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First Lady's Meme Coin Architects Hit with Pump-and-Dump Fraud Lawsuit
The designers behind a virtual coin released by US First Lady Melania Trump have been accused in legal documents of planning a pump-and-dump scheme.
Initial Launch and Value Spike
The $MELANIA coins were released for under a dollar each on the 19th of January, the day before Donald Trump assumed the presidency.
Together with the First Lady's token, Trump himself released his own digital currency a few hours before the presidential inauguration.
In a matter of hours, the market value of the $MELANIA coin soared to nearly $14 per unit.
Rapid Decline in Value
Nevertheless, the price plummeted just as rapidly, and presently trades for less than 15 cents – below 1% of its highest value.
In parallel, the $TRUMP cryptocurrency reached a peak of $45.47 and currently exchanges for under six dollars.
Court Claims and Investors' Arguments
The plaintiffs allege that the currency's developers planned the operation aware that the digital currency's value would decline sharply.
Mrs. Trump personally is not named in the court case. Claimants indicated they do not consider she was at fault, but accused the digital currency firms of exploiting her and other prominent figures as a facade for their fraudulent schemes.
Exchange Platform Involvement
According to recently submitted federal filings, claimants charge officials of the Meteora trading platform, where the First Lady's token was originally listed, of setting up a plan that allowed them to secretly buy substantial volumes of the cryptocurrency.
Their partners then rapidly offloaded these cryptocurrencies, earning significant gains while causing the market to collapse, per records entered in federal court in Manhattan.
Wider Proceedings
The charges about the Melania token have been included in judicial actions involving multiple additional virtual tokens, which began in spring.
Trump-associated entities has allegedly generated over one billion dollars in pre-tax earnings from several digital currency-linked products and companies over the previous twelve months.
Norma Hughes
A seasoned beauty editor with a passion for sustainable fashion and wellness, sharing insights from over a decade in the industry.
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