🔗 Share this article First Lady's Digital Currency Creators Facing Pump-and-Dump Fraud Legal Action The architects responsible for a cryptocurrency released by US First Lady Melania Trump are now alleged in federal papers of planning a pump-and-dump scheme. Initial Launch and Value Spike The $MELANIA tokens were issued for just a few cents each on the 19th of January, the day before former President Trump assumed the presidency. Together with the Melania cryptocurrency, Trump himself released his $TRUMP coin a few hours before the presidential inauguration. Shortly after launch, the market value of the $MELANIA cryptocurrency surged to nearly $14 per coin. Rapid Decline in Value However, the value subsequently crashed just as rapidly, and presently trades for less than 15 cents – under 1% of its maximum worth. At the same time, the $TRUMP token achieved a maximum of nearly forty-six dollars and now trades for approximately five seventy-nine. Legal Allegations and Plaintiffs' Position The plaintiffs assert that the coin's creators organized the maneuver knowing that the cryptocurrency's price would plummet. Mrs. Trump herself is not mentioned in the court case. The plaintiffs clarified they do not consider she was at fault, but accused the crypto companies of exploiting her and other well-known personalities as window dressing for their fraudulent schemes. Exchange Platform Involvement As per fresh legal documents, claimants charge officials of the Meteora cryptocurrency exchange, where $MELANIA was initially traded, of setting up a operation that allowed them to secretly buy significant amounts of the digital token. Their accomplices then rapidly offloaded these cryptocurrencies, securing large returns while triggering the price to plummet, per documents filed in federal court in Manhattan. Wider Proceedings The allegations about $MELANIA have been included in court cases regarding multiple additional virtual tokens, which started in the month of April. The Trump organization has reportedly generated more than $1 billion in pre-tax gains from multiple cryptocurrency-related products and companies over the last year.