An 18-foot bronze statue of Donald Trump coated in gold leaf—commissioned by cryptocurrency entrepreneurs for $300,000 to promote their $PATRIOT memecoin—remains stuck in an Ohio foundry after sculptor Alan Cottrill refused to release the work until backers pay the outstanding $91,200 balance, a payment dispute that has left the monument, dubbed “Don Colossus,” in storage for months while the token it was meant to promote has crashed more than 90% from its peak.
Payment dispute halts installation
Ohio-based sculptor Alan Cottrill, who created the bronze statue before it was coated in gold leaf, says he is still owed a significant balance and will not release the work until payment is completed.
“What they owe me is $91,200… They know it’s not leaving until they pay me.” — Alan Cottrill, Sculptor
Cottrill has also argued that images of his design were used to promote the associated cryptocurrency without full authorisation, adding intellectual-property concerns to the financial dispute.
Backers of the project, however, maintain that payments have been made according to agreed terms and that remaining funds are typically withheld until completion and delivery.
“The deal was we would pay whatever the final outstanding bill was before the statue leaves for its final destination.” — Dustin Stockton, Project Patron
Due to the dispute, the statue, which was initially intended to be installed and unveiled in public, has remained in the artist’s possession while talks are ongoing.
A memecoin marketing strategy that lost momentum
The statue’s creation was closely tied to the promotion of a speculative cryptocurrency known as $PATRIOT, which was launched by the same group of crypto investors who financed the sculpture.
To inspire supporters and draw attention to the token, the investors reportedly spent about $300,000 commissioning the monument, which featured an image of Trump pumping his fist after escaping an assassination attempt in 2024.
Memecoins typically rely on viral marketing and celebrity association, and the statue became a centrepiece of that promotional effort through social media campaigns and planned public appearances.
Initial interest in the token was short-lived. After a brief surge following its late-2024 launch, $PATRIOT lost more than 90% of its value, weighed down by internal disputes and competition from other Trump-related digital assets.
Analysts note that the token’s decline reflects the broader volatility common in memecoin markets, where price movements are often driven more by sentiment and publicity than by underlying utility.
Political symbolism meets crypto risk
Project organisers have persisted in their plans for a public unveiling at Trump’s Doral resort, where a pedestal has already been prepared, despite the token’s decline.
The Trump family has publicly distanced itself from the $PATRIOT coin, stating it had no involvement in the cryptocurrency’s creation.
Meanwhile, the unresolved payment dispute continues to prevent installation, leaving the statue, intended as both tribute and marketing spectacle, caught between business negotiations and declining investor enthusiasm.
The episode illustrates how crypto-driven promotional strategies can entail reputational and operational risks when funding, intellectual property rights, or project governance are unclear.
As the issuer of crypto’s de facto reserve currency, Tether’s approach to Tether ipo fundraising reflects a growing emphasis on sustainability, disclosure, and profitability over hype-driven narratives.
