Trump’s Crypto Dinner Raises Eyebrows with Over $1 Million Per Seat Average
Washington, D.C. — A recent dinner hosted by former President Donald Trump has garnered significant attention, with an astonishing average cost of more than $1 million per seat, according to a new analysis by the blockchain analytics firm Nansen. The event, scheduled for Thursday at the Trump National Golf Club in Washington, D.C., attracted 220 contest winners who purchased tickets through Trump’s official cryptocurrency, $TRUMP.
Unprecedented Spending for an Exclusive Gathering
The cost to attend the dinner ranged drastically, with some participants spending as little as $55,000 while others shelled out upwards of $37.7 million on the volatile cryptocurrency token, $TRUMP. In total, these 220 winners contributed a staggering $394 million to the contest, although it’s worth noting that some have since sold portions or all of their holdings. The average expenditure among the winners amounted to approximately $1,788,994.42. According to Nansen’s findings, the wealth distribution among participants varied significantly. The top seven crypto holders each individually spent over $10 million, while 24 individuals committed under $100,000. Interestingly, 67 of the winners—almost one third—spent more than one million dollars on the cryptocurrency.
Details About $TRUMP and Its Ownership
$TRUMP, like many meme coins, has been characterized by extreme price fluctuations. Despite its volatility, the crypto project has proven profitable for its creators, primarily two Trump-affiliated companies: CIC Digital and Fight Fight Fight LLC, which collectively own 80% of the $TRUMP token supply. Furthermore, the nature of the contest has raised ethical questions, as it appears to blur the lines between political fundraising and personal profit for Trump.
While the contest rules state that Trump’s attendance at the event was not a solicitation for funds, the situation has triggered scrutiny over Trump’s financial entanglements and the implications of conducting such a commercial venture while in a public role. As highlighted by the Brennan Center for Justice, the president operates under different standards than most federal employees and is less restricted from using office influence for financial gain.
Legal and Ethical Concerns
Dan Weiner, director of the Elections and Government Program at the Brennan Center for Justice, elaborated on the legal complexities surrounding the event, noting, "The president is not subject to the broad prohibition on conflicts of interest that affects almost everyone else who works for the federal government." He added that while this conduct raises eyebrows, it does not necessarily breach legal frameworks.
White House spokesperson Anna Kelly defended Trump’s actions, insisting, "The President is working to secure GOOD deals for the American people, not for himself," notwithstanding the apparent potential for conflicts of interest.
Foreign Participation in the Contest
In a striking revelation, an analysis by independent crypto researcher Molly White found that a majority of the contest participants appeared to be foreign nationals. Out of the 220 winning wallets, 158—or 72%—indicated transactions through exchanges that do not permit U.S. citizens. This could create an ironic contradiction, as U.S. laws typically prohibit non-citizens from contributing to American political campaigns. Weiner pointed out the significant ethical concerns surrounding the possibility of foreign influence, stating, "We have very strict laws that prohibit foreign nationals from making campaign donations."
Conclusion
The extravagant dinner has not only captured the curiosity of the public but also sparked a debate about the intersection of cryptocurrency, politics, and ethics in contemporary America. As the event approaches, it remains to be seen how these dynamics will unfold and what repercussions may arise from this unprecedented merging of personal and political finances in the ever-evolving landscape of cryptocurrency.
Kevin Collier is an NBC News reporter specializing in cybersecurity, privacy, and technology policy.
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