đŸ”— Share this article First Lady's Digital Currency Architects Hit with Pump-and-Dump Fraud Legal Action The architects responsible for a cryptocurrency released by US First Lady Melania Trump are now charged in legal documents of orchestrating a fraudulent operation. Initial Launch and Value Spike The $MELANIA tokens were issued for just a few cents each on the 19th of January, just prior to former President Trump took office. In addition to the $MELANIA coin, Trump himself released his $TRUMP coin a few hours before the swearing-in event. In a matter of hours, the market value of the $MELANIA coin surged to over $13 per coin. Rapid Decline in Value However, the market price plummeted just as rapidly, and is now less than 15 cents – less than a fraction of its maximum worth. At the same time, the $TRUMP cryptocurrency hit a high of nearly forty-six dollars and currently exchanges for under six dollars. Legal Allegations and Plaintiffs' Position The investors allege that the token's architects planned the operation conscious that the cryptocurrency's price would decline sharply. Mrs. Trump herself is not mentioned in the legal action. Investors clarified they do not think she was culpable, but charged the crypto companies of exploiting her and other well-known personalities as window dressing for their criminal operations. Trading Venue Involvement In newly filed court papers, plaintiffs accuse officials of the Meteora digital asset exchange, where the First Lady's token was initially traded, of establishing a plan that enabled them to discreetly acquire large quantities of the digital token. Their partners then promptly liquidated these virtual tokens, earning significant gains while causing the price to plummet, as stated in records entered in federal court in Manhattan. Broader Context The allegations regarding the First Lady's coin have been incorporated into court cases concerning several other digital currencies, which commenced in spring. The Trump family has reportedly earned more than a billion dollars in pre-tax earnings from several digital currency-linked ventures and firms over the past 12 months.