🔗 Share this article Melania Trump's Digital Currency Architects Hit with Pump-and-Dump Fraud Legal Action The designers behind a digital token launched by First Lady of the United States Melania Trump are now alleged in court filings of executing a market manipulation plot. Initial Launch and Value Spike The $MELANIA cryptocurrency were issued for a minimal price each on January 19th, the day before Donald Trump assumed the presidency. Alongside the First Lady's token, Donald Trump released his $TRUMP coin shortly prior to the inauguration ceremony. In a matter of hours, the value of the $MELANIA cryptocurrency soared to $13.73 per unit. Sudden Collapse in Price However, the price then collapsed with similar speed, and presently trades for less than 15 cents – under 1% of its maximum worth. At the same time, the $TRUMP cryptocurrency achieved a maximum of over forty-five dollars and now trades for $5.79. Legal Allegations and Plaintiffs' Position The plaintiffs allege that the currency's developers organized the scheme conscious that the cryptocurrency's price would decline sharply. Melania Trump personally is not mentioned in the lawsuit. Claimants stated they do not consider she was responsible, but accused the digital currency firms of leveraging her and other prominent figures as window dressing for their illegal activities. Trading Venue Involvement According to recently submitted court papers, plaintiffs charge executives of the Meteora trading platform, where $MELANIA was originally listed, of creating a plan that permitted them to secretly buy large quantities of the virtual coin. Their accomplices then quickly resold these digital currencies, pocketing substantial profits while triggering the price to plummet, according to papers submitted in Manhattan federal court. Wider Proceedings The charges about the First Lady's coin have been incorporated into legal proceedings regarding multiple additional digital currencies, which began in spring. Trump-associated entities has according to reports earned over $1 billion in pre-tax earnings from several blockchain-associated enterprises and organizations over the previous twelve months.