From "Lucky Guess" to "Presidential Buyback": The Unregulated Meme Coin Play & Billions of USD Disappearing

No one wants to admit that they helped the world's leadership family issue a digital currency that lost more than 90% of its value in just a few weeks. But blockchain data doesn't lie – billions of USD have changed hands, and most ordinary people caught up in this game are left empty-handed.

The Plot of a Fever: When Meme Coins Reach the White House

The weekend of President-elect 2025 is the most unprecedented in cryptocurrency history. Everything started with an announcement on Truth Social – the new president just issued a token bearing his name. Starting from almost nothing, the price skyrocketed to $74 within a few hours. A few days later, the First Lady issued her own token, and its value also soared.

A private party in Washington allowed insiders to observe the event firsthand. Prominent figures in crypto and politics gathered, from KOLs to those shaping new financial policies. When the token launch information was leaked, early movers knew in advance and made huge profits in just one day.

But the interesting part is: afterward, the price plummeted. Hundreds of thousands of retail investors were “scalped” – losing all their invested money. Estimates suggest that this inner circle may have netted over $350 million from this “legal” issuance. Clearly, not everyone was happy to leave the fever behind.

Meme Coin: A Vain Gamble Without Control

To understand this craze, we need to trace back to the origins of Meme coins. In 2013, two software engineers chose the image of a “Shiba Inu” dog winking as the symbol for a new digital currency called “Dogecoin.” Initially, it was just a joke – a satire of serious crypto projects. But investors rushed in, and within weeks, Dogecoin reached a market cap of $12 million. Fans even sponsored racing teams and plastered ads on cars.

However, the creator at the time worried: “I hope people don’t look at Dogecoin and turn all famous memes into tokens.” But reality proved otherwise.

In recent years, Meme coins not only persisted but flourished. With no real product or cash flow, they are completely contrary to any financial principles. The only way to profit from Meme coins is to sell to others at a higher price. It’s like “speculating on speculation itself.” In a tightly managed system, this shouldn’t happen – but it makes money.

Alon Cohen, co-founder of Pump.fun – the hottest Meme coin platform today – admits this. The platform has supported the issuance of thousands of Meme coins, earning nearly $1 billion just in transaction fees.

The Path to Defense: Bill Zanker & the “Secret Partner”

The Trump family couldn’t create tokens on the blockchain themselves. Surely someone explained Meme coins and their profits to them. But who is the “secret partner”?

The only clue is the name “Fight Fight Fight LLC” appearing on the token’s website – inspired by Trump’s quote after the July 2024 event. But who is really behind it?

Bill Zanker, 71, is an entrepreneur who co-authored “Think Big and Kick Ass in Business and Life” with Trump. For decades, he promoted spiritual calling services, boxing gyms, and spa chains. His most famous venture was the “Learning Annex” seminars – teaching real estate wealth-building.

At that time, Trump was a guest star. In 2013, they organized a press conference to launch a crowdfunding website – a failed idea. In 2022, after lawsuits, Zanker introduced Trump to a new money-making method: NFTs. They issued “call cards” priced at $99. Just from this license alone, Trump earned at least $7 million.

With that platform, Zanker’s venture into Meme coins was no surprise. But he is extremely secretive – not answering calls, messages, or emails.

The only clue: in April 2025, the token’s website announced that “the 220 largest investors will be invited to a grand dinner with the President.” The event was held at a golf club. Zanker appeared as the host, wearing a blue suit, holding up a magazine with a picture of a crypto billionaire on the cover. But Trump only made a brief speech and then left by helicopter.

Secret Money Count: Hayden Davis & the “Underground Ledger”

When critics searched for those involved, one name appeared: Hayden Davis, crypto advisor to the Argentine President. Davis dropped out of college, claiming to be a “startup expert” on LinkedIn. His father was imprisoned for check forgery.

After the scandal in Argentina (token collapse, president deleting posts), Davis publicly admitted supporting the issuance of that Meme coin. In a video, he wore a striped hoodie, messy blond hair, and claimed to have made $100 million but justified it as “holding the funds.” He also admitted participating in issuing MELANIA – the token of the First Lady.

Moty Povolotski, a former accomplice of Davis, came forward to expose him. Povolotski revealed that Davis once texted: “Sell as much as possible, even if the price drops to zero.” When issuing MELANIA, Davis transferred about 10 million tokens, requesting “sell when market cap hits $100 million,” and warned “must sell anonymously.”

