🔗 Share this article First Lady's Meme Coin Architects Facing Pump-and-Dump Scam Lawsuit The designers behind a digital token launched by US First Lady Melania Trump have been accused in court filings of planning a fraudulent operation. Initial Launch and Value Spike The $MELANIA cryptocurrency were released for a minimal price each on the 19th of January, one day preceding Donald Trump was inaugurated. Alongside the Melania cryptocurrency, the former president launched his $TRUMP coin shortly prior to the inauguration ceremony. In a matter of hours, the price of the $MELANIA coin skyrocketed to over $13 per token. Sudden Collapse in Price Yet, the market price subsequently crashed almost as quickly, and presently trades for approximately a dime – under one percent of its highest value. Meanwhile, the $TRUMP coin achieved a maximum of nearly forty-six dollars and now trades for under six dollars. Legal Allegations and Investors' Arguments The plaintiffs assert that the token's architects organized the operation aware that the digital currency's value would decline sharply. Mrs. Trump herself is not mentioned in the legal action. Claimants indicated they do not believe she was culpable, but alleged the digital currency firms of using her and other well-known personalities as window dressing for their illegal activities. Exchange Platform Role In newly filed legal documents, plaintiffs charge executives of the Meteora trading platform, where Melania's coin was initially traded, of setting up a plan that allowed them to secretly buy significant amounts of the virtual coin. Their partners then promptly liquidated these virtual tokens, securing large returns while triggering the value to crash, per papers submitted in New York federal court. Broader Context The allegations about the Melania token have been incorporated into legal proceedings involving multiple additional virtual tokens, which started in April. The Trump family has allegedly secured in excess of one billion dollars in pre-tax earnings from multiple cryptocurrency-related ventures and firms over the past 12 months.