🔗 Share this article First Lady's Digital Currency Architects Hit with Market Manipulation Scam Legal Action The architects responsible for a cryptocurrency launched by US First Lady Melania Trump are now accused in court filings of planning a market manipulation plot. Initial Launch and Value Spike The $MELANIA cryptocurrency were made available for under a dollar each on the 19th of January, the day before Donald Trump was inaugurated. Together with the First Lady's token, Trump himself released his personal token shortly prior to the swearing-in event. In a matter of hours, the price of the $MELANIA cryptocurrency skyrocketed to over $13 per coin. Rapid Decline in Value Nevertheless, the value then collapsed almost as quickly, and is now less than 15 cents – under a fraction of its peak price. At the same time, the $TRUMP token reached a peak of $45.47 and now trades for approximately five seventy-nine. Court Claims and Investors' Arguments The plaintiffs allege that the currency's developers executed the scheme conscious that the cryptocurrency's price would plummet. Mrs. Trump personally is not included in the lawsuit. Investors stated they do not think she was responsible, but charged the blockchain organizations of using her and other well-known personalities as a facade for their criminal operations. Exchange Platform Involvement As per fresh court papers, plaintiffs allege officials of the Meteora trading platform, where Melania's coin was first exchanged, of setting up a scheme that enabled them to discreetly acquire substantial volumes of the digital token. Associated individuals then rapidly offloaded these digital currencies, securing large returns while causing the market to collapse, per records entered in federal court in Manhattan. Broader Context The charges regarding $MELANIA have been added to judicial actions regarding several other virtual tokens, which started in the month of April. Trump-associated entities has according to reports earned in excess of a billion dollars in pre-tax earnings from several cryptocurrency-related enterprises and organizations over the last year.