Trump’s Crypto Dinner Contest Faces Scrutiny as Winners Manipulate Rules
In a controversial promotional contest, President Trump and his associates invited cryptocurrency investors to a dinner based on purchases of his family’s memecoin, $TRUMP. The competition, touted as an “EXCLUSIVE INVITATION” for top holders, concluded on Monday, revealing that at least 17 out of 220 winners had outsmarted the contest’s rules. They managed to secure dinner invitations despite holding no $TRUMP coins at the end, leveraging a quirk in the selection criteria that considered average coin holdings over three weeks instead of the final count.
Participants anticipated a price drop once the contest concluded, and their predictions were confirmed: $TRUMP’s value fell by 6.5% shortly after the winners were announced. Many had sold or transferred their holdings prior to the announcement, capitalizing on an earlier price surge driven by contest hype.
The event raised alarms among political figures and ethics experts alike, with Senator Jeff Merkley stating that it exemplified a troubling form of “grift” by the Trump administration. He criticized the contest for blurring the lines between public service and personal profit, stressing concerns about anonymity among the winners and potential foreign influence.
Winners collectively held $182 million worth of $TRUMP coins at contest close but had lost money overall, reflecting a broader trend of losses among investors in this particular cryptocurrency. Since its launch in January, buyers have lost approximately $3.9 billion, according to reports.
Responding to the fallout, organizers attempted to stabilize trading activity by promising potential rewards for holders of the $TRUMP coin leading up to the dinner. As the chaotic auction dynamics unfolded, questions about ethical conduct and regulatory oversight surrounding the contest remain unresolved.
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