No one wants to take credit for helping the first couple launch a cryptocurrency that plummeted over 90% from its peak.

Written by: Zeke Faux, Max Abelson, Bloomberg

Translated by: Saoirse, Foresight News

A few days before Donald Trump returned to the White House, George Santos was walking up the steps of the nearby Andrew W. Mellon Auditorium. It was January 17, the kickoff of presidential inauguration weekend, and the notorious former U.S. Congressman was about to enter a $2,500 "cryptocurrency ball."

Santos strode past a row of men in tuxedos and entered the neoclassical building. Inside the auditorium, House Speaker Mike Johnson was taking photos with influencers and lobbyists from the cryptocurrency space, while Donald Trump Jr. was filming a TikTok video. Child star Brock Pierce, who once starred in "The Mighty Ducks," was also present — he is now a co-founder of a cryptocurrency company valued at $180 billion; Trump's political advisor Alina Habba was playing a claw machine. Incoming Treasury Secretary Scott Bessent and former dating coach Zak Folkman were also there, with Folkman now being one of the Trump family's partners in the cryptocurrency business.

Before Snoop Dogg took the stage as DJ, some attendees pulled out their phones to check an announcement posted by the elected president on his social media platform, Truth Social: he had launched a cryptocurrency named "TRUMP." "Have fun!" he wrote, and the price of the currency immediately soared. Some at the ball were furious for not buying in early, while others suspected Trump's account had been hacked. "This has to be fake," a cryptocurrency founder said to a colleague.

But it was real — not that TRUMP had any actual investment value, but it was not a hacker's fabrication. In fact, it belonged to the category of "Meme coins," a type of digital token entirely reliant on hype. That same weekend, his wife Melania also launched her own Meme coin, "MELANIA." The scene resembled the Trump family setting up slot machines emblazoned with the "Trump" logo on the National Mall.

The prices of these tokens soared, and within hours, the market value of the tokens held by the Trump family and their business partners surpassed $50 billion. Then, the prices crashed, leaving hundreds of thousands of ordinary investors with nothing. According to estimates from cryptocurrency analysis firms Chainalysis Inc. and Bubblemaps SAS, the Trump team may have cashed out over $350 million.

Aside from a few who made a fortune, almost no one left this debacle satisfied. Critics accused it of corruption — they believed TRUMP was essentially a scheme to "allow foreign investors to anonymously funnel unlimited funds to the new president"; cryptocurrency traders accused the Trump family of orchestrating a scam. Meanwhile, the new administration assured the public that "everything is compliant." "The president and his family have never, and will never, be involved in conflicts of interest," White House spokesperson Karoline Leavitt later stated in an interview with Bloomberg Businessweek.

January 2025, outside the cryptocurrency ball at the Mellon Auditorium in Washington. Photographer: Mark Peterson /Redux

Meme Coins: An Unregulated Nihilistic Gamble

The entire event operated almost semi-publicly, but no one knew how the Trump couple launched these tokens. Someone must have explained to them the nature of Meme coins and the enormous profits they could bring — a senior politician and a middle-aged model could not possibly create digital tokens on the blockchain by themselves. But who were their "mysterious partners"? Only they knew how the Trump couple extracted massive funds from their supporters.

"I know I launched it, but I know nothing about it. I just heard it was very successful," Trump responded to questions about the tokens at a press conference on his first day in office.

To unravel the mystery, one must start with the origins of Meme coins. This unregulated, nihilistic "gamble" swept through the cryptocurrency world, involving several key figures: a college student founder who made a billion dollars with Meme coins; a 29-year-old young man who sparked a national scandal in Argentina, known as "The Phantom"; and a cryptocurrency executive from Singapore — who goes by the codename "Meow," with a profile picture of a cartoon cat wearing an astronaut helmet.

These individuals collectively established a new standard for "turning hype into cash," laying the groundwork for "presidential-level profits" that year. Now that the Meme coin craze has subsided, it reveals a reality: as the Trump administration relaxed financial regulations, the market descended into chaos when the rules were set by "hype merchants."

The birth of Meme coins was originally a joke. In 2013, two software engineers chose a "Shiba Inu doge" meme — which had already become an inside joke on forums like Reddit and 4chan — as the logo for a new cryptocurrency, naming it "Dogecoin." They intended to mock the proliferation of various digital currencies following Bitcoin, but investors flocked in, and within weeks, Dogecoin's market value surpassed $12 million. Fans even sponsored a NASCAR racing team, covering the car with Dogecoin advertisements.

"I sincerely hope that after seeing Dogecoin's situation, everyone doesn't turn every popular internet meme into a token," one Dogecoin founder expressed concern in an interview.

