🔗 Share this article First Lady's Meme Coin Architects Facing Market Manipulation Fraud Lawsuit The developers behind a digital token released by First Lady of the United States Melania Trump have been alleged in legal documents of orchestrating a market manipulation plot. Initial Launch and Price Surge The $MELANIA tokens were issued for a minimal price each on the 19th of January, the day before former President Trump took office. Alongside the Melania cryptocurrency, the former president introduced his personal token shortly prior to the presidential inauguration. Within hours, the value of the $MELANIA cryptocurrency soared to over $13 per unit. Rapid Decline in Price Yet, the market price subsequently crashed with similar speed, and is now only about 10 cents – less than 1% of its highest value. In parallel, the $TRUMP cryptocurrency hit a high of nearly forty-six dollars and currently exchanges for under six dollars. Court Claims and Plaintiffs' Position The claimants claim that the coin's creators executed the scheme knowing that the token's worth would crash. Mrs. Trump herself is not named in the court case. The plaintiffs clarified they do not believe she was culpable, but accused the blockchain organizations of leveraging her and other familiar faces as a cover for their illegal activities. Exchange Platform Role As per fresh court papers, claimants accuse executives of the Meteora digital asset exchange, where Melania's coin was first exchanged, of establishing a plan that allowed them to secretly buy significant amounts of the cryptocurrency. Their accomplices then rapidly offloaded these cryptocurrencies, securing large returns while triggering the price to plummet, as stated in documents filed in federal court in Manhattan. Wider Proceedings The claims about the Melania token have been incorporated into judicial actions regarding several other cryptocurrencies, which commenced in the month of April. The Trump family has allegedly secured over one billion dollars in pre-tax profits from several cryptocurrency-related products and companies over the last year.