting on behalf of Trump.
Even some of Trump’s allies express reservations. For instance, Republican Sen. Cynthia Ramis, a strong supporter of the crypto industry, noted it gives her “pause.”
Since the introduction of the Trump Meme coin in January, sizable investors have seen significant returns. Reports indicate that over 60 large wallets have generated nearly $1.5 billion, with profits of around $48 million, based on evaluations from Inca Digital and a crypto analytics tracker.
Conversely, approximately 600,000 smaller wallets have collectively lost about $3.87 billion, resulting in a $117 million deficit post-announcement.