But the big question remains: who ordered Davis? Blockchain data shows links between the wallets (crypto addresses) that created MELANIA and LIBRA (Argentina’s token). Who is the most notorious mafia boss?

The Cartographer: Ng Ming Yeow & the “Uncentralized” World of Meteora

Meanwhile, Nicolas Vaiman – the “crypto detective” – is analyzing blockchain data. Through tracing the flow of funds, he identified a key figure: Ng Ming Yeow, behind the Meteora exchange – where TRUMP, MELANIA, and LIBRA were all issued for the first time.

Ng Ming Yeow, in his 40s, is from Singapore. He uses the online nickname “Meow” – with an avatar of a cartoon cat wearing an astronaut helmet. Previously, he developed the Jupiter crypto trading app.

According to Blockworks, 90% of the $134 million revenue last year from Ng Ming Yeow’s exchange came from Meme coin trading. Most astonishing: the weekend of the President’s token launch was the second-highest trading volume in Meteora’s history.

When asked, Ng Ming Yeow said Meteora only “provides technical support,” not involved in trading or illegal activities. He claims he built a “decentralized” platform so “anyone can issue any token.” But he also admitted: “You shouldn’t throw out the baby with the bathwater” – an analogy implying that Meme coins contain a lot of trash, but also “real babies” (projects with value).

The Silent Players: Censorship & Strategic Silence

As blockchain data began revealing connections, Meteora’s CEO at the time, Ben Chow, resigned. Povolotski publicly told Ben Chow that Davis was running a scam pump and dump. In a video call, Ben Chow appeared shocked: “I’m so sad.” But he also admitted that he introduced Davis and connected him to the MELANIA group.

The next question: Did Ben Chow also operate Trump’s token? Povolotski isn’t sure but said he “doesn’t believe Ben Chow knows nothing.”

When asked if Meow knows who is behind Trump token, Povolotski suddenly fell silent for 15 seconds. His face kept changing – smiling broadly, raising eyebrows, gesturing with hands, staring intently. Clearly, he was restraining himself from revealing. Finally, he just raised both hands and smiled.

The “Ultimate Value Draining Machine”: The Numbers Behind the Fever

According to New York lawyer Max Burwick, representing the injured investors, Meme coin is “the ultimate value-draining machine designed by a group of highly talented people.” Its goal is to exploit “uninformed traders.”

By December, TRUMP had fallen 92% from its peak – down to $5.9. MELANIA dropped 99% – just $0.11, nearly worthless. Meme coin trading volume decreased 92% from its January peak.

Davis is now considered a “pariah” in the crypto industry – not an easy feat in an industry that despises rules. No one knows where he is, but blockchain data shows his wallet still active.

Ng Ming Yeow issued his own exchange token in October, with a market cap exceeding $300 million. Those supporting Meme coin issuance and promotion remain silent about their earnings.

No One Takes Responsibility: Legal Gaps & Conflicts of Interest

In the traditional stock market, if someone profits significantly from suspicious trades, regulators can review history, request personal info, and find evidence of manipulation. But in Meme coins, that doesn’t seem to happen.

Moreover, the Trump family has shifted toward a “conflict of interest portfolio”: the President promotes a “government plan to buy and hold Bitcoin”; his son owns a Bitcoin mining company; the family licenses their brand for a tower in Saudi Arabia.

Some KOLs promoting Meme coins have moved to other fields – promoting “prediction markets.” Under the previous administration, this was considered “illegal gambling” and banned. But the new government has relaxed regulations, and the Trump family is taking advantage. On these platforms, users can bet on almost any event – from sports to elections.

There are even platforms offering odds on “Hayden Davis going to jail this year.” Currently, the odds of him going to prison are very low.

Lessons or Dangers?: When Rules Are Set by the “Players” Themselves

The Meme coin craze has cooled down. But it exposes a harsh reality: when authorities loosen financial controls, and when the rules are set by the very “players,” how chaotic can the market become?

Those who profited from this craze are clearly the “insiders” – from Davis to Ng Ming Yeow, from Zanker to anonymous wallets that bought immediately after the tokens were issued.

Most retail investors were “scalped” until they ran out of money. They hope to “withdraw before the crash” – but insiders always have a step ahead.

As Ng Ming Yeow once said: “This world wants to make money instantly, wants to sit back and relax.” And Meme coins – along with their creators – are the perfect reflection of that.