But contrary to expectations, Meme coins continued to emerge over the years as the cryptocurrency market fluctuated. After Elon Musk began promoting Dogecoin in 2021, the pace of launching such tokens accelerated dramatically, with a variety of Meme coins like Dogwifhat, Bonk, and Fartcoin appearing one after another.

Their "success" almost defied all financial principles: even the biggest bubbles in the stock market at least relied on optimistic expectations about a company's or industry's potential (no matter how far-fetched); whereas Meme coins have never had any actual product or cash flow — by traditional business valuation standards, they should be worthless. The only way for Meme coin buyers to make money is to sell these "useless tokens" to others at a higher price. Essentially, they are "speculating on speculation itself."

"According to the efficient market hypothesis, this shouldn't work, but the reality is, it does make money," Alon Cohen, co-founder of Pump.fun, said in an interview with Bloomberg Businessweek's "Meme Coin 101." Pump.fun is currently the hottest platform for creating and trading Meme coins, and few have made more money than Cohen in this craze. He revealed that the platform has facilitated the issuance of about 1,400 types of Meme coins (not including the Trump couple's tokens), and according to Pump.fun's estimates, since January 2024, the platform has accumulated about $1 billion in trading fees alone.

22-year-old Cohen has short black hair and a scruffy beard. Sitting in a café in downtown Manhattan, he appears restless, expressing concerns about "new wealth being coveted" — as violent robberies in the cryptocurrency space have recently surged. Even though the company's legal name can be found in public records, he is reluctant to disclose his country of residence or the company's real name.

Cohen opens Pump.fun on one of his three phones, demonstrating how the Meme coin market operates: the platform's interface is rough and retro, filled with flashing pixelated icons, each corresponding to a type of token. Creating a token requires just a few clicks — no programming, no paperwork, and not even an understanding of the details of trading on the Solana blockchain.

Any trending topic or news event online can potentially be turned into a Meme coin — even tragedies like "Charlie Kirk's assassination" have spawned thousands of related tokens. To attract attention, token creators perform outrageous stunts: staging pornographic performances, using fentanyl, beheading live chickens (it's hard to tell which are real). Among the tokens Cohen browses, there are even names with racist connotations. He explains that the platform has a switch to "hide offensive content," and the review team filters out illegal content.

Buying Meme coins on the platform is equally simple: initial prices are just a fraction of a cent, rising according to a specific formula based on demand. Pump.fun's users are primarily young men and active online communities — they often discuss trading on platforms like X and Discord; once a token gains enough attention, it gets listed on major trading platforms like Binance and Coinbase, attracting more traders to drive up the price. If one picks the right token, profits can multiply tenfold or more within hours.

Cohen states that the platform's original intention was "to give everyone a fair chance to participate in the next hot project." "In a sense, it's like a game, right? And you definitely want to play a fair game."

However, many Meme coin traders, creators, and influencers do not agree. In interviews, they described a complex circle "full of conspiracies and betrayals" that outsiders find hard to understand. The core conflict is evident: to attract traders, token creators often promise to "sell a fixed number of tokens at a low price," but once the price rises, they have the incentive to "sell off as much as possible." Common (if not compliant) tactics include: manipulating fake trades to create a "false sense of activity," quietly paying influencers to create the effect of "spontaneous hype"; if creators conceal their identities, selling off can even be done secretly. Regardless of the process, the only ones guaranteed to profit are the insiders who got in early.

No one cares much about whether Meme coins are legal. A month after Trump's inauguration, the U.S. SEC announced it would "not regulate them," only stating that "other fraud laws may still apply" — after all, fraud is fraud, regardless of the form. But so far, no other regulatory agencies or prosecutors have intervened.

The "dark side" of the Meme coin market is not a secret. Almost everyone, except the most gullible traders, is aware of the intricacies, yet they still believe "as long as they can pull out before the crash, they can make money." It's like "mutual consent fraud": the despicable salesmen in "The Wolf of Wall Street" had to spend all day on the phone enticing retirees to buy low-priced stocks; nowadays, investors actively seek out "pump and dump" schemes.

The celebrity effect is a strong attraction for Meme coins, but most top stars avoid it — perhaps fearing to alienate fans. Before the Trump family, the most famous "celebrity Meme coin" creators included Caitlyn Jenner from the Kardashian family, Australian rapper Iggy Azalea, and Haliey Welch, who rose to fame from the "Hawk Tua" viral video.

When tokens crash, celebrities often claim to be "unaware" or shift the blame to "recruiters." "Except for my coin, almost all others are scams," Azalea told Bloomberg Businessweek. Although she claims she did not profit, the token she launched has plummeted 99% from its peak last year.

