🔗 Share this article Melania Trump's Digital Currency Creators Facing Pump-and-Dump Scam Lawsuit The developers responsible for a virtual coin introduced by First Lady of the United States Melania Trump have been charged in federal papers of executing a pump-and-dump scheme. Initial Launch and Price Surge The $MELANIA tokens were made available for a minimal price each on January 19, one day preceding former President Trump assumed the presidency. Together with the First Lady's token, Donald Trump introduced his own digital currency shortly prior to the presidential inauguration. Within hours, the market value of the $MELANIA coin skyrocketed to $13.73 per unit. Rapid Decline in Price However, the price subsequently crashed just as rapidly, and is now approximately a dime – less than one percent of its maximum worth. Meanwhile, the $TRUMP cryptocurrency hit a high of over forty-five dollars and presently sells for approximately five seventy-nine. Legal Allegations and Plaintiffs' Position The plaintiffs claim that the coin's creators planned the operation conscious that the digital currency's value would decline sharply. The First Lady personally is not named in the court case. Investors stated they do not believe she was responsible, but alleged the blockchain organizations of exploiting her and other familiar faces as window dressing for their illegal activities. Trading Venue Involvement As per fresh federal filings, investors allege officials of the Meteora trading platform, where the First Lady's token was initially traded, of creating a scheme that allowed them to indirectly purchase significant amounts of the digital token. Associated individuals then rapidly offloaded these cryptocurrencies, earning significant gains while causing the value to crash, according to records entered in Manhattan federal court. Broader Context The allegations about $MELANIA have been included in court cases regarding multiple additional digital currencies, which started in spring. Trump-associated entities has allegedly earned in excess of one billion dollars in pre-tax profits from several digital currency-linked products and companies over the past 12 months.