🔗 Share this article Melania Trump's Digital Currency Creators Facing Pump-and-Dump Fraud Legal Action The architects responsible for a virtual coin launched by First Lady of the United States Melania Trump have been alleged in court filings of executing a pump-and-dump scheme. Coin Release and Value Spike The $MELANIA tokens were made available for a minimal price each on the 19th of January, just prior to former President Trump assumed the presidency. In addition to the $MELANIA coin, Donald Trump launched his $TRUMP coin a few hours before the swearing-in event. In a matter of hours, the price of the $MELANIA token soared to over $13 per coin. Rapid Decline in Value Yet, the market price subsequently crashed almost as quickly, and currently stands at only about 10 cents – under a fraction of its highest value. In parallel, the $TRUMP coin hit a high of over forty-five dollars and now trades for under six dollars. Legal Allegations and Investors' Arguments The investors allege that the currency's developers executed the scheme knowing that the token's worth would plummet. Melania Trump personally is not named in the legal action. The plaintiffs stated they do not think she was responsible, but alleged the digital currency firms of leveraging her and other well-known personalities as a facade for their fraudulent schemes. Exchange Platform Role According to recently submitted legal documents, plaintiffs allege officials of the Meteora cryptocurrency exchange, where $MELANIA was originally listed, of creating a plan that permitted them to discreetly acquire substantial volumes of the cryptocurrency. Their partners then quickly resold these digital currencies, securing large returns while leading to the value to crash, as stated in documents filed in federal court in Manhattan. Broader Context The claims concerning the Melania token have been incorporated into judicial actions regarding several other cryptocurrencies, which started in April. Trump-associated entities has allegedly secured more than one billion dollars in pre-tax profits from multiple digital currency-linked products and companies over the past 12 months.