An analysis reveals that more than half of the top holders of the Trump memecoin, who are vying for a dinner with former President Donald Trump, have used foreign exchanges that claim to ban US users, suggesting many purchasers are based outside the US. The memecoin, marketed by Trump shortly before his inauguration, saw increased sales after its issuers announced a unique promotion: over 200 of the memecoin’s largest holders would be invited to a dinner with Trump at his Virginia golf club. The top 25 would qualify for an exclusive reception and a “VIP” tour. Bloomberg News’ analysis shows that all but six of the top 25 holders registered on the website’s leaderboard used foreign exchanges that exclude US customers. At least 56% of the leaderboard’s top 220 holders also used similar offshore exchanges. This raises questions about how attendees, identified only by usernames, will be vetted. The website mentions background checks and KYC compliance but provides no details on how vetting will be conducted. Promoters and White House officials did not respond to requests for comment. Many large holders have yet to register, but Bloomberg’s analysis of all major purchasers revealed that more than half used foreign exchanges. Some US purchasers may have used foreign exchanges via VPNs. The three foreign exchanges most used by Trump coin holders are Binance, Bybit, and OKX, which impose restrictions on US users. Two of these exchanges have faced legal issues in the US. This is not the first time Trump-related crypto ventures have attracted foreign investors. Concerns have been raised about potential “pay-to-play” corruption. The Trump family benefits from increases in the memecoin’s price. To qualify for the dinner, coin holders must register a self-custodied wallet. Bloomberg analyzed transactions of the top 220 wallets to determine their likely locations. Public clues suggest some entities behind these accounts.
— new from Bloomberg.com