Trump is almost the "top spokesperson" that the Meme coin market could hope for. During his presidential campaign, countless tokens with "Trump-style" names emerged — some forged family endorsements, while others hoped to gain recognition. Clearly, whoever could secure his endorsement would instantly become a giant in the Meme coin space. But when it actually happened, no one took credit. The only clue was a company listed at the bottom of the token's website — "Fight Fight Fight LLC," which clearly pays homage to Trump's words after he was attacked in July 2024.

The "Cryptocurrency Business" at Mar-a-Lago

Before TRUMP began trading, the elected president's Mar-a-Lago estate in Florida was already bustling with the "money-making potential of cryptocurrency." At that time, the Trump family was promoting a business called World Liberty Financial Inc. — the company was raising $550 million by selling proprietary tokens; additionally, Trump promised to "relax regulations on the cryptocurrency industry" (which had faced crackdowns during Biden's administration). Several companies donated millions to Trump's inauguration and lobbied to ensure they could profit during the new administration.

A cryptocurrency executive who visited Mar-a-Lago during that time told Bloomberg Businessweek that the TRUMP plan was "hastily finalized just weeks before the launch." The executive, who requested anonymity to describe private discussions, revealed that the Trump team was eager to launch the token before the inauguration day — they believed that afterward, Trump would face stricter scrutiny.

The weekend when TRUMP was listed became one of the busiest periods in the history of Meme coin trading: the price soared from nearly zero to $74; two days later, the MELANIA coin was launched, reaching a high of $13. But by the next day, both tokens crashed and never recovered.

The Rise and Fall: The Fate of the Trump Couple's Meme Coins

The price of the Trump couple's Meme coins since their launch:

Data source: CoinMarketCap; Note: Prices as of 7 PM New York time, not reflecting intraday highs.

At the press conference on his first day in office, when asked about the tokens, Trump claimed he "knew nothing": "Except for knowing that I launched it, I have no other knowledge. I just heard it was very successful." He then asked the reporters, "How much money did I make?"

The TRUMP website did not list any executive information for "Fight Fight Fight LLC," only providing the address of a UPS store across from a tire shop in West Palm Beach, Florida. However, in a few company records filed in Delaware, the name of an "authorized person" surfaced — Bill Zanker.

This name is not unfamiliar. The 71-year-old Zanker is an entrepreneur who co-authored the 2007 book "Think Big, Act Bigger" with Trump. For decades, he has promoted psychic hotlines, boxing gyms, and chain massage parlors; what truly made him famous was a seminar company called Learning Annex — which offered courses like "How to Open a Greeting Card Store" and "How to Cheat on Your Spouse." In the 2000s, his "Real Estate Wealth Expos" were packed, with Trump as the star guest. In 2013, the two held a press conference at Trump Tower to launch a crowdfunding website — during which, a model in a white tank top pulled stacks of cash from a fish tank to distribute to the audience. Zanker introduced Trump at the time as "the man who turns things to gold, a man with a heart of gold, a man who can change all our lives." However, the website ultimately went nowhere.

In 2013, Zanker and Trump promoted their crowdfunding website. Photographer: WENN/Alamy

In 2022, after Trump left office and faced lawsuits for "financial fraud" and "sexual assault" (which he denies), Zanker brought him a new way to make money — NFTs. The two ultimately launched a product that was essentially "digital trading cards for $99": the cards featured muscular cartoon versions of Trump, either dressed as a hunter or shooting lasers from his eyes, striking various "tough guy poses." From this licensing alone, Trump made at least $7 million. Later, during Trump's 2024 re-election campaign, the two collaborated again to sell watches, perfumes, and "Never Surrender" themed sneakers. (After returning to the White House, Trump once sprayed a bottle of $249 "Victory No. 47" perfume on Syrian President Bashar al-Assad, claiming "this is the best perfume.")

With this foundation of collaboration, it was not surprising that Zanker ventured into Meme coins. However, this entrepreneur, who built his career on "attention-grabbing marketing," has been unusually low-key — he could not be reached by phone, text, or email. A cryptocurrency investor mentioned that Zanker's son, Dylan, was also involved in his business; Bloomberg Businessweek later met Dylan at a cryptocurrency conference in Manhattan: he was wearing a Moncler down jacket and taking photos with well-known attendees. When asked about Meme coins, he said, "I respect your work, but I don't do interviews."

The clues did not completely dry up — Zanker himself would soon appear in Washington.

In April 2025, a message appeared on the TRUMP website: "The most significant investors in TRUMP will have the honor of dining with the president at a grand dinner. Will you be one of them?" The top 220 investors by purchase volume were invited to a dinner the following month at the "Trump National Golf Club" in Northern Virginia.

