Philip Hammond’s crypto firm sponsored party where sushi was served off scantily clad models

Copper, which was founded in 2018, stores digital assets for customers. Lord Hammond was made its chairman last year and holds a “small stake” in the firm.

The company admitted reports of the party were “embarrassing” and that it was “not in line with our values as a company”.

“We have always held ourselves to high ethical standards and look to champion the benefits of tokenisation and digital assets,” it said.

Copper said it had co-sponsored the gathering alongside an unnamed digital partner, but that the entertainment was organised by a third-party event planner.

There were other acts at the party including a magician, a mentalist and a palm reader.

‘Internal review’

“Notwithstanding the above, we recognise that certain aspects of the event have caused offence and do not reflect Copper’s corporate values,” the company said.

“We will be conducting an internal review of the existing process for approving events and sponsorship arrangements, and the value of such events to the company.

“The senior leadership team at Copper is reaching out proactively to key clients, partners, investors and regulators.

“We did not get this right and we regret any distraction that this may have caused to our wider mission of supplying world-class digital asset custody and prime services to institutional investors.”

‘Performative art’

Serving sushi off scantily clad or even naked models is sold in the West as a Japanese culture experience, though it is uncommon in Japan itself.

A source close to Copper described the act as “a lot of razzle dazzle” and said it was “more performative art rather than anything seedy”.

But the event has raised fresh questions about a “crypto bro” culture in the industry, which is booming despite being plagued by scandals.

The domination of the industry, largely by younger men, has led to accusations of a toxic culture that has been blamed for governance failings.