"Legally"? Mr. and Mrs. Trump, the chain of interest and the scandal behind the currency carnival
Original by Zeke Faux, Max Abelson, Bloomberg
Published in English: Saoirse, Foresight News
A few days before Donald Trump returned to the White House, George Santos was walking up the stairs of the nearby Andrew W. Meron. That day, January 17th, the President's weekend began, with a notorious former US congressman walking into a $2,500 "encrypted currency ball."。
Santos walked from a man in a tuxedo to this neoclassical building. In the auditorium, the Speaker of the House of Representatives, Mike Johnson, is photographing the online red and lobbyist in the field of encrypted currency, and Donald Trump Jr., Jr., is filming TikTok video. Brock Pierce, who played Duck to Phoenix, was also present -- he is now a co-founder of a $180 billion encrypted money company; and Alina Habba, the political adviser to Trump, is playing a doll trap. The incoming finance minister, Scott Bessent, and former dating coach Zak Folkman, are also on the show, and Forkman is now one of the Trump family partners in encrypted money operations。
Before Snoop Dogg came on stage as DJ, some participants pulled out their cell phones and looked at the announcement made by the President-elect on his social media platform True Social: he launched his own encrypted currency, TRUMP. "Have fun! He wrote that the price of the currency went up. Some were angry at the failure to buy them in advance, and others suspected that Trump's account had been hacked. "It's certainly a fake," a encryption money founder said to his colleagues。
But it's real -- not that TRUMP has real investment value, but it's not a hacker. In fact, it belongs to the "Meme coin", a digital token that depends entirely on trust. Just that same weekend, his wife, Melanie, launched her own Meme coin, "MELANIA". This scene is as if the Francs had a tiger machine in the National Plaza with a "Trump" logo。
The price of these tokens rose sharply, and within hours the value of the coins in the hands of the Tromps and their business partners exceeded $50 billion. Subsequently, currency prices fell off the cliff and hundreds of thousands of ordinary investors lost their lives. According to the encrypted currency analysis companies Chainalysis Inc. and Bubblemaps SAS, the Trump team may be over $350 million。
With the exception of a few who make a big profit, almost no one will be able to leave the scene. Critics accuse it of corruption -- they argue that TRUMP is essentially a conspiracy to "place foreign investors anonymously to send unlimited funds to the new president " ; and encrypted money traders accuse the Trump Bureau of fraud. And the new government will assure the public of "everything in compliance". "The President and his family have never had a conflict of interest in the past, nor will they ever have a conflict of interest in the future," White House spokesman Caroline Leavitt later stated in an interview with Bloomberg Business Weekly。
In January, 2025, the encrypted currency ball outside the Melon Hall in Washington. Photographer: Mark Peterson/Redux
Meme Currency: An unregulated, nihilistic game
The whole operation was almost half-public, but no one knew how the Trumps had actually introduced the coins. Someone must have explained to them the essence of the Meme coin, and the windfall it could bring -- an older politician and a mid-aged model who could never create digital tokens alone in a block chain. But who is their "mysterious partner"? Only these people know how the Trumps extract huge sums of money from supporters。
I don't know anything about it except that I did it. I only heard it worked. 」 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。 。
To solve the mystery, we have to start with the origin of the Meme coin. This unregulated, non-political “gay game” has swept the world of encrypted money, with several key players involved: a founder of a university student who made a billion dollars in money from Meme; a 29-year-old young man who started a national scandal in Argentina called the “phantom”; and a secure currency executive from Singapore. He's codenamed "Meow," and the Internet looks like a cartoon cat wearing an astronaut helmet。
These people have worked together to create a new standard of "translating sex into cash" and have set up an ambush for this year's "presidential gain." Today, the Meme currency boom has receded, but it reveals a reality: As the Trump government deregulates its financial regulations, when the rules are set by the "soldiers" themselves, the market is in such disarray。
Meme coin was born as a joke. In 2013, two software engineers chose to use a "tweed dog" face bag -- a map that had become a trap in a forum like Reddit, 4chan -- as a sign of a new encrypted currency, named Dogcoin. They were trying to use this funny design to mock the digital currency that was pouring in after bitcoin, but they didn't expect investors to rush in, and in a few weeks the dog currency's market value would be over $12 million. The fans even funded the NASCASE convoy, so that the racing car was covered in dog coin advertising。
"I really hope you don't see the dog money, and I'll make all the hot web Meme a token." In an interview, the founder of the dog coin was so worried。