Massachusetts Senator Elizabeth Warren called the dinner a "corruption gala." Many of these "top holders" were cryptocurrency merchants hoping to influence government policy. Among the largest holders was Chinese-born cryptocurrency billionaire Justin Sun — he purchased $15 million worth of TRUMP. A few months prior, U.S. regulators had shelved a fraud lawsuit against Sun, raising questions about "quid pro quo." (Sun denies any wrongdoing and is currently suing Bloomberg LP over a previous report, with the case still pending.)

At a press conference just hours before the dinner, White House spokesperson Leavitt defended Trump, stating he was attending "in a private capacity," as if "punching the clock" could avoid conflicts of interest. "To suggest the president is profiting from his position is absurd," she said.

In May 2025, Sun arrived at the White House. Photographer: Jason Andrew/The New York Times/Redux

That evening, dozens of protesters gathered in the rain outside the golf club entrance. Sun arrived with an umbrella-holding assistant and three photographers; at the security checkpoint, attendees had to show identification — including foreign passports, which provided an opportunity for mockery from the protesters. As two guests in tuxedos walked by, someone shouted, "What’s for dinner, jerk?"

The main course of the dinner was filet mignon. Zanker attended as the host, dressed in a blue suit and red tie. During the event, he took the stage (with the American flag behind him) and held up a magazine with Sun's face on the cover.

However, this "opportunity for rent-seeking" clearly did not go as planned — one attendee revealed that he did not see anyone speaking privately with the president. Trump arrived by helicopter, delivered a routine speech about "crypto power," and then left.

This dinner at least confirmed one thing: Zanker's involvement was not as simple as "a name on a Delaware document." But there were still no new clues about "how the president created and traded digital tokens."

Key Clue: The "Meme Coin Scandal" of the Argentine President and "Blockchain Tracking"

A turning point came a month after the Trump couple launched their tokens: another national leader became embroiled in the Meme coin controversy — Argentine President Javier Milei. This "Trump-worshipping, chainsaw-wielding" president endorsed a token called "Libra Coin" on February 14, and just hours later, the token's price plummeted, prompting Milei to urgently delete the endorsement from his social media.

The trading records of cryptocurrencies are stored on the "blockchain," a public ledger that essentially leaves a traceable footprint. Nicolas Vaiman, co-founder of data company Bubblemaps and a "cryptocurrency detective," told Bloomberg Businessweek that he discovered anomalies in the trading records of MILEI and TRUMP.

Although blockchain data is anonymous, by analyzing "which address bought what, the transaction time, and the flow of funds," Vaiman found connections: someone bought $1.1 million worth of TRUMP within seconds (clearly having insider knowledge), then sold it within three days, making a profit of $100 million; another address holder bought before "MELANIA was publicly announced," earning $2.4 million — Vaiman traced through a complex chain of transactions and found that this address belonged to the same person or team that "created MELANIA."

"In Wall Street, this is called insider trading, but no enforcement agency wants to apply similar rules to the Meme coin market. Essentially," Vaiman said, "in the cryptocurrency space, crime is legal."

More interestingly, Vaiman discovered a network of connections between the "wallet that created MILEI" and the "wallet that created MELANIA" — and the mastermind behind MILEI had already voluntarily exposed his identity.

Milei's cryptocurrency advisor is named Hayden Davis, a dropout from Virginia's "Liberty University" (a evangelical institution), who describes himself as an "entrepreneurial expert" on LinkedIn. Davis works with his father, Tom, who told the Christian Broadcasting Network that he had served time for check forgery; the father and son duo also marketed energy drinks for a multi-level marketing company called Limu.

Caption: Hayden Davis with Milei, posted on Milei's X account. Source: JMilei/X

Meme coins have made the Davis father and son the behind-the-scenes players. They established a company called Kelsier Ventures, functioning similarly to an investment bank in the stock market: providing consulting for those wanting to issue tokens, connecting with "hype influencers," and assisting in managing trades. However, according to Vaiman's analysis, the tokens they launched all followed a "suspicious pattern": insiders sell off → price skyrockets → rapid crash. By his calculations, the total profit for Davis and his partners exceeds $150 million.

More than half of that profit came from Libra Coin. When a scandal erupted in Argentina over "the president's involvement in inflating sales," Davis posted a video on social media admitting that he assisted in the issuance of this Meme coin. "I am indeed an advisor to Javier Milei," he said. In the video, he tried to appear serious, but his striped hooded sweatshirt, messy golden curls, and large aviator glasses did not convey the image of a "high-end financial person." Davis admitted to making $100 million from selling Libra Coin but argued that it was "just holding funds" — yet this money has not been returned to date.

