🔗 Share this article First Lady's Meme Coin Architects Hit with Pump-and-Dump Scam Legal Action The designers behind a digital token introduced by First Lady of the United States Melania Trump have been alleged in federal papers of orchestrating a pump-and-dump scheme. Initial Launch and Value Spike The $MELANIA coins were released for a minimal price each on the 19th of January, the day before former President Trump assumed the presidency. In addition to the Melania cryptocurrency, the former president released his personal token shortly prior to the swearing-in event. Shortly after launch, the value of the $MELANIA token surged to over $13 per unit. Sudden Collapse in Price However, the value plummeted with similar speed, and presently trades for only about 10 cents – under one percent of its highest value. Meanwhile, the $TRUMP coin hit a high of over forty-five dollars and now trades for under six dollars. Legal Allegations and Investors' Arguments The plaintiffs claim that the currency's developers organized the maneuver knowing that the cryptocurrency's price would crash. Melania Trump personally is not included in the court case. The plaintiffs clarified they do not believe she was at fault, but alleged the digital currency firms of using her and other prominent figures as a facade for their criminal operations. Exchange Platform Involvement In newly filed federal filings, investors charge leaders of the Meteora digital asset exchange, where Melania's coin was originally listed, of establishing a plan that allowed them to secretly buy substantial volumes of the virtual coin. Their accomplices then promptly liquidated these cryptocurrencies, earning significant gains while triggering the market to collapse, per records entered in federal court in Manhattan. Wider Proceedings The allegations regarding $MELANIA have been included in legal proceedings concerning several other cryptocurrencies, which started in April. The Trump organization has according to reports secured over one billion dollars in pre-tax gains from several digital currency-linked enterprises and organizations over the previous twelve months.