But it's not. Over the years, the market for encrypted money has been rising and falling, while the Meme coin has been rising. After Elon Musk started bragging dog coins in 2021, the roll-out of these tokens accelerated dramatically, with the entry of Meme coins, including Dogwifhat, Bonk and Fartcoin。
Their “success” is almost contrary to all the basic principles of finance: even the biggest bubble in the stock market depends, at least, on optimistic expectations (how far-fetched) of the potential of a company or industry; and the Meme currency has never had actual products or cash flows – it would have been worthless according to traditional business valuation criteria. The only way the Meme money buyers can make money is to get others to transfer these "no-use coins" at higher prices. In essence, they are "speculating speculation itself"。
“This is not supposed to work under the effective market hypothesis, but the reality is that it does make money. "Pump.fun co-founder Alon Cohen said in an interview with Bloomberg Business Weekly, "The Introduction to Meme Currency." Pump.fun is the hottest Meme coin ever created and traded, and in this heat, almost no one earns more than Cohen. He disclosed that the Platform had helped to issue about 1400 Meme coins (excluding the Tempou coins), and that, according to Pump.fun estimates, since January 2024, the Platform had recorded an aggregate of approximately $1 billion in transaction fees alone。
22-year-old Cohen had short, black hair and a full face. Sitting in a café in downtown Manhattan, he seems restless, speaking out of fear of the "new wealth's anointed" – a recent wave of violent robberies in encrypted currency. Even though the company ' s legal name was available in a public record, he was reluctant to reveal his country of residence and the company ' s name。
Cohn opened Pump.fun with one of the three mobile phones to demonstrate the operation of the Meme currency market: the platform interface is coarse and retrogressive, full of blinking pixelized icons, each of which corresponds to a token. Create a token with a few clicks -- without programming, without paperwork, without even knowing the details of what it will trade on the Solana block chain。
Any hot topic or news event on the Internet could be translated into Meme coins -- even a tragedy like "Charlie Kirk was assassinated" that could produce thousands of related coins. For the eyeballs, coin creators broadcast off-of-spectrum stunts: pornographic performances, fentanyl consumption, beheading live chickens (which are hard to tell). The coins that Cohen was browsing at included even the names of racial discrimination. In response, he explained that the platform had a switch for "hidden offensive content" and that the vetting team would screen except for legal content。
Buying the Meme currency on the platform is equally simple: the initial price is only a fraction of a cent, rising according to a particular formula. Pump. fun users are predominantly young men, network active people - They often discuss transactions on X platforms and Discord; once a currency is given sufficient attention, it is included in large trading platforms such as Françoise, Coinbase and attracts more traders to push up prices. If you choose the right token, in a matter of hours you can double your earnings ten times or more。
According to Cohen, the platform was designed "to give everyone a fair chance to participate in the next hot project". "It's like a game in a way, right? And you definitely want to play a fair game. I don't know
However, many Meme currency traders, creators and cyber-reds do not agree. In their interviews, they described a complex circle of "conspiracies and betrayals" that was difficult to understand by outsiders. The core paradox is obvious: to attract traders, coin creators usually promise to "sell fixed amounts of coins at low prices," but once prices rise, they are motivated to "sell as much as possible." Common (even non-compliant) diversions include manipulation of false transactions to create “active illusions” and the effect of quietly paying the Internet red to create “scrambling”; if the creator conceals his identity, the sale can even take place clandestinely. Regardless of the process, the only person who can make a steady profit is an insider who enters early。
Nobody cares too much whether the Meme coin is legal. One month after Trump took office, the US SEC announced that it "does not regulate it" simply to suggest that "other fraud laws may still apply" - after all, fraud is fraud, whatever its form. To date, however, no other regulatory body or prosecutor has been involved。
The "dark side" of Meme's currency market is not a secret. Almost everyone, except the easiest traders, knows the path, but they still think that "it's easy to make money if you just get out before the crash." It's like "The Wolf of Wall Street," a dirty salesman, who has to call all day to seduce retirees into buying low-priced shares; today, investors are actively looking for a "high-priced" trick。
The celebrity effect is extremely attractive to meme currency, but the first-line stars are mostly out of reach -- perhaps worried about alienating fans. Before the Tromps, the most famous "Meme Dollar" creator, Caitlyn Jenner of the Kardashian family, Iggy Azalea, the Australian rapper, and Haley Welch, who was red with the "Hock Tua" video。
