Trump Launched a Meme Coin Days Before His Inauguration. Foreign Nationals Bought Millions. He Kept 80% of the Supply.

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The potential corruption concern is straightforward even if the technology is new. A standard pump-and-dump scheme works like this: you issue a token, retain most of it, get others to buy it (driving up the price), then sell your holdings at the inflated price. The people who bought in after you are left holding a declining asset. What made $TRUMP different — and more concerning — is that the ongoing value of the coin was tied to Trump's behavior as president. If Trump issued favorable regulatory decisions toward crypto, the coin's value might rise. If he met with someone who had purchased the coin, that purchase was effectively a payment to Trump for access. The coin created a direct financial incentive structure between Trump's presidential conduct and personal wealth.

Blockchain analysis firms and investigative journalists found that some of the largest early buyers of $TRUMP were foreign wallets — wallets with characteristics suggesting non-US ownership. Some buyers were associated with addresses that had previously been linked to entities in countries including China, the UAE, and others with active interests before US regulators and policymakers. Unlike a hotel stay or a lobbying campaign donation, buying a cryptocurrency leaves a public blockchain record — which is why the forensic analysis was possible. The Foreign Emoluments Clause concern was direct: foreign nationals were transferring money to Trump's personal wealth days before and weeks after he became president.