In a curious twist of blockchain intrigue, a Solana wallet linked to Justin Sun has emerged as the leading holder of TRUMP memecoin, granting him exclusive access to a private dinner and VIP reception with former U.S. President Donald Trump later today. The wallet, intriguingly tagged as belonging to Sun-linked crypto exchange HTX, holds approximately $23.3 million worth of TRUMP tokens, according to data from several blockchain explorers like Arkham Intelligence and SolanaFM.
Sun, HTX, and the Trump Connection
Here’s where it gets interesting: this wallet isn’t just a random address. It’s associated with HTX, formerly known as Huobi, a well-known cryptocurrency exchange that acknowledged Sun as its leader back in 2023. The event, hosted at a Trump-owned golf club near Washington, D.C., rewards hefty TRUMP token holders with such coveted invitations. This follows a pattern of strategic alignments, as highlighted in our recent coverage of World Liberty’s stablecoin being used in MGX’s $2B Binance investment.
The connection between Sun and this high-profile event is further underscored by his own pronouncement on social media, where he proudly identified himself as the top holder of TRUMP tokens in the sweepstake. This affiliation with the Trump-linked ecosystem isn’t entirely new for Sun, as he has previously invested $75 million in World Liberty Financial tokens, a decentralized finance project supported by Trump’s family.
The HTX Rebranding and Its Implications
HTX, which underwent a significant rebranding from Huobi in 2023, has made waves in the crypto world. The rebranding was not just cosmetic; it symbolized a deeper alignment with the Tron blockchain, which Sun founded. The exchange, acquired by Hong Kong-based investment firm About Capital in October 2022, had Sun joining its global advisory board, despite his denial of direct involvement in the acquisition.
Sun’s influence in the crypto sphere is far-reaching. Under his leadership, HTX has emphasized its commitment to Tron, positioning it as a central player in the cryptocurrency exchange market. The rebranding to HTX—representing Huobi, Tron, and ‘exchange’—marked a pivot towards integrating more deeply with the Tron ecosystem.
Regulatory Scrutiny and Market Moves
In another layer of complexity, Sun’s ventures have been under the lens of the U.S. Securities and Exchange Commission (SEC). Under the Biden administration, Sun faced lawsuits alleging market manipulation and celebrity endorsement payments. However, the regulatory climate shifted with the Trump administration’s leadership at the SEC, leading to a pause as parties sought a potential resolution.
This pause in regulatory pressure comes as the TRUMP memecoin, despite its contentious debut earlier this year, witnessed an 11% surge in the last 24 hours, trading at $14.64. The memecoin, launched just days before Trump’s inauguration, faced criticism over its timing and insider allocations but has nevertheless carved out a niche in the market. For a deeper dive into the market dynamics, see our coverage of a tiny company’s bid to buy $20M TRUMP Token to influence U.S.-Mexico trade deals.
As we look ahead, the convergence of Sun’s crypto endeavors with Trump-affiliated projects raises intriguing questions about future collaborations and market dynamics. Will Sun’s strategic alignments continue to pay dividends, or will regulatory challenges resurface? The coming months—particularly as we approach key events in the crypto calendar—promise to shed more light on these unfolding narratives.
In the end, while blockchain explorers may provide the data, it’s the human stories behind these digital transactions that keep the crypto world riveted. And as Justin Sun navigates his way through the intricacies of tokens, exchanges, and presidential connections, the broader crypto community watches with bated breath.
Source
This article is based on: Justin Sun-Linked Wallet Leading Access to Trump Dinner Tagged as Belonging to HTX
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