When the current currency collapses, celebrities often claim to be “uninformed” or shift responsibility to “recruiters”. "It's almost all a trick except my coin. "Acelia told Bloomberg Business Weekly. Despite her claim that she was not profiting, her introduction of tokens had dropped by 99 per cent from last year ' s peak。
Trump is almost the “best advocate” that the Meme currency market can expect. During his presidential campaign, countless tokens with the name "Trump style" emerged – some forged family mandates, and some hoped for recognition. Obviously, whoever gets his endorsement can suddenly become a giant in Meme currency. But when all this really happened, nobody took credit. The only clue is a company named "Fight Light LLC" at the bottom of the coin website, which clearly pays tribute to what Trump said in July 2024。
"Classified Money Business" at Sea Lake Estate
Before TRUMP started trading, the President-elect, who was located at the Lake and Sea Estate in Florida, had been so excited by the "wild money's earning potential". At the time, the Trump family had promoted a business called World Liberty Financial Inc., which was raising $550 million through the sale of proprietary tokens; in addition, Trump had committed to "relaxing regulation of the encrypted currency industry " (which had been under attack during Biden's tenure). Several companies contributed millions of dollars to the inauguration of Trump and lobbied to ensure that they could profit from the new Government。
AN ENCRYPTED MONEY EXECUTIVE WHO VISITED THE SEA AND LAKE ESTATE AT THAT TIME TOLD BLOOMBERG BUSINESS WEEKLY THAT THE TRUMP PROJECT WAS "HURRIEDLY FINALIZED A FEW WEEKS BEFORE ITS LAUNCH". THE SENIOR EXECUTIVE, WHO ASKED FOR ANONYMOUS INFORMATION BECAUSE HE HAD TO DESCRIBE THE DISCUSSIONS IN PRIVATE, WAS ANXIOUS TO PUT FORWARD A TOKEN BEFORE TAKING OFFICE -- AND THEY BELIEVED THAT TRUMP WOULD THEN FACE MORE SCRUTINY。
The weekend of TRUMP became the busiest period in Meme's trading history: currency prices jumped from close to zero to $74; two days later, MELANIA came out and prices went up to $13. But the next day, two tokens fell and never recovered。
Between rises and drops: the fate of the Tromps Meme
The price of the Meme coin since its launch:
Data source: CoinMarketCap; Note: Price as of 7 p.m. New York time, not reflecting day heights
At the press conference on the first day of his tenure, when asked about the tokens, Trump said that he knew nothing but that I had launched it. I only heard it worked. "How much did I make?" he said. I don't know
The TRUMP website does not contain any executive information on "Fight Fight LLC" but only the address of the UPS door shop opposite a tire shop in West Palm Beach, Florida. But in a few company records submitted by Delaware, the name of an "authorized person" surfaced - Bill Zanker。
That name is not new. Seventy-one-year-old Zanke, an entrepreneur, was co-authored with Trump in 2007, Bold Thinking, Going Forward in Business and Life. For decades, he has promoted psychic hotlines, boxing houses, massage parlours; what really made him famous was a seminar company called Learning Annax, which offers courses such as "How to open a greeting card store" and "How to cheat on a spouse." In the 2000s, his "real estate wealth fair" was full, and Trump was a star guest. In 2013, they also held a press conference at the Trump Building to launch a crowd-sourced website at which models wearing white vests took cash out of the fish tank and distributed it to the audience. Zonke then introduced Trump: "He is a man of gold, a man of gold, a man who can change our lives." But this site will not end。
IN 2013, ZANKE AND TRUMP PROMOTED THEIR POPULAR WEBSITE. PHOTO: WENN/ ALAMI
IN 2022, WHEN TRUMP GOT OUT OF POWER AND GOT CAUGHT IN "FINANCIAL FRAUD" AND "SEXUAL ABUSE" PROCEEDINGS (HE DENIED THE CHARGES), ZANKE BROUGHT HIM A NEW WAY OF MAKING MONEY - NFT. TWO PEOPLE EVENTUALLY LAUNCHED A PRODUCT THAT IS ESSENTIALLY A 99-DOLLAR DIGITAL TRADING CARD: ON THE CARD, THE MUSCULAR CARTOON TRUMP IS EITHER DRESSED AS A HUNTER, OR THE EYES ARE LASER-FIRED, PRESENTING VARIOUS "HARD MAN POSITIONS". IN THIS AUTHORIZATION ALONE, TRUMP RECORDED AT LEAST $7 MILLION. THEN, DURING THEIR RE-ELECTION CAMPAIGN IN TRUMP IN 2024, THEY COOPERATED IN THE SALE OF WATCHES, PERFUMES AND SPORTS SHOES ON THE THEME "NEVER SURRENDER". (AFTER RETURNING TO THE WHITE HOUSE, TRUMP SPRAYED A 249-DOLLAR VICTORY PERFUME CALLED "THIS IS THE BEST PERFUME". I'M NOT SURE
With these foundations of cooperation, it's not surprising that Zanque is involved in Meme. But the entrepreneur, who started out as a "beepball marketing," is extremely low-key -- he can't be reached by phone, text, mail. An encrypted money investor mentioned that Dylan, the son of Zanque, was also involved in his business, and that Bloomberg Business Weekly had subsequently seen Dylan at an encrypted money conference in Manhattan: he was wearing Moncler’s velvet suit, taking photographs of prominent participants. When asked about the Meme coin, he said, "I respect your work, but I do not give interviews to journalists." I don't know
The clue is not completely interrupted -- Zanke himself will soon appear in Washington。
IN APRIL 2025, A MESSAGE APPEARED ON THE TRUMP WEBSITE: "TRUMP'S LARGEST AND MOST IMPORTANT INVESTOR WILL HAVE THE PRIVILEGE OF HAVING A BIG DINNER WITH THE PRESIDENT. WOULD YOU BE ONE OF THEM? THE FOLLOWING MONTH, 220 INVESTORS INVITED TO DINNER AT THE "TRUMP NATIONAL GOLF CLUB" IN NORTHERN VIRGINIA。
