Concerned About Disruption? Trump’s Cryptocurrency Dinner Competition Concludes: 220 Winners to Proceed to Washington, Subject to Background Checks
Results of the Official Meme Coin $TRUMP Competition Announced
The results of the competition for the official meme coin $TRUMP, initiated by U.S. President Trump, have been revealed. The top 220 coin holders will be invited to an exclusive dinner held in Washington D.C. and will have the opportunity to receive a rare NFT as a reward. However, this cryptocurrency event has also raised concerns regarding conflicts of interest and legal risks. The organizing team appears to be wary of scrutiny and will conduct background checks on the selected participants.
Trump Coin Competition Concludes, Dinner List Released
The first major event, the “Dinner Competition,” based on Trump’s own meme coin, has officially concluded. The official Twitter account announced last night that the top 220 individuals on the leaderboard will be invited to an exclusive dinner at Trump National Golf Club in Washington D.C.
The event organizers stated: “The first TRUMP competition has officially concluded. If you are in the top 220 on the leaderboard, please check your registered email immediately for details.”
To ensure the safety of the event, all invitees must pass a background check to confirm their eligibility to attend.
(How much does it cost to dine at Trump’s home? The TRUMP team clarifies that the dinner threshold is very low, not requiring $300,000!)
In addition to the dinner invitation, the organizers also announced additional rewards: Anyone who holds the same number of TRUMP tokens as on the snapshot day during the dinner will receive a limited edition “Trump Diamond Hand” Solana NFT. The officials emphasized that the NFT is “very rare and collectible,” intended to encourage investors to be “diamond hands” for TRUMP to maintain token stability.
Spending $148 Million for a “Political Entry Ticket”?
According to Reuters, citing data from Inca Digital, participants have invested approximately $148 million in purchasing TRUMP tokens for a chance to dine with Trump. These “dinner-for-tokens” events seem to have turned into high-risk speculative activities, with the issuance costs ultimately appearing to flow back into Trump’s pockets.
(Trump’s two crypto dinners in May: Tickets priced at $1.5 million criticized as bribery, Trump rebuts accusations of stock trading by politicians)
Data from Chainalysis further indicates that 58 wallet accounts profited over $10 million each, with total accumulated profits reaching $1 billion; however, up to 764,000 wallets experienced losses, highlighting the high investment risk of this competition.
Democratic Lawmakers Launch Investigation, Question Potential Legal Risks
Despite the event’s appeal, Trump’s cryptocurrency venture faces increasing political and legal challenges. Last week, Senate Democrats led by Richard Blumenthal sent a letter to the coin company Fight Fight Fight LLC, announcing a formal investigation into Trump’s meme coin.
The letter pointed out that Trump’s activities in the cryptocurrency space may involve conflicts of interest and illegal risks, requesting the company to clarify project operations and fund flow details. Senator Warren and Representative Adam Schiff also criticized in a joint letter that Trump’s actions are akin to exchanging political power for private business investments, representing blatant favoritism:
This is akin to selling presidential-level access.
The Intersection of Politics and Cryptocurrency: Trump Thrives
From the dinner competition to NFT rewards, and now under scrutiny by the U.S. Senate, the TRUMP meme coin is no longer just an alternative investment on the blockchain but a new front in Trump’s political and financial strategy. While the event has attracted significant attention and funding, the accompanying legal risks and market concerns cast a shadow over this presidential-level political money-making spectacle.
(Ran Neuner claims TRUMP will launch a Truth Social meme coin, with rumors suggesting that USD1 is key?)
Risk Warning
Investing in cryptocurrencies carries a high degree of risk, with prices subject to significant volatility; you may lose your entire principal. Please assess your risk carefully.
