From the President to Meme coin: The "Diamond Chain" hidden benefits behind the cryptocurrency craze

When Trump and Melania issued tokens bearing their names in the weekend of their inauguration, their prices skyrocketed from nearly zero to $74 and $13 within a few hours. But then, both tokens plummeted and never recovered. It is estimated that the Trump family made over $350 million before the prices collapsed.

The person behind “Fight Fight Fight LLC” (the company managing the tokens) is Bill Zanker, an entrepreneur who authored books with Trump in 2007. Zanker has a history of “marketing scams”: organizing seminars that deceive (teaching “how to cheat on your spouse”), releasing “Trump Superhero” NFTs, and earning $7 million.

This time, Zanker hosted a controversial party: 220 “top holders” (the biggest buyers of Trump tokens, mostly crypto investors) were invited to a lavish event at Trump’s golf club. The largest holder is crypto billionaire Justin Sun, who was previously investigated by the US SEC for fraud but the case was dismissed. Senator Elizabeth Warren called this party a “corruption feast.”

White House spokesperson Karoline Leavitt immediately defended: Trump “attended as a private citizen,” so there was no conflict of interest. However, after this party, no one had private discussions with the President, and the Trump token prices continued to fall.

Blockchain clues: “Insider” transactions detected

Crypto detective Nicolas Vaiman, co-founder of Bubblemaps, analyzed the blockchain and found irregularities:

• An address bought $1.1 million worth of TRUMP in just a few seconds (clearly knew beforehand), then sold over three days, earning $100 million
• Another address bought MELANIA before the token was publicly released, earning $2.4 million, and was traced to be owned or linked to the “MELANIA creation address”

“On Wall Street, this is called insider trading, but no enforcement agency wants to apply this rule to Meme coins,” Vaiman said, “essentially, in crypto, crime is legal.”

Even more interesting, Vaiman discovered that the “MILEI creation wallet” and the “MELANIA creation wallet” are connected through a network—indicating Davis and his group are running a “global scam system.”

CEO of Meteora suddenly resigns

After the MILEI scandal erupted, Moty Povolotski (a former associate of Davis) agreed to meet Bloomberg Businessweek and revealed: he knows exactly how Davis makes money. Davis transferred about 10 million MELANIA tokens to Povolotski on the condition of “anonymous selling” once the market cap reached $100 million.

When Povolotski contacted Meteora CEO – Ben Chow – to confront him, Chow appeared “very shocked” but admitted he had introduced Davis. Ultimately, Chow resigned. Ng Ming Yeow (Meow) continued to remain silent, claiming he only provides “technical support” and does not participate in transactions.

The end of the hype: a water gourd rain

By December 2025, TRUMP dropped 92% from its peak to $5.9, MELANIA fell 99% to just $0.11—almost worthless. According to Blockworks, the total Meme coin trading volume decreased by 92% from the January peak.

Hundreds of thousands of retail investors were left broke. Insiders (Davis, Zanker, Ng Ming Yeow, Ben Chow) had already made huge profits before secretly withdrawing.

Lawyer Max Burwick called this “the ultimate value-draining machine” designed by a “highly talented” group to exploit “uninformed traders.”

The US SEC declared “not regulated,” only stating that other anti-fraud laws could still apply. But so far, no regulatory agency or prosecutor has intervened.

As the hype cooled, the Trump family shifted focus: developing their own crypto trading app, participating in prediction markets, granting crypto billionaire pardons—all revolving around “accumulating financial power.”

When the government’s oversight is “lax,” and rules are set by “hype players,” how chaotic will the market become—that is the question the crypto community will have to answer.