Senator Elizabeth Warren of Massachusetts called the dinner a "corruption party". Many of these “top-level holders” are encrypted money traders who wish to influence government policy. One of the largest holders was the Chinese-born encrypted money, Sun Sun, who purchased $15 million worth of TRUMP. A few months ago, United States regulators set aside a fraud suit against Sun Joo, which triggered a challenge to the “exchange of interests”. (Sun Woo-sun denied that there had been misconduct, and the case is currently pending against Bloomberg's limited partnership for his previous report. I'm not sure
At the press conference a few hours before the dinner, White House spokesman Levitte defended Trump, claiming that he was "at his private time" and that it was as if he were "off-duty carding" to avoid conflicts of interest. "It is absurd to suggest that the President profited from his office. She said:。
Sun arrived at the White House in May 2025. Photographer: Jason Andrew/New York Times/Redux
That night, dozens of protesters gathered outside the entrance to the golf club in rain. Sun was accompanied by an umbrella assistant and three photographers; at the security office, participants were required to produce identification documents - including foreign passports - which gave protesters the opportunity to mock. "What's for dinner, asshole?" I don't know
The main course of the dinner is Philly Steak. Zanke was present as the owner, wearing a blue suit and a red tie. During that time he took up the podium (with the United States flag behind him) and lifted up a magazine with Sun-woo ' s morning image on its cover。
But this "power-seeking rent" opportunity clearly failed - one participant revealed that he did not see anyone talking to the president alone. Trump arrived in a helicopter and left after giving a regular lecture on "Classed Currency Refuelling"。
The dinner confirmed at least one thing: Zanque's participation is not as simple as "a name on a Delaware document". But there is no new clue as to how the president created and traded digital tokens。
Key leads: "Meme Currency Spectrum" and "Zone Chain Tracking" by the President of Argentina
A month after Mr. and Mrs. Trump introduced the token, another national leader was involved in the Meme Currency Wave - Argentine President Javier Milei. The president, who worships Trump and swings chainsaws, endorsed on February 14, a token called "Libra coin" , and the price of future generations fell for hours, and Miley immediately removed the endorsement from social media。
The records of transactions in encrypted currency are stored in the public ledger of the "zone chain", which essentially leaves traceable traces. Nicolas Vaiman, co-founder of the data company Bubblemaps, told Bloomberg Business Weekly that he had found anomalies in the records of transactions between MILEI and TRUMP。
ALTHOUGH THE DATA ON THE BLOCK CHAIN IS ANONYMOUS, WAJMAN HAS FOUND A LINK BY ANALYSING "WHAT ADDRESS BUYS, TIME OF DEALING, MONEY FLOWS": SOMEONE BOUGHT $1.1 MILLION IN SECONDS (WITH OBVIOUS ADVANCE KNOWLEDGE) AND SOLD $100 MILLION IN THE NEXT THREE DAYS; THE OWNER OF ANOTHER ADDRESS BOUGHT $2.4 MILLION BEFORE MELANIA WAS RELEASED - A COMPLEX CHAIN OF TRANSACTIONS THAT WAJMAN FOUND TO BELONG TO THE SAME PERSON OR TEAM THAT CREATED MELANIA。
"In Wall Street, it's called insider trading, but no law enforcement agency wants to use similar rules in the Meme currency market. Essentially, Wajman says, "In the field of encrypted currency, crime is legal. I don't know
MORE INTERESTINGLY, WAJMAN DISCOVERED THAT THERE WAS A LINK BETWEEN "CREATING THE WALLET OF MILEI" AND "CREATING THE WALLET OF MELANIA" -- AND THAT MILEI'S BEHIND-THE-SCENES OPERATOR HAD ALREADY REVEALED HIS IDENTITY。
Miley's encrypted money advisor, Hayden Davis, was a dropout from the Free University of Virginia (the evangelical college) and claimed to be an "entrepreneur" in the United Kingdom. Davis worked with his father, Tom, who told the Christian Broadcasting Network that he had served his sentence for forgery of cheques, and his son, who had also sold energy drinks for a "multilayer marketing company" called Limu。
Diagram description: a photo of Hayden Davis and Millet, published in Miley's X account. Source: Jmilei/X
Meme made Davis' father and son the backplayer. They set up a company called Kelsier Ventures, an investment bank with similar functions in the stock market: counselling for people who want to issue tokens, "sweet red" and assistance in managing transactions. However, according to Wajman's analysis, all their coins follow the "suspicious pattern": the price of sale by insiders has soared. According to his calculations, the total profits of Davis and his partners exceeded $150 million。
More than half of the profits came from Libra. When the scandal broke out in Argentina because of the "President's involvement in the high prices" scandal, Davis published videos in social media acknowledging his assistance in issuing the Meme coin. "I am indeed Javier Millay's adviser. He says: In the video, he tried to be serious, but the stripes were not even like "high-end financiers" with his hoodie, his hair and his glasses. Davis admitted to having earned $100 million by selling the Libra, arguing that it was "only surrogate money" - but it has not been returned。
