🔗 Share this article Melania Trump's Meme Coin Architects Facing Pump-and-Dump Scam Legal Action The designers behind a digital token introduced by First Lady of the United States Melania Trump are now alleged in court filings of planning a pump-and-dump scheme. Coin Release and Price Surge The $MELANIA coins were released for a minimal price each on January 19, just prior to former President Trump assumed the presidency. Together with the Melania cryptocurrency, Trump himself released his own digital currency a few hours before the swearing-in event. In a matter of hours, the market value of the $MELANIA coin surged to nearly $14 per unit. Sudden Collapse in Price Nevertheless, the market price then collapsed almost as quickly, and is now approximately a dime – less than 1% of its maximum worth. At the same time, the $TRUMP token reached a peak of nearly forty-six dollars and presently sells for under six dollars. Court Claims and Investors' Arguments The claimants allege that the currency's developers executed the scheme aware that the token's worth would plummet. Mrs. Trump personally is not included in the legal action. The plaintiffs clarified they do not believe she was at fault, but charged the crypto companies of using her and other prominent figures as a facade for their fraudulent schemes. Trading Venue Role According to recently submitted federal filings, investors charge leaders of the Meteora digital asset exchange, where Melania's coin was originally listed, of establishing a operation that enabled them to secretly buy large quantities of the virtual coin. Associated individuals then quickly resold these virtual tokens, earning significant gains while causing the value to crash, according to papers submitted in federal court in Manhattan. Broader Context The claims concerning the Melania token have been incorporated into judicial actions regarding multiple additional virtual tokens, which commenced in April. The Trump organization has allegedly earned more than one billion dollars in pre-tax earnings from several blockchain-associated ventures and firms over the last year.