🔗 Share this article Melania Trump's Digital Currency Architects Facing Market Manipulation Scam Lawsuit The designers responsible for a virtual coin introduced by US First Lady Melania Trump have been alleged in court filings of planning a market manipulation plot. Coin Release and Value Spike The $MELANIA tokens were made available for a minimal price each on the 19th of January, the day before former President Trump took office. Together with the Melania cryptocurrency, Trump himself introduced his personal token just ahead of the inauguration ceremony. Shortly after launch, the price of the $MELANIA token soared to nearly $14 per token. Rapid Decline in Price Nevertheless, the value plummeted with similar speed, and presently trades for only about 10 cents – under one percent of its peak price. In parallel, the $TRUMP token achieved a maximum of over forty-five dollars and now trades for under six dollars. Court Claims and Plaintiffs' Position The investors assert that the coin's creators organized the operation knowing that the cryptocurrency's price would plummet. The First Lady herself is not named in the legal action. The plaintiffs clarified they do not believe she was culpable, but charged the blockchain organizations of leveraging her and other well-known personalities as a cover for their criminal operations. Trading Venue Role In newly filed federal filings, claimants allege leaders of the Meteora cryptocurrency exchange, where Melania's coin was originally listed, of creating a plan that allowed them to secretly buy substantial volumes of the cryptocurrency. Their accomplices then promptly liquidated these virtual tokens, earning significant gains while leading to the value to crash, according to papers submitted in federal court in Manhattan. Wider Proceedings The charges about $MELANIA have been incorporated into court cases concerning several other virtual tokens, which started in April. The Trump organization has according to reports generated more than one billion dollars in pre-tax profits from various blockchain-associated ventures and firms over the past 12 months.