The video further fermented the scandal. The encrypted money media, CoinDesk, published text messages allegedly sent by Davis to his associates: He used the term racial discrimination to refer to Miley and said, "I sign whatever I tell him to do, he does whatever I tell him to do." In the face of impeachment in the country, Millay denied responsibility on television and argued: "It's like playing Russian roulette, and getting shot can only blame himself. (Davis' spokesperson told CoinDesk that Davis "not remembers the text and has no record of it on his phone." I'm not sure
At the same time, Davis was interviewed by Stephen Findeisen, online, by YouTube's Anti-Fraudist, saying that the Meme currency industry, which he helped promote, was "unfaithful." "Meme is an unregulated casino, and other encrypted currencies are no better. He said, "It's all bullshit. Davids also mentioned an operation called "snipers": senior traders use insider information to buy in large quantities as soon as new coins are issued, and sell them after others follow the wind. He admitted that his team had also done "snipers" but argued that it was a "defensive operation to prevent people from harvesting the dispersed families more quickly"。
During the interview, Davis also admitted for the first time that he was "involved in the release of MELANIA" but did not specify the specific role and insisted that he was not making money. "I did interfere. “He is almost embarrassed, and he also urges ordinary investors “to stay away from the Meme currency market before they get caught.” "TRUMP, MELANIA, LIBRA... you can keep it up, all of it is games. I don't know
Another key piece of evidence was examined in Bloomberg Business Weekly: a text message from Davis to his associates after the launch of TRUMP and before Melania was released. In the text message, Davis revealed that "Melania is about to go online", promised "to inform his friends" and mentioned the "MileneI project" that was still in the secret phase. He boasted that he had made astrometric figures through the distribution of Meme coins, and suggested that he had participated in TRUMP: "TRUMP has given me unprecedented power and has brought great risks. I don't know
But when Bloomberg Business Weekly tried to interview Davis on these details, he refused to respond. "Most of what has been reported is absurd and untrue," he texted, "I'll clear everything up before I say it." “There are many inaccuracies,” according to the lawyer representing the father and son of Davis, but without specifying. I'm not sure
The whistleblower showed up: Uncovering the connection between the "exchange executives"
Fortunately, one of Davis' former associates stood up and became a whistleblower. He also revealed that Davis was not really behind the scenes。
Shortly after the collapse of the Mira Libra currency, the co-founder of the encryption money starter DefiTuna, Moty Povolotski, publicly stated that his company had cooperated with Davis in issuing the Meme currency and had "proofs of a larger conspiracy" involving the executive of an encrypted currency exchange. Although somewhat confusing, Povolozki was the only person who was willing to reveal the truth behind the scenes. In April 2025, he agreed to meet at a conference on "Solana Crossroads" encryption money in Istanbul。
At the meeting, Povolozki was wearing black jeans and DefiTuna black hoodie with an inch on his square head and a smile. “Most Meme coins are scams, it's a game that's manipulated, it's about pulling up. When he spoke, he opened the AirPods box again and again。
But this did not prevent him from participating. Povolozki revealed that Davis had hired his company to "help with Meme currency transactions" -- which is not suspicious in itself, after all, most of the people who issue encrypted money would look for experts to make sure that the early deal went smoothly. But from the very beginning, Davis's only goal was to make money for himself. Povolozki recalled that his former partner had asked Davis, in a group conversation, "how to deal with the forthcoming currency deal", and Davis had responded "to sell as much as possible, even if the price fell to zero." "Guys, let's be honest, we're trying to make a profit on this token. In a text message, Davis wrote:。
THE SAME IS TRUE OF MELANIA: DAVIS TRANSFERRED ABOUT 10 MILLION TOKENS TO HIS PARTNER IN POVOLOTSKY, DEMANDING "TO SELL ONCE THE MARKET VALUE REACHES $100 MILLION" AND SAYING "TO OPERATE ANONYMOUSLY". "THEY SAY, "IT MUST BE SOLD ANONYMOUSLY." @BOWLOTHKI LAUGHS AT MEMORIES。
Two weeks later, Povolotsky visited Davis in Barcelona -- when Davis was introducing another Meme currency ENRON, the name of an American energy company that collapsed 20 years ago as a result of accounting fraud. In a water-smoke bar, Povolotsky saw Davis' father bragging about an "automated program" for "secret sniper ENSON"。
According to Povolotsky, his former partner was “the person who handled the transaction mainly for Davis”, and after seeing all this in Barcelona, he cut off contact with them. (The partner, Vlad Bozniakov, did not reply, and the old phone number was disabled. I'm not sure
