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