This video further fueled the scandal. Cryptocurrency media outlet CoinDesk published what was allegedly a text message Davis sent to his accomplices: he used racially derogatory terms to refer to Milei and stated, "Whatever I say, he signs off on; whatever I tell him to do, he does." Faced with calls for impeachment at home, Milei denied responsibility on television, arguing, "It's like playing Russian roulette; if you get shot, you can only blame yourself." (Davis's spokesperson told CoinDesk that Davis "does not remember sending that text and has no record of it on his phone.")

Meanwhile, Davis also gave an interview to YouTube "anti-fraud blogger" Stephen Findeisen (known as Coffeezilla), candidly admitting that the Meme coin industry he helped promote "is not honest." "Meme coins are an unregulated casino; other cryptocurrencies are not much better," he said, "it's all nonsense." Davis also mentioned a tactic called "sniping": seasoned traders use insider information to buy large amounts of new tokens immediately upon issuance, then sell once others follow suit. He admitted that his team had also engaged in "sniping," but claimed it was a "defensive operation to prevent someone from harvesting retail investors faster."

During the interview, Davis also acknowledged for the first time that he "was involved in the issuance of MELANIA," but did not specify his exact role and insisted he "did not make money." "I did indeed intervene," his tone was almost awkward, and he advised ordinary investors to "stay away from the Meme coin market to avoid being scammed." "TRUMP, MELANIA, LIBRA… you could keep listing them; they are all just games."

Bloomberg Businessweek also reviewed another key piece of evidence: a screenshot of a text message Davis sent to his accomplices after TRUMP was launched and before MELANIA was publicly announced. In the message, Davis revealed that "MELANIA is about to go live," promised to "give friends a heads-up," and mentioned the still-secret "MILEI plan." He boasted that he "made astronomical sums from issuing Meme coins," and hinted at involvement with TRUMP: "TRUMP gave me unprecedented power, but it also brought great risks."

However, when Bloomberg Businessweek attempted to interview Davis about these details, he refused to respond. "Most of what has been reported is absurd and untrue," he texted, "I will clarify all the facts before I speak." (The lawyer representing the Davis father and son stated that the questions posed by the magazine "contained numerous inaccuracies," but did not specify.)

Whistleblower Emerges: Uncovering the Connections to "Exchange Executives"

Fortunately, a former associate of Davis stepped forward to become a "whistleblower" — revealing that Davis was not the true puppet master.

Shortly after the collapse of Milei's Libra Coin, Moty Povolotski, co-founder of the cryptocurrency startup DefiTuna, publicly stated that his company had collaborated with Davis to issue Meme coins and possessed "evidence of a larger conspiracy" involving executives from a cryptocurrency exchange. Although Povolotski's statements were somewhat disorganized, he was the only one willing to expose the truth at that time. In April 2025, he agreed to meet at the "Solana Crossroads" cryptocurrency conference held in Istanbul (his place of residence).

When they met, Povolotski wore black jeans and a black DefiTuna hoodie, with a square head and a bright smile. He spoke candidly: "Most Meme coins are scams; this is a manipulated game, essentially about inflating and dumping." As he spoke, he nervously opened and closed his AirPods case repeatedly.

But this did not stop him from being involved. Povolotski revealed that Davis had hired his company to "assist with Meme coin trading" — which in itself is not suspicious, as most people issuing cryptocurrencies seek experts to ensure early trades go smoothly. However, from the beginning, Davis's sole goal was clear: "to make money for himself." Povolotski recalled that his former partner had asked Davis in a group chat "how to handle the upcoming token trades," to which Davis replied, "Sell as much as possible, even if the price drops to zero." "Guys, to be honest, we just want to squeeze profits out of this token," Davis wrote in a text.

The operation for MELANIA was similar: Davis transferred about 10 million tokens to Povolotski's partner, instructing them to "sell once the market cap reaches $100 million," and emphasized "to operate anonymously." "They said, 'It must be sold anonymously,'" Povolotski recalled with a smile.

Two weeks later, Povolotski visited Davis in Barcelona — at that time, Davis was launching another Meme coin called ENRON, named after the American energy company that collapsed due to accounting fraud 20 years ago. In a hookah bar, Povolotski saw Davis's father boasting about "an automated program" used to "secretly snipe ENRON."

Povolotski stated that his former partner was "the main person handling trades for Davis," and after witnessing all this in Barcelona, he severed ties with both of them. (This partner, Vlad Pozniakov, did not respond to messages, and his old phone number has been disconnected.)

When asked about "who else Davis is partnered with," Povolotski mentioned a key figure: an executive from the cryptocurrency exchange Meteora. He explained that Meteora could explain "why the Trump family was able to make quick profits" — this platform is larger and more customized than Pump.fun, and while it is not specifically focused on Meme coins, TRUMP, MELANIA, and LIBRA all debuted on that platform.