When asked what other partners Davis had, Povolozki mentioned a key figure: a top executive of the encrypted currency exchange Meteora. He explained that Meteora could explain "how the Trumps are making a lot of money quickly" - a platform that is larger and more customized than Pump.fun, and which, although not specialized in meme coins, was launched on the platform。
The co-founder of Meteora was Meow, who used the Astronaut Cat. According to the collaborators, Meow, without a formal title, is the real head of the exchange. Povolotsky added that when he first met Davis at a party in Singapore in September 2024, Ben Chow, then Chief Executive Officer of Meteora, introduced them; Ben Chow seemed deeply involved in the exchange's "large Meme currency release project", and Davis often referred to "Ben Week's instructions" in text messages and calls。
2023, Meow at the Solana Crossroads conference. Source: YouTube
The Conversation and Silence: Ben Week Resignation and Meow's Identity Enquiry
AFTER THE FALL, POVOLOZKI FOUND BEN CHOW. HE RECORDED A VIDEO CALL FROM TWO PEOPLE AND SHOWED IT TO BLOOMBERG BUSINESS WEEKLY, IN WHICH POVOLOTSKY STATED THAT HE SUSPECTED THAT DAVIS HAD BEEN RUNNING A HOAX, MENTIONING THAT HE OFTEN FELT THAT BEN ZHOU AND DAVIS WERE PARTNERS: "OH, THAT'S WHAT HE ALWAYS SAID," "THIS IS WHAT HE SAID." I DON'T KNOW
In the video, when Povolotsky accused Davis of fraud, Ben Week seemed surprised. "I feel so bad," he groaned. However, he did not deny that he was close to Davis and admitted that he had been briefed on his business. "I'm just a matchmaker, right? Ben Zhou said, "You know, Melanie's team needed help, and I introduced them to Hayden Davis. I don't know
If Ben Zhou and Meteora had contacted Merania, were they involved in the same way in the operation of the Trump coin? Povolotsky was not sure, but he told Bloomberg Business Weekly that he didn't believe Ben Zhou's "uninformed" statement. "It's all bullshit," he dazzled。
Povolotsky said he contacted Meow after the call and wanted answers. However, Meow ignored his inquiries, and Povolotsky shared the phone video with the encrypted money media Solana Floor. In public opinion, Ben Week chose to resign. (Ben Chow and his lawyer did not respond to the request. I'm not sure
The Pembo Business Weekly asks Povolotsky whether Meow knows the back-up operator of the Trump coin and how it earns huge profits. Povolotsky was suddenly silent. Throughout 15 seconds, his face and physical movements have changed -- smiles, eyebrows, hand spreads, shrugs, stares, shrugs again, apparently restraining himself from revealing certain information. Finally, he just raised his hands and laughed。
Looks like it's time to find Meow himself。
The real face of Meow: Singapore businessman Oh Myung Yeo and his "financial utopia"
It's not hard to find Meow. In Meme currency trading circles, he is a celebrity: in addition to co-founding Meteora Exchange, he has developed a popular encryption currency trading application, Jupiter. Earlier this year, a reporter from Bloomberg Business Weekly discovered him in an online chat room -- when Nick Cannon, a television celebrity, was promoting the exclusive Meme currency for his improvisation comedy show, Wild'N Out。
"If you can attract enough attention, you can make a lot of money, but it's a double-edged sword," Meow said in the chat room, "In theory, we're creating a whole new financial system. But at the same time, you'll attract the worst in the world. I don't know
"We're talking to the boss! @Kannon: #jan25 A few days later, the price of the coin collapsed。
Just after the inauguration of Trump, Meow organized a conference in Istanbul that attracted over 1,000 people. He named the meeting "Catstanbul," which was essentially a celebration -- and perhaps it was a victory tour after Davis made a profit in the Trump coin. According to a text message viewed by Bloomberg Business Weekly, Davis used to say that he was with Ben Week and Meow 24 hours a day。
The culmination of the Catstanbul conference was a 15-foot (about 4.6 metres)-high cat sculpture set on fire - mimicking the Flaming Man Day style. The eyes of the sculpture are red in the light, and Meow is on the side with fans。
In personal websites and podcasts, Meow often gives a philosophical opinion on the "encrypted free market for money" that he helped to create: He conceived a system called "GUM", in which anyone could trade any asset; he also believed that the creation of a new currency was key to achieving a "more equitable future". In one article, he said that the Meme coin was not a scam, but a "a pioneer of a new era of digital connectivity and cultural expression"; in another, he compared the creation of a religion with the publication of an encrypted currency: "The creation of a new religion or the creation of a new god essentially requires a new symbol supported by the corresponding community and story," he wrote, "and I find it particularly interesting!" After all, why should only warlords monopolize power to build societies and central banks monopolize power to issue money? I don't know
In spite of Meow's efforts to create an "anonymous" image, his real name is actually available online. His personal website listed a number of start-up companies that had consulted themselves, one of which had published his identity in a press release, and had found several social media accounts that he had abandoned. Finally, Meow, known as Ming Yeow Ng, is a 40-year-old Singaporean。
"The dollar is also a metaphor for Meme" and "the baby in the tub."
