🔗 Share this article First Lady's Meme Coin Architects Hit with Market Manipulation Scam Legal Action The architects responsible for a virtual coin introduced by First Lady of the United States Melania Trump have been charged in court filings of executing a fraudulent operation. Coin Release and Price Surge The $MELANIA tokens were issued for just a few cents each on January 19th, just prior to Donald Trump assumed the presidency. Alongside the $MELANIA coin, Trump himself released his $TRUMP coin a few hours before the swearing-in event. Shortly after launch, the value of the $MELANIA token skyrocketed to $13.73 per unit. Rapid Decline in Value Yet, the value subsequently crashed with similar speed, and presently trades for less than 15 cents – below one percent of its highest value. At the same time, the $TRUMP token achieved a maximum of over forty-five dollars and presently sells for under six dollars. Court Claims and Investors' Arguments The investors allege that the token's architects planned the scheme aware that the token's worth would decline sharply. Mrs. Trump personally is not named in the legal action. Investors clarified they do not consider she was responsible, but accused the blockchain organizations of leveraging her and other prominent figures as window dressing for their illegal activities. Exchange Platform Role In newly filed legal documents, plaintiffs charge officials of the Meteora cryptocurrency exchange, where $MELANIA was originally listed, of setting up a plan that enabled them to secretly buy substantial volumes of the cryptocurrency. Their partners then promptly liquidated these virtual tokens, pocketing substantial profits while triggering the price to plummet, according to records entered in New York federal court. Broader Context The allegations concerning $MELANIA have been incorporated into legal proceedings concerning multiple additional cryptocurrencies, which started in April. The Trump organization has according to reports generated in excess of one billion dollars in pre-tax earnings from various cryptocurrency-related enterprises and organizations over the previous twelve months.