Former President Donald Trump is once again at the center of controversy, this time through a high-stakes cryptocurrency venture. On Thursday evening, hundreds of global crypto investors are attending an exclusive black-tie dinner hosted at Trump’s private golf club near Washington, D.C., after collectively spending around $148 million on the Trump-themed meme cryptocurrency, $TRUMP. The event, shrouded in opulence and secrecy, is raising alarm among lawmakers and ethics watchdogs, especially due to the anonymous nature of crypto transactions and the heavy participation of foreign investors.
One of the evening's most notable guests is Justin Sun, a China-born crypto entrepreneur and adviser to the Trump family's blockchain project, World Liberty Financial. Sun reportedly secured his dinner seat by purchasing $18.5 million worth of $TRUMP tokens, making him the largest known investor in the coin. He has also shared social media updates showing his presence near White House grounds. Although the U.S. Securities and Exchange Commission has paused its fraud case against Sun, the timing of his appearance—and his deep ties to Trump’s crypto platform—have intensified scrutiny of the event.
According to crypto analysis firm Inca Digital, the top 25 holders of $TRUMP tokens spent over $111 million, securing access to a VIP reception with Trump himself. Four of them will also receive a limited-edition Trump Tourbillon watch, valued at $100,000 each. Blockchain data further reveals that entities tied to the Trump family still control 80% of the coin’s total supply, having already earned more than $320 million from it. Much of this revenue surge came immediately after the dinner announcement, with more than half the attendees reportedly based outside the United States.
This gathering is more than just a social affair—it represents a troubling intersection of money, politics, and digital anonymity. Critics argue the meme coin provides a backdoor for foreign influence, as anonymous wallets can be used to buy access to a former and potentially future president. Democratic lawmakers have called for transparency, demanding the release of the full guest list and warning of national security risks. “Untraceable transactions and no press access mean serious questions about foreign interference and corruption must be answered,” one Congressional statement read.
The dinner also reveals a broader strategy within Trump’s growing crypto empire. The meme coin, launched in January, is just one of several ventures now tied to the Trump name, including a crypto exchange, stablecoin, bitcoin mining firm, and ETF products. However, this particular coin has sparked fierce backlash. While major investors have reportedly profited nearly $1.5 billion—with $48 million made since Trump hyped the dinner—around 600,000 smaller wallet holders have collectively lost close to $3.9 billion. Many critics, including within Trump's own Republican ranks, have expressed concern that the project serves the wealthy elite while exploiting average supporters.
Despite the controversy, Trump’s team has remained largely silent. The Trump Organization and the White House have declined comment, reiterating only that Trump’s assets are managed in a trust overseen by his children. But as foreign billionaires sip cocktails with a former U.S. president behind closed doors, the dinner has exposed a deepening divide over the role of cryptocurrency in politics—and whether it is becoming a vehicle for influence, enrichment, and secrecy in the shadows of democracy.