U Myung Yeo agreed to meet after a text message about meme coins, presidential tokens, etc. (with a photograph of his own cat). The Bloomberg Business Weekly proposed to meet at a cat café near his office in Chinatown, Singapore。
When we met, U Myung Yeo, wearing T-shirts, linen pants and thongs, walked into the cafe with a limp. He had just returned from Nepal, where he had sprained his knee on foot with a YouTube man who had also taken him to try "honey" with allegedly hallucinating effects. In the café, a couple of young people chat while making lazy cats with toys. U Myung-hyun is anxious to talk about a new article he is writing that says that "all financial assets are essentially Meme dollars" because their value is based on "a common belief in something." In his view, even the United States dollar. "The dollar is a Meme currency," he says, "all things are Meme dollars! I don't know
U Myung Yeo grew up in Singapore and his parents ran a stand in the local snack stand market, where he later studied computer engineering. At the end of the 21st century, he developed a service called "Mr. Tweet" in San Francisco -- a service that filled this gap when Twitter (now platform X) did not have a "recommended user" function. And then he used the nickname Steve。
U Myung Yeo said he was obsessed with encryption money for the first time at a dog money theme party. In 2021, he launched the encryption currency application, Mercurial Finance, which received investment in the Sam Bankman-Fried hedge fund. Later, when Bankman Frieder was exposed to large-scale fraud, U Myung Yeo would be renamed "Meteora". At the time, he wrote in an article that he was annoyed by the "silentness with what he saw" and regretted the "blind involvement" in what he said about the "dirty."。
The Meteora Exchange can be used to issue and trade various types of encrypted currency, not just Meme. But the rush of Meme's currency has indeed made U Myung-woo profit. According to the encryption money research company Blockworks, about 90 per cent of the $134 million in proceeds from the exchange over the past year came from meme currency transactions, which usually charge higher fees. In a sense, the Meme currency market is more "pure" because it reflects "values given by users based on their beliefs" and nothing else. "I'm not interested in moral criticism," he said, "I'm concerned about the actual phenomenon." For example, if you bought Fartcoin a few months ago, there'd be more to buy now. I don't know
"Technology" and "Don't Starve"
When the topic finally turned to the role played by Mr. and Mrs. Trump, Davis and Wu Myung Yeo's company, he became indecisive. "Would you believe me if I told you that things were more boring than you thought? * He frowns his head and shows his embarrassing face *。
He admitted that some members of the Trump team (who did not want to reveal their names) contacted Meteora prior to the issuance of the tokens in order to obtain technical support to complete their installation, but stressed that Meteora was providing only “technical support”, that the team was not involved in any transactions and did not engage in any misconduct. "There is absolutely no below-table deal. I don't know
U Myung Yeo said that he had built a decentrized platform to "make any token available to anyone" rather than "regulating the intention of the issuer". In his view, innovations such as bitcoin could never be born in a strictly regulated system. "Many things we can't and shouldn't." He said, "A grey and white cat climbs up the rail and starts pulling his cell phone with his claws."。
He argued that it would be unfair to judge the whole encrypted money industry by a "fake" - as the old saying says, "cann't choke." Then he went on to refine the metaphor: "There may be shit, baby shit, or even coli in the bath, but there may be a baby in it." All I'm saying is that the baby exists. I don't know
If, by this vivid analogy, a promoter like Davis, "a large amount of fast-falling coins, market-filled" is clearly a "shit-thrower." So, did U Myung Yeo ever ask Davis to "leave his own tub" (i.e. stop working together)
Wu Ming Yiu said he only met Davis once, for about 20 minutes, and had no idea what Davis was doing. "It's hard to judge," he added, adding that his team was not involved at all in the distribution of the millet coin。
Behind the scenes, "The Little Ass Empire" and the "Infinite Currency" fantasy
Their discussions were later transferred to the Jupiter office upstairs in a noodle shop on the corner. There were shoes on both sides of the old wood stairs leading to the second floor, and about 30 men and several women were working on the laptop in the office. One employee demonstrated the new 2D-code feature - Wu was excited to scream when some Fartcoin was sent; another developed the prototype "Let the tokens be simpler" (she just created a coin called "The Little Ass"), while Wu chewed pork while watching it。
Over the next few days, the journalists met with Wu Myung-wook and repeatedly started talking about "Davis" and "Trump" coins, which clearly made him impatient. He claims that large Meme coins are issued for his own business." It's not really that important." (But Blockworks shows that the weekend of Trump coins was the second highest trade in the history of Meteora.) He also said that his plan was "a lot bigger than this." "Money can be unlimited," he said, "What if we can create an exclusive currency for every problem?" I don't know
In a snack stand, U Myung Yeo said that he focused on "building the best technology for the distribution and trading of coins" rather than "controlling how people use them". As for Meme’s currency deal, “looks more like a casino than the future of utopia he envisions”, he thinks it is normal in the real world。
"It's actually a microworld, isn't it? It reflects what the world really wants, and says, "The world wants to make money right away, not to work. I don't know
End: The tide retreats with the "end value extraction machine."
