🔗 Share this article Melania Trump's Digital Currency Architects Facing Market Manipulation Fraud Legal Action The developers responsible for a virtual coin released by US First Lady Melania Trump have been charged in federal papers of planning a fraudulent operation. Initial Launch and Value Spike The $MELANIA cryptocurrency were issued for a minimal price each on January 19th, one day preceding former President Trump took office. Together with the Melania cryptocurrency, Donald Trump launched his own digital currency just ahead of the presidential inauguration. Within hours, the price of the $MELANIA cryptocurrency soared to nearly $14 per token. Sudden Collapse in Price Yet, the value then collapsed almost as quickly, and is now only about 10 cents – less than a fraction of its peak price. In parallel, the $TRUMP coin achieved a maximum of $45.47 and now trades for under six dollars. Court Claims and Plaintiffs' Position The investors assert that the currency's developers executed the operation aware that the digital currency's value would plummet. Mrs. Trump personally is not named in the legal action. Investors stated they do not consider she was culpable, but alleged the crypto companies of leveraging her and other well-known personalities as window dressing for their illegal activities. Trading Venue Involvement As per fresh court papers, investors charge officials of the Meteora digital asset exchange, where the First Lady's token was initially traded, of establishing a operation that enabled them to discreetly acquire large quantities of the virtual coin. Associated individuals then promptly liquidated these digital currencies, securing large returns while causing the value to crash, according to papers submitted in federal court in Manhattan. Wider Proceedings The claims about the First Lady's coin have been incorporated into court cases regarding various other cryptocurrencies, which began in the month of April. Trump-associated entities has allegedly earned more than one billion dollars in pre-tax profits from multiple blockchain-associated ventures and firms over the past 12 months.