$MELANIA coin faces court claims over price manipulation
The allegations are part of ongoing legal action against several cryptocurrencies launched earlier this year.
Executives behind the $MELANIA cryptocurrency, launched by Melania Trump in January, are accused in court filings of orchestrating a pump-and-dump scheme. The coin surged from a few cents to $13.73 before falling to 10 cents, while $TRUMP dropped from $45.47 to $5.79.
Investors allege the creators planned the price surge and collapse to profit from rapid trading. Court papers allege Meteora executives used accomplices to buy and sell $MELANIA quickly, securing large profits while ordinary investors lost money.
Melania Trump herself is not named in the lawsuit, which describes her as unaware of the alleged scheme.
The $MELANIA allegations are now part of broader legal proceedings involving multiple cryptocurrencies that began earlier this year. Meteora has not commented, while the Trump family reportedly earned over $1bn from crypto ventures in the past year.
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