Justin Sun, Trump's top crypto investor, edges closer to the seat of American power

The Chinese billionaire has been accused of buying access to the US president and using his influence to thwart the securities regulator, writes Patricia Clarke

- Patricia Clarke

On the evening of 22 May, the biggest investors in the $Trump memecoin — the US president’s personal crypto token — descended on the Trump National Golf Club in Virginia for an exclusive black-tie event.

Invited guests were the top 220 $Trump holders. Blockchain analysis suggests that more than half were probably foreign investors who had collectively poured millions into the token. “What's happening tonight at Trump's golf course ... is in effect putting a ‘for sale’ sign on the White House,” said Democratic senator Richard Blumenthal, who called it “corruption”. The White House rejected the claim.

So did Justin Sun, the coin’s largest investor. “All the haters need to really pay attention,” said Sun on the CoinDesk website the following day, denying that he was buying access to the president. “There are positive things happening in the [crypto] industry.” Later, he posted a picture of himself on social media, fist in the air, standing in front of the American flag. On his wrist was a $100,000 watch made of 18-carat gold. The caption read: “I was awarded a Trump Golden Tourbillon watch by Trump!”

Sun, a 34-year-old billionaire worth about $8.5bn from crypto ventures, including the blockchain platform Tron, reportedly invested $20m in the memecoin to secure his place at the dinner. He had already poured a separate $75m into the Trump family’s crypto company World Liberty Financial (WLF). In February, five weeks after Trump became president, the US securities regulator shelved a 2023 civil fraud case against Sun that could have cost him millions in fines and repayments.