Designers of the $MELANIA cryptocurrency, launched by former First Lady Melania Trump in January, are facing fraud accusations in newly filed court documents. The coin, introduced at just a few cents each, spiked to $13.73 within hours of release, raising investor suspicions. Plaintiffs allege that executives of the Meteora crypto exchange, where the coin was first traded, orchestrated a scheme to secretly acquire large amounts of $MELANIA before its value crashed. The filings suggest the creators knew the price would eventually collapse but capitalized on the initial hype. The case raises broader concerns about manipulation and transparency in celebrity-backed cryptocurrencies.
MELANIA TRUMP’S CRYPTO TEAM FACES FRAUD ALLEGATIONS OVER COIN SCHEME
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