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A new investigation has revealed how a Trump-themed cryptocurrency contest led to dramatic financial outcomes for participants.

While some traders walked away with sizeable profits, others may be holding significant losses, all while securing a spot at a private event with President Donald Trump.

What Happened: Crypto holders were invited to compete for access to a private dinner with Trump by collecting large amounts of the $TRUMP memecoin in transparent blockchain wallets.

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The competition window caused the token's value to climb sharply, reaching $15.33 from a starting point of $9.26. Once eligibility closed on May 12, many participants began liquidating their positions, despite contest organizers encouraging long-term holding.

By the time the event lineup was confirmed, most of the 25 top-tier winners, those promised an in-person dinner and reception with the president, had already exited their positions. Of these, 22 had only begun accumulating the coin after the contest began, and 16 had since moved out all of their holdings.

Why It Matters: A Financial Times analysis found that five of these newly participating wallets may have turned a profit. One trader using the alias "Woo" reportedly placed tokens worth $10.8 million into a wallet days before the contest ended and removed them when they could have fetched $13.3 million, resulting in a possible gain of $2.6 million.

Another, under the name "NACH," may have earned around $52,000. Not all players benefited, however, an account labeled "GAnt" might have spent roughly $1 million just to qualify, with no indication of a profitable exit.

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Three of the top wallets had been active before the competition. One of them, tagged "ogle," is estimated to have gained $4 million, though the trading occurred prior to the contest period.

Meanwhile, a wallet named "SUN" took a different path, acquiring around one million tokens before the announcement, including a large purchase when the coin was priced over $60, well above its current market value. That account now appears to be down about $66 million on paper.

Despite the losses, the SUN account secured a separate reward—a complimentary watch awarded to the top four holders throughout the contest period. The wallet is believed to be linked to Chinese crypto entrepreneur Justin Sun, based on its nickname and its ties to the exchange HTX, where Sun is listed as an adviser. Sun did not confirm any connection.