The mysterious "giants" behind the Trump couple's Meme coin craze: From huge profits to global scandals

When the token named after the Trump couple lost 92% of its value in just a few months, a series of complex relationships between politics, digital currency, and personal interests began to unfold. Who truly benefited from this “game”?

The Perfect Scenario: A “Crypto Gala” in early January

A few days before Donald Trump returned to the White House, an unplanned event took place near Mellon Auditorium in Washington. At a “crypto gala” with a $2,500 entry fee, powerful figures appeared: House Speaker Mike Johnson took photos with crypto industry activists, Trump’s son recorded TikTok videos, and former child star Brock Pierce – now a crypto company director – was also present.

But the real highlight came from Truth Social. The incoming president just released a Meme coin bearing his name – “TRUMP” – with a greeting “Have fun!”. The coin’s price immediately skyrocketed from nearly zero to $74. Over the same weekend, his wife Melania also launched her own token “MELANIA”, reaching $13 within a few hours.

It looked like the Trump family had just ordered a nationwide series of slot machines branded with their logo. In just a few days, the value of tokens held by the Trump group exceeded $5 billion. But that was just the tip of the bubble.

Rapid Collapse and Unanswered Questions

After two weeks, both TRUMP and MELANIA plummeted sharply. By December, TRUMP had fallen 92%, down to $5.9; MELANIA crashed 99%, nearly worthless. Hundreds of thousands of retail investors suffered heavy losses.

According to analyses by blockchain tracking firms Chainalysis Inc. and Bubblemaps SAS, the Trump group and related parties may have netted over $350 million – while most ordinary investors lost money.

The core question remains unanswered: How could the Trump couple, with no technical background, issue these tokens? Who are the “puppet masters” behind the scenes?

Trump responded to the press when asked: “Besides knowing I issued it, I don’t know anything else.” This only raised more suspicions.

Revealing Identities: Bill Zanker and Long-standing Connections

Among the company records in Delaware, one name stood out – Bill Zanker, 71. Zanker is no stranger. In 2007, he co-authored the book “Think Big and Kick Ass in Business and Life” with Trump. For decades, he promoted services ranging from real estate to crowdfunding courses.

The TRUMP token’s website lists a company called “Fight Fight Fight LLC” – clearly inspired by Trump’s slogan after the July 2024 assassination attempt. But it only provides a UPS store address in West Palm Beach, Florida, with no information about leadership.

Zanker rarely speaks to the media, and cannot be reached by phone or email. His son Dylan appeared at a crypto conference in Manhattan but refused to answer questions about the token.

In April 2025, a notice on the TRUMP website announced that the “biggest, most important investor” would be invited to a dinner with the President. 220 top investors were invited to the “Trump National Golf Club” in Northern Virginia the following month. Senator Elizabeth Warren called this event a “corruption banquet.”

Global Links: From Argentina to Singapore

A major turning point occurred when another head of state was involved in a similar Meme coin scandal. Argentine President Javier Milei – described as a “Trump admirer” – issued a token called “Libra” on February 14. Within hours, its price collapsed, and Milei quickly deleted the post.

Independent blockchain analyst Nicolas Vaiman detected suspicious activity: someone bought $1.1 million worth of TRUMP in just a few seconds (clearly with insider info), then sold over three days for a $100 million profit. Similarly, another address bought MELANIA before public release, earning $2.4 million.

Vaiman traced complex transaction chains and found that the wallets creating MELANIA and MILEI are interconnected. His conclusion: “On Wall Street, this is called insider trading. But in crypto, the crime seems to be ‘legal.’”

The Players: Hayden Davis and the “Pump and Dump” Model

The person behind MILEI revealed himself – Hayden Davis, Milei’s crypto advisor. Davis dropped out of college and claims to be a “startup expert” on LinkedIn. His father Tom was previously jailed for check forgery and selling energy drinks through multi-level marketing.

When Libra collapsed, Moty Povolotski – co-founder of a crypto startup – publicly accused Davis of running a pump-and-dump scam. Povolotski revealed Davis had asked his group to “sell as much as possible,” even knowing the price would crash.

Analysis shows Davis and his partners made over $150 million, more than half from Libra. When the scandal broke, Davis publicly admitted he helped issue the token and earned $100 million, but claimed it was “holding funds” – money not yet returned.

In an interview with a YouTuber specializing in anti-scam content, Davis admitted: “Meme coins are unregulated gambling” and “all nonsense.” He also for the first time acknowledged “participating in MELANIA’s issuance,” but did not disclose his exact role.

Technical Platform: Meteora Exchange and Ng Ming Yeow’s Role

These tokens were initially issued on Meteora – a larger platform than the typical Meme coin exchanges. Meteora’s co-founder is Ng Ming Yeow (nicknamed “Meow”), a Singaporean entrepreneur over 40.

According to Blockworks, 90% of Meteora’s $134 million revenue last year came from Meme coin trading. When reporters met Ng Ming Yeow in Singapore, he emphasized that the platform only “provides technical support” for token issuers, not engaging in trading or illegal activities.

“I built a decentralized platform so anyone can issue any token,” he defended, “not to control the intentions of issuers.”

However, Meteora’s CEO at the time was Ben Chow – who had previously introduced Davis. After the MILEI collapse, Ben Chow resigned. Messages suggest Davis often said “Ben said so,” “Ben told me to do it,” implying a closer relationship than just “technical support.”

Chain of Benefits and Conflicts: From “Unlimited Money” Philosophy to Reality

Ng Ming Yeow shared that he envisions a system called “GUM” (Giant Unified Market), a global unified marketplace where anyone can trade any asset. He even claimed that “the US dollar is also a Meme coin” – both based on “shared trust.”

But beneath this idealistic philosophy lies harsh reality: insiders buy early, dump when prices rise, leaving latecomers with empty hands.

Lawyer Max Burwick described the Meme coin frenzy as “a machine that extracts maximum value designed by a highly talented group.” He is representing investors suing Pump.fun and other platforms, accusing them of participating in scam pump-and-dump schemes.

Consequences and “Conflicts of Interest”

After Meme coin lost its appeal, the Trump couple shifted to other fields. Trump promoted a plan for the “US government to buy strategic Bitcoin reserves”; his son Eric owns a Bitcoin mining company; the family licensed the “Trump” brand for international real estate projects.

Crypto influencers who promoted Meme coins also moved into “prediction markets” – event betting platforms. Trump Jr. and family members also serve as advisors to these platforms.

Meanwhile, Davis has become a “pariah” in the crypto industry – rare in an industry that often dismisses rules. He disappeared from social media, but blockchain data shows his wallet still trades Meme coins.

The Conclusion: Lack of Oversight and Unanswered Questions

One month after issuance, the US SEC announced it was “not regulating” Meme coins, only stating “anti-fraud laws may still apply.” But so far, no regulatory agency or prosecutor has intervened in the Trump scandal.

The key question remains: how many people, from Zanker to Davis to Ng Ming Yeow, made how much money? Will they face legal consequences?

In this crypto bath, “technical advisors” and “platform providers” remain silent, while hundreds of thousands of small investors have lost everything. And those behind the scenes? They have moved on to the next game.