The co-founder of Meteora is the one who uses "astronaut cat" as an avatar, Meow. According to colleagues, Meow has no official title but is the actual head of the exchange. Povolotski also mentioned that he first met Davis at a party in Singapore in September 2024, introduced by then-Meteora CEO Ben Chow; Ben Chow seemed deeply involved in the exchange's "large Meme coin issuance projects," and Davis frequently mentioned "Ben's instructions" in texts and calls.

In 2023, Meow at the Solana Crossroads conference. Source: YouTube

Confrontation and Silence: Ben Chow's Resignation and the Mystery of Meow's Identity

After the collapse of MILEI, Povolotski confronted Ben Chow. He recorded their video call and showed it to Bloomberg Businessweek — during the call, Povolotski candidly expressed his suspicion that Davis had been operating a "pump and dump" scheme, and mentioned that he often felt that Ben Chow and Davis were partners: "Davis always says, 'Oh, Ben said this,' 'Ben told me to do that,' 'Ben said the token is going live,' 'Ben said she would tweet about it.'"

In the video, when Ben Chow heard Povolotski accuse Davis of fraud, he appeared very surprised. "I'm so upset," he groaned. However, he did not deny his close relationship with Davis and even admitted to having introduced business to Davis. "I was just making introductions, right?" Ben Chow said, "You know, the Melania team needed help at that time, so I introduced them to Hayden Davis."

If Ben Chow and the Meteora exchange had indeed facilitated Melania, did they also participate in the operation of the Trump token in the same way? Povolotski was not sure, but he told Bloomberg Businessweek that he did not believe Ben Chow's claim of being "completely unaware." "It's all nonsense," he waved dismissively.

Povolotski said that after this call, he contacted Meow, hoping to get answers. But Meow ignored his inquiries, so Povolotski shared the call video with the cryptocurrency media SolanaFloor. Amid public outcry, Ben Chow chose to resign. (Neither Ben Chow nor his lawyer responded to requests for comment.)

Bloomberg Businessweek asked Povolotski whether Meow was aware of the behind-the-scenes operators of the Trump token and how the token made huge profits. Povolotski suddenly fell silent. For a full 15 seconds, his expression and body language changed repeatedly — smiling, raising his eyebrows, shrugging, staring, and then shrugging again, clearly restraining himself from revealing certain information. In the end, he simply raised his hands and smiled.

It seems it is time to find Meow himself.

The True Identity of Meow: Singaporean Businessman Wu Mingyao and His "Financial Utopia"

Finding Meow is not difficult. In the Meme coin trader circle, he is somewhat of a celebrity: in addition to co-founding the Meteora exchange, he also developed the popular cryptocurrency trading app Jupiter. Earlier this year, a Bloomberg Businessweek reporter stumbled upon him in an online chat room — at that time, television personality Nick Cannon was promoting a dedicated Meme coin for his improv comedy show "Wild’N Out."

"As long as you can attract enough attention, you can make big money, but it's also a double-edged sword," Meow said in the chat room, "Theoretically, we are creating a whole new financial system. But at the same time, you also attract the worst people in the world."

"We're talking to the big boss here!" Cannon later exclaimed excitedly. A few days later, the price of that token crashed.

Just after Trump's inauguration, Meow held a conference in Istanbul that attracted over 1,000 attendees. He named the event "Catstanbul," essentially a celebration — perhaps this was also Davis's "victory tour" after profiting from the Trump token. Text messages reviewed by Bloomberg Businessweek show that Davis claimed he "was with Ben Chow and Meow 24 hours a day."

The climax of the "Catstanbul" conference was the ignition of a 15-foot (approximately 4.6 meters) tall cat sculpture — mimicking the style of "Burning Man." The sculpture's eyes glowed red in the firelight, while Meow posed for photos with fans nearby.

On his personal website and podcast, Meow often shares philosophical insights about the "cryptocurrency free market" he helps create: he envisions a system called "GUM" (Global Unified Market), where anyone can trade any asset; he also believes that creating new currencies is key to achieving a "more equal future." In one article, he claims that Meme coins are not scams but "pioneers of a new era of digital connectivity and cultural expression"; in another article, he compares issuing cryptocurrency to "founding a religion": "To establish a new religion or shape a new deity, you essentially only need a new symbol, along with a corresponding community and story to support it," he writes, "and I find that particularly interesting! After all, why should only warlords monopolize the power to construct society, and only central banks monopolize the power to issue currency?"

Despite Meow's efforts to cultivate an "anonymous" image, his real name can actually be found online. His personal website lists several startups he provides consulting for, one of which publicly revealed his identity in a press release, leading to the discovery of several abandoned social media accounts. It was ultimately found that Meow's real name is Wu Mingyao, a man in his 40s from Singapore.

