Melania Trump has been mentioned in a new legal filing targeting the creators of a cryptocurrency that carried her name. The “$MELANIA” coin, launched around the time of former President Donald Trump’s inauguration, was promoted by the former first lady on X (formerly Twitter), causing prices to surge to nearly $12.95 per coin. 

Although Melania Trump is not accused of any wrongdoing and is not named as a defendant, investors claim she was used as “window dressing” for a wider fraudulent scheme.

Earlier this month, she reposted the coin company’s “Into the Future” slogan featuring her image, reigniting attention on the meme token. As WIRED reported, plaintiffs have asked the court for permission to file a new version of their lawsuit, alleging that the $MELANIA token was among more than a dozen coins involved in a pump-and-dump operation.

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Whistleblower Allegations and New Legal Developments

The proposed second amended complaint, based on information from an anonymous whistleblower, accuses Benjamin Chow, cofounder of crypto exchange Meteora, and Hayden Davis, cofounder of venture firm Kelsier Labs, of orchestrating a multimillion-dollar fraud. 

The filing alleges that Chow acted as the “commander” in launching, pumping, and dumping at least 15 cryptocurrencies, including $MELANIA and $LIBRA, the latter promoted by Argentina’s President Javier Milei.

The investors claim these actions caused millions in losses to unsuspecting buyers. They argue that Trump’s name and image were used to lend legitimacy to what they describe as a “coordinated scam.”

Political and Ethical Implications

While Melania Trump remains uninvolved legally, her association with the coin has raised ethical concerns about using her platform to promote volatile crypto assets. Critics note that the coin’s price, which once soared due to her endorsement, has since plummeted to less than a dime.

Democrats have also accused the Trump family of leveraging their political influence for crypto gains. According to one legal analyst, “Regardless of the nature of her involvement, the optics of a first lady promoting a meme coin are questionable.” 

Former President Trump has downplayed the controversy, telling reporters, “I don’t know much about it other than I launched it. I heard it was very successful.”

For More Information:

Melania Trump Used as ‘Window-Dressing’ in Elaborate Memecoin Fraud, Legal Filing Claims | WIRED