Crypto billionaire Justin Sun was one of the high profile attendees of lavish dinner hosted by US president Donald Trump

Crypto billionaire and entrepreneur Justin Sun was one of the high profile attendees of lavish dinner hosted by US president Donald Trump

US President Donald Trump hosted a lavish dinner on Thursday for the top 220 holders of his new Memecoin at the Trump International Hotel in Washington D.C. Among the high profile attendees was crypto billionaire and entrepreneur Justin Sun.

The event, which began around 7:30 pm ET, saw the president invite the top 25 holders for a special before-dinner reception with him. They were also chosen as “eligible” for a tour of the White House.

The billionaire, who has recently been battling a market manipulation case in the US, arrived at the venue as the president was about to leave.

As Trump left the event, Sun was seen being introduced as a speaker by Bill Zanker, who helped organise the dinner.

The billionaire, who holds the citizenship of Saint Kitts and Nevis, is said to be one of the top holder of Trump's new Memecoin. He is known for purchasing an art piece with a banana taped to a wall for $6.2 million and later ate the fruit.

The controversial billionaire was sued by the US Securities and Exchange Commission earlier this year for allegedly manipulating markets by offering the sale of unregistered securities through companies he owns and controls – the Tron Foundation, BitTorrent Foundation Ltd., and Rainberry Inc. He also paid celebrities for undisclosed promotions.

The crypto billionaire has also invested a total of $75 million in WLFI, the token of codenamed crypto project linked to Trump and his family members – World Liberty Financial. As an adviser to the project, his early investment is said to have helped Trump start the project.

At the dinner, Sun, a known supporter of the Republican party, called for the crypto industry to back Trump and his initiatives. He had expressed great enthusiasm in attending Trump's dinner and thanked the Republican for his “unwavering support” to the industry.

The move comes amid reports that the US SEC is planning to pause the case against Sun after former chairman Gary Gensler left the agency, according to a report by Bloomberg.

The move is one of the noteworthy legal developments after Trump assumed power for a second term on January 20.

Trump's dinner gala was slammed by Democrats as Senators Elizabeth Warren and Adam Schiff demanded a federal ethics investigation. They called the event a “pay to play” scheme of “corruption and foreign influence,” as many holders of Trump's new Memecoin are said to be from outside the US.

The White House has defended the event saying Trump was attending the event in his “personal time” outside official duties. The administration also claimed that it has nothing to do with Trump's new Memecoin.