Confronting Wu Mingyao: "The Dollar is also a Meme Coin" and the "Baby in the Bathtub" Metaphor

After exchanging text messages about Meme coins, presidential tokens, and even including a photo of his cat, Wu Mingyao agreed to meet. Bloomberg Businessweek suggested meeting at a cat café near his office in Singapore's Chinatown.

When they met, Wu Mingyao walked into the café wearing a T-shirt, linen pants, and flip-flops, limping slightly — he had just returned from Nepal, where he injured his knee while hiking with a YouTuber who had introduced him to a supposedly hallucinogenic "honey." Inside the café, several young people chatted while playing with lazy cats. Wu Mingyao eagerly began discussing a new article he was writing, claiming that "all financial assets are essentially Meme coins," because their value is based on "a shared belief in something." In his view, even the dollar is like this. "The dollar is a kind of Meme coin," Wu Mingyao slammed the table, his eyes wide, "everything is a Meme coin!"

Wu Mingyao grew up in Singapore, where his parents ran a stall in the local hawker center, and he later studied computer engineering in Singapore. In the late 2000s, he developed a service called "Mr. Tweet" in San Francisco — at that time, Twitter (now X platform) did not have a "recommended users" feature, and this service filled that gap. Back then, he went by the nickname "Steve."

Wu Mingyao said he first learned about cryptocurrency at a "Dogecoin-themed party," and he became deeply fascinated. In 2021, he launched the cryptocurrency app "Mercurial Finance," which received investment from Sam Bankman-Fried's hedge fund. Later, after Bankman-Fried was exposed for running a massive fraud scheme, Wu Mingyao renamed the app "Meteora." At that time, he wrote in an article that he regretted "remaining silent about the garbage chaos he witnessed" and regretted "blindly participating" in what he called "dirty business."

The Meteora exchange can be used to issue and trade various cryptocurrencies, not just Meme coins. However, the Meme coin craze has indeed brought Wu Mingyao substantial profits. According to data from cryptocurrency research firm Blockworks, approximately 90% of the $134 million in revenue generated by the exchange over the past year came from Meme coin trading — these transactions typically incur higher fees. Wu Mingyao stated that, in a sense, the Meme coin market is more "pure," as it only reflects "the value assigned by users based on their beliefs," nothing more. "I have no interest in moral criticism," he said, "I only focus on actual phenomena. For example, if you bought Fartcoin a few months ago, you can now buy a lot more with it."

Evasion and Justification: "Technical Support" and "Can't Throw the Baby Out with the Bathwater"

When the conversation finally turned to the Trump couple, Davis, and the role of Wu Mingyao's company, he became taciturn. "If I told you that things are actually much more boring than you think, would you believe me?" He frowned, showing a troubled expression.

He admitted that someone from the Trump team (who wished to remain anonymous) had contacted Meteora before the token issuance, hoping to obtain technical support to complete the token construction, but he emphasized that Meteora only provided "technical support," and the team did not participate in any trading or engage in any wrongdoing. "Absolutely no under-the-table deals."

Wu Mingyao stated that the decentralized platform he built aims to "allow anyone to issue any token," rather than "regulate the intentions of issuers." He believes that innovations like Bitcoin could never emerge in a strictly regulated system. "There are many things we really can't manage and shouldn't manage," he said, as a gray-and-white cat climbed onto the railing and began pawing at his phone.

He argued that it is unfair to judge the entire cryptocurrency industry as a "scam" — as the old saying goes, "you can't throw the baby out with the bathwater." He then further refined this metaphor: "There may be dog poop, baby poop, and even E. coli in the bathtub, but there might really be a baby in there. What I want to say is, that 'baby' does exist."

By this vivid metaphor, promoters like Davis, who "issue a large number of tokens that crash quickly and flood the market," are clearly the "ones making a mess." So, did Wu Mingyao ever make Davis "leave his bathtub" (i.e., stop cooperating)?

Wu Mingyao said he had only met Davis once for about 20 minutes and had no idea what Davis was doing. "It's hard to judge," he added, stating that his team had no involvement in the issuance of the Milei token.

Behind the Scenes Office: "The Little Bootlicker Empire" and "Infinite Currency" Fantasy

The discussion between the two later shifted to the Jupiter office above a noodle shop on the corner. The rickety wooden stairs leading to the second floor were lined with shoes, and inside the office, about 30 men and a few women were busy at their laptops. One employee demonstrated a new QR code feature — when he sent some Fartcoin, Wu Mingyao excitedly screamed; another developer showcased a prototype product that "simplifies token issuance" (she had just used this prototype to create a token called "The Little Bootlicker Empire"), while Wu Mingyao chewed on pork jerky and watched intently.

