🔗 Share this article Melania Trump's Digital Currency Creators Hit with Market Manipulation Scam Legal Action The architects behind a virtual coin introduced by First Lady of the United States Melania Trump are now charged in legal documents of orchestrating a pump-and-dump scheme. Coin Release and Price Surge The $MELANIA coins were issued for under a dollar each on the 19th of January, just prior to former President Trump assumed the presidency. Together with the $MELANIA coin, Trump himself launched his own digital currency shortly prior to the inauguration ceremony. In a matter of hours, the price of the $MELANIA cryptocurrency soared to $13.73 per token. Sudden Collapse in Price However, the value plummeted just as rapidly, and currently stands at only about 10 cents – under one percent of its highest value. At the same time, the $TRUMP cryptocurrency achieved a maximum of over forty-five dollars and currently exchanges for under six dollars. Court Claims and Investors' Arguments The investors assert that the token's architects organized the maneuver conscious that the cryptocurrency's price would decline sharply. Mrs. Trump herself is not named in the lawsuit. Investors clarified they do not think she was culpable, but accused the crypto companies of using her and other familiar faces as a cover for their fraudulent schemes. Trading Venue Role As per fresh federal filings, plaintiffs accuse officials of the Meteora cryptocurrency exchange, where Melania's coin was originally listed, of setting up a scheme that allowed them to discreetly acquire substantial volumes of the virtual coin. Associated individuals then quickly resold these cryptocurrencies, securing large returns while causing the value to crash, according to documents filed in Manhattan federal court. Broader Context The charges about $MELANIA have been included in legal proceedings concerning multiple additional virtual tokens, which started in spring. Trump-associated entities has reportedly generated in excess of $1 billion in pre-tax earnings from several blockchain-associated enterprises and organizations over the past 12 months.