Account Believed to Belong to Justin Sun Faces $66 Million Unrealized Loss at Peak Price
Trump Coin Top Holders Cash Out After Gala Dinner Event
Some major holders of the so-called "Trump Coin" ($TRUMP), a meme coin associated with U.S. President Donald Trump, have reportedly secured the opportunity to dine with President Trump while also realizing significant profits.
On the 17th (local time), the Financial Times (FT) reported, "At an event where participants competed to hold the most Trump Coins, it was confirmed that some sold all their tokens immediately after the event ended."
The event, which began on April 23, offered a dinner with President Trump to the individual who held the largest amount of Trump Coin in a public wallet over a set period. The top 25 holders won invitations to the "Gala Dinner with Trump," an "Exclusive Reception with Trump," and a "VIP Tour," all scheduled for May 22 at Trump National Golf Club in Virginia.
Previously, the price of Trump Coin surged from $9.26 to $15.33 after the event was announced. After the final dinner participants were confirmed 12 days later, a large volume of tokens was sold. Many holders either transferred or liquidated their coins. FT reported, "Out of the 25 wallets that secured VIP dinner tickets, 16 no longer hold any Trump Coin."
Additionally, it is estimated that 22 wallets began accumulating coins only after the event was announced, resulting in significant profits. In particular, the wallet owner known as 'Woo' purchased 1 million coins and sold them immediately after the event, reportedly earning $2.6 million (about 3.6 billion KRW) in profit.
There were also accounts that suffered losses. The account 'SUN' was one of three wallets that had held Trump Coin prior to the event and purchased 800,000 coins at a peak price of $61.13 per coin. Based on the current price of $12.96, this account has incurred an estimated unrealized loss of about $66 million (approximately 9.24 billion KRW).
In the cryptocurrency industry, the owner of the SUN account is suspected to be Justin Sun, founder of the cryptocurrency company Tron. He previously invested $75 million (about 105.2 billion KRW) in World Liberty Financial, another cryptocurrency company linked to the Trump family. In 2023, he was investigated after being charged with fraud by the U.S. Securities and Exchange Commission (SEC).
In addition, 195 others received invitations to the gala dinner, and 56 of them have reportedly withdrawn all of their Trump Coins.
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