In the following days, the reporter met with Wu Mingyao several more times, repeatedly discussing "Davis" and "Trump tokens," which clearly made him somewhat impatient. He claimed that the issuance of large Meme coins was "not that important" to his business (but Blockworks data shows that the weekend of the Trump token issuance was the second-highest trading volume weekend in Meteora's history). He also stated that his plans were "much grander than this." "Currency can be infinite," he said, "what if we could create a dedicated currency for every problem?"

While eating noodles at a hawker stall, Wu Mingyao said he only focuses on "creating the best token issuance and trading technology," rather than "controlling how people use these technologies." As for the Meme coin trading "looking more like a casino than the utopian future he envisioned," he believes that is just the norm in the real world.

Epilogue: The Tide Recedes and the "Ultimate Value Extraction Machine"

Perhaps Wu Mingyao is right. Clearly, when the Trump couple issued tokens, some people were motivated by the goal of "quick profits." But as the prices of these tokens have fallen month after month, few celebrities have stepped forward to attract investors' attention, and Meme coins have gradually lost their appeal. According to Blockworks data, as of November, the total trading volume of Meme coins had decreased by 92% from its peak in January. Investors have been "harvested" time and again until their funds were exhausted.

In June 2025, "Fight Fight Fight Company" announced plans to develop a new Trump cryptocurrency trading app. However, Trump's sons publicly condemned the plan, stating it "had not been approved by the family" — the family was planning to develop its own cryptocurrency app. In early December, Zank announced the latest plan: a mobile game called "Trump Billionaire Club," which would incorporate Trump Meme coin elements. However, this news did not drive up the token price. As of December 10, TRUMP had fallen 92% from its peak to $5.90; MELANIA had dropped 99%, leaving just $0.11 — almost worthless.

Davis has now become a "discarded pawn" in the cryptocurrency industry — not an easy feat in an industry that already scoffs at rules. No one knows where he is now, and his social media has stopped updating, but blockchain data shows that his wallet is still engaged in Meme coin trading.

As for Wu Mingyao, the Meteora exchange issued its own cryptocurrency in October, with a current total market value exceeding $300 million.

As long as those who assist in issuing and promoting Meme coins remain tight-lipped (not to mention the Trump couple themselves), it is difficult to ascertain how they made huge profits in such a short time. In the stock market, if someone gains substantial profits through suspicious trading, regulators can scrutinize trading records and demand copies of private information to look for evidence of market manipulation. But in the realm of Meme coins, such regulatory actions seem far from feasible in the short term.

Lack of Regulation and "Conflicts of Interest": The Trump Family's Cryptocurrency Landscape

"This is the 'ultimate value extraction machine' designed by a group of highly capable individuals," said New York attorney Max Burwick. He has been advocating for "accountability in the Meme coin market and among issuers": in 2025, he represented investors who suffered losses in a lawsuit against the Pump.fun platform, calling it "a casino manipulated by insiders"; in another lawsuit, he took Davis, Ben Chow, and the Meteora exchange to court, accusing the platform and executives of repeatedly participating in "pump and dump" fraud. Both lawsuits are currently under review, and no allegations of wrongdoing have been made against Trump or Milei. All defendants deny the allegations: the lawyers for the Davis father and son stated in court documents that MILEI "is not a scam," and they never promised that the token would appreciate; Ben Chow's lawyer stated that Ben Chow "only participated in the development of Meteora software," and even if illegal activities occurred, they were unrelated to him.

Burwick told Bloomberg Businessweek that the behind-the-scenes drivers of the Meme coin craze have earned hundreds of millions by exploiting "unsuspecting traders."

Meanwhile, Trump and his family have shifted their focus to a "diversified conflict of interest portfolio," although they continue to deny that "personal finances influence government policy": the president once pushed for a "U.S. government acquisition of Bitcoin as a strategic reserve"; his son Eric owns a Bitcoin mining company; the government has advanced a deal to "sell fighter jets to Saudi Arabia," while the Trump family has licensed the "Trump" brand to a seaside skyscraper in Jeddah; Trump also pardoned billionaire Zhao Changpeng (co-founder of Binance), which had provided crucial support for another cryptocurrency project of Trump's. (All individuals involved in the Zhao Changpeng pardon case deny any conflict of interest.)

Many influencers who once promoted Meme coins have also turned to other fields — some have begun promoting "prediction markets." During the Biden administration, regulators essentially classified such markets as "illegal gambling" and banned them, but the Trump administration took a more lenient approach, and the Trump family seized the opportunity to enter this field. On the prediction market platforms "Polymarket" and "Kalshi" (where Donald Trump Jr. serves as an advisor), users can bet on almost any event, including sports events and election outcomes.

The Polymarket platform even opened a betting project on "Will Hayden Davis go to jail this year?" — currently, it seems his odds of going to jail are quite low.

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