US President Donald Trump will host a private event for hundreds of top investors in his cryptocurrency Memecoin, with Democratic opposition leaders criticizing it as an “orgy of corruption.” The unprecedented merging of presidential power in the US and personal business will take place at Trump's golf club near Washington, where the 220 biggest buyers of the $TRUMP memecoin will dine with the president.

According to the event's website, the 25 largest investors will receive a private meeting with Trump and a tour of the White House. Trump launched the meme coin three days before taking office in January, quickly increasing its net value by billions and raising serious ethical concerns, including about possible foreign influence. Democratic Senator Elizabeth Warren and her colleagues called on Trump to reveal who would be attending the dinner. Calling the dinner an “orgy of corruption,” Warren said at a press conference that Trump was “using the presidency of the United States to enrich himself through cryptocurrencies.”

Analytics company Inca Digital confirmed that many of the transactions were made through international exchanges not accessible in the US, suggesting the involvement of foreign buyers.

Chinese-born crypto entrepreneur Justin Sun ranks first among investors, having invested $20 million in memecoin as part of his total $93 million investment in Trump-related crypto projects. Sun, founder of the top 10 cryptocurrency TRON, was investigated by US authorities for market manipulation, but regulators, now controlled by Trump appointees, agreed in February to a 60-day pause to seek a settlement.

According to the website Popular Information, several weeks before that decision, Sun purchased $30 million worth of digital assets from a company backed by Trump and his family.

“I am honored to support @POTUS and grateful for the invitation to attend President Trump's gala dinner as his biggest fan!” Sun wrote on social media platform X.

Justin Unga of the advocacy group End Citizens United described the crypto dinner as a glaring example of how Trump is profiting from the presidency while shaking up the American economy.

“Some say this is a back door to corruption,” Unga said. “I would say it's the front door with a parking lot and a red carpet... and a slap in the face to hardworking Americans,” he added.

White House press secretary Karine Jean-Pierre rejected the allegations of impropriety, saying at a briefing that Trump attended the dinner in his “personal time” and that he complies with applicable conflict of interest laws. | BGNES, AFP