Maybe Wu is right. Apparently, when the Trumps issued their tokens, some people used the purpose of "quick money." But with these tokens falling month after month and few celebrities coming forward to attract investors, the Meme coin has gradually lost its appeal. According to Blockworks, as of November, total Meme currency transactions had fallen 92 per cent from their January peak. Investors are "harvesting" again and again until the funds are exhausted。
In June 2025, "Fight Fight Fight" announced that it would develop a new Trump encryption currency transaction application. But Trump’s sons publicly condemned the plan, calling it “unrecognized by the family”, which is planning to develop its own encryption currency application. In early December, Zanque announced the latest plan: a mobile game called "Trump Billionaire Club" will be incorporated into the Tromp Meme coin element. The news, however, did not push for higher prices of coins. As of December 10, TRUMP fell 92 per cent from its peak, to $5.9; MELANIA fell 99 per cent, leaving only 0.11 dollars - almost to waste paper。
Davids is now the "screw" of the encryption money industry. It is not easy in an industry where rules are snuffed. No one knew where he was and his social media had stopped updating, but the data on the block chains showed that his wallet was still traded in Meme currency。
As for Wu Myung Yeo, the Meteora Exchange issued its own encrypted currency in October, and the total market value now exceeds $300 million。
As long as those who helped issue and promote Meme coins remain silent (not to mention Mr. and Mrs. Trump themselves), it is difficult to see how they actually make large profits in a short time. In the stock market, where a person obtains substantial gains through suspicious transactions, the regulator may scrutinize the transaction record and request a copy of private information to find evidence of market manipulation. In the area of Meme currency, however, such regulatory action does not appear to be possible in the short term。
The lack of supervision and the "conflict of interest": a encrypted currency map of the Trump family
"This is the ultimate value extraction machine designed by a group of highly capable people." "New York lawyer Max Burwick says, He has been promoting "Meme Currency Market and Issuer Responsibility": In 2025, he sued the Pump.fun platform on behalf of a losing investor, calling it an “internally man-managed casino”; in another suit, he brought the Davis, Ben Zhou and Meteora exchanges before a court of law, accusing the platform and its executive of having repeatedly engaged in “higher” fraud. At present, both proceedings are pending and no allegations of misconduct have been made against Trump or Mile. All the defendants denied the charges: in the court documents, the lawyer of the Davis father and son stated that MILEI was “not a fraud” and that they had never promised that the currency would appreciate; this week's lawyer stated that Ben Zhou was “only involved in the development of Meteora software” and that he had nothing to do with it, even if there was illegal activity。
Burwick told Bloomberg Business Weekly that the meme currency boomers earned hundreds of millions of dollars by exploiting “unknowing traders”。
At the same time, Toran has turned his family's attention to "multiple conflict of interest combinations", although they continue to deny that "individual finances influence government policy": The President promoted the "United States Government's acquisition of Bitcoin's strategic reserve", his son Eric owns a Bitcoin mining company, the Government has advanced the "sale of fighter jets to Saudi Arabia" deal, while the Trumps have authorized the "Trump" brand to a beach sky building in Jeddah, and Trump has pardoned billionaire Zhao Chang Peng (co-founder of the Bian exchange), who provided crucial support for another encrypted currency project in Trump. (All those involved in the Zhao Chang Peng pardon denied that there was an interest in the matter
Many of the cyber-reds that used to promote the Meme coin have also shifted to other areas - some of them started promoting the "predict market." During the Biden administration, regulators generally characterized such markets as “illegal gambling” and prohibited them, but the Trump administration took a more liberal approach and the Trump family took the opportunity to become involved in this area. In the two prognosis market platforms "Polymarket" and "Kalshi" (advisers for Donald Trump, Jr.), users can bet on almost all sports events, election results, etc。
Polymarket even launched the "Will Hayden Davis go to jail this year" project, which currently seems to have a very low rate of compensation。
