On Thursday, a select group of 220 individuals, who were the highest investors in Donald Trump's cryptocurrency venture, gathered at his golf club in Potomac Falls, near Washington, D.C., to claim their reward: a dinner with the former president of the United States.

This event has sparked controversy as many of the participants, both in the overall list and among the top 25 who received additional prizes such as a VIP tour of the White House, were identified as foreign investors, despite U.S. laws prohibiting non-citizens from contributing to political campaigns.

The attendees gained entry by purchasing $TRUMP, a meme-based cryptocurrency lacking intrinsic value beyond market speculation.

Such digital currencies typically experience sharp initial surges in price followed by significant declines, resulting in profits for a few individuals at the expense of less-informed investors.

The $TRUMP coin saw explosive growth following Trump's announcement of the dinner contest in April, leading to a 50% increase in value.

This cryptocurrency, which Trump launched three days before his presidency, has allegedly generated over $148 million in revenue for his family.

Due to the anonymity of cryptocurrency wallets, most participants’ identities are linked only to pseudonymous usernames, with investors' information generally obscured.

However, reports indicate that more than half of the winners are associated with international trading platforms.

A recent analysis revealed that 19 of the top 25 wallets belong to individuals operating outside of the U.S., allowing these foreign investors a unique opportunity to influence a prominent global leader.

Ahead of the dinner, Trump announced via his social media platform, Truth, that he was en route to the event, emphasizing his administration's intent to lead the cryptocurrency market as the 'dominant force.' Outside the golf club, protesters had gathered, brandishing signs with messages such as "This is the Scam Gala" and “No One Is Above the Law.”

The identity of the largest investor, billionaire Justin Sun from China, has gained attention; he reportedly purchased approximately $23 million of $TRUMP. Sun, who co-founded the cryptocurrency platform Tron, previously faced entry restrictions to the U.S. until Trump returned to the presidency.

His company has been connected to criminal organizations exploiting the cryptocurrency space.

At one point, he opted out of a space travel opportunity due to fears of potential legal repercussions despite having paid $28 million for the trip.

Sun has previously invested in World Liberty Financial, a cryptocurrency firm tied to the Trump family, purchasing at least $75 million in its $WLFI token.

Last week, it was reported that a United Arab Emirates investment fund plans to use the USD1 token, launched by World Liberty, to acquire a $2 billion stake in Binance, the largest cryptocurrency exchange.

The dinner event coincided with the U.S. Senate's consideration of regulations intended to oversee stable cryptocurrencies, which are pegged to the U.S. dollar.

On the same day, Bitcoin reached a historic peak of over $110,000 before experiencing a slight decline.

Trump's stance on cryptocurrencies has evolved; during a recent flight, he expressed enthusiasm for the sector, noting, "I’ve been a fan since the beginning, since the campaign." This marks a stark contrast to his previous characterization of Bitcoin as a 'scam' in 2021. His recent shift in perspective aligns with growing support from cryptocurrency magnates who are increasingly leaning towards the Republican campaign as the 2024 elections approach.

Critics, particularly from the Democratic Party, have condemned the dinner as an egregious example of corruption, with Senator Chris Murphy labeling the event as the most corrupt act since Trump returned to Washington.

Senator Elizabeth Warren described the gathering as an 'orgy of corruption' and accused Trump of exploiting his presidential role for personal gain.

Concerns about potential conflicts of interest surrounding Trump persist, as his presidency has seen financial contributions through his presidential library from corporations he has previously sued, with indications that they could be subject to retaliation.

Furthermore, Trump’s proximity to his family appears to have benefitted their business ventures.

Plans are also underway in Washington for a private club to be established, providing members access to the president and opportunities for self-serving influence peddling, an initiative conceived by Donald Trump Jr. with an entry fee set at half a million dollars.