Three U.S. senators have reportedly launched a formal inquiry into a dinner event tied to President Donald Trump’s memecoin, amid allegations that the arrangement functioned as a pay-to-play scheme benefiting insiders while retail investors suffered large losses. The new report cites analyst Simon Dedic’s figures estimating that roughly $4.3 billion was lost by everyday investors, with about $1.2 billion going to insider-controlled wallets and $320 million to entities reportedly connected to the Trump family. It also says the token has fallen around 95% from its peak and that an estimated 2 million holders are now at a loss. This adds a significant new political and regulatory dimension to earlier reporting on the April 25 Mar-a-Lago gala for top TRUMP holders, where the token was already trading near record lows and facing criticism over access-based political crypto promotion.