First lady not named in suit in which investors allege Meteora platform created crypto they knew would plummet

First lady not named in suit in which investors allege Meteora executives created coin they knew would plummet

The designers of a cryptocurrency launched by the US first lady, Melania Trump, in January were accused in court filings on Tuesday of orchestrating a pump-and-dump scheme.

The $MELANIA coins were released for just a few cents each on 19 January, the day before Donald Trump was inaugurated as US president. In addition to $MELANIA, Donald Trump launched $TRUMP a few hours before his inauguration.

Within hours, the $MELANIA coin’s price soared to $13.73.

  • RagingRobot@lemmy.world
    16·
    12 hours ago

    Aren’t all meme coins just pump and dump? People only buy them because of made up hype and they know they will eventually be worthless

    • ToastedRavioli@midwest.social
      62·
      10 hours ago

      Cryptocurrency seems to serve virtually no purpose outside of functioning as a technically legal means of scamming people the way people got scammed in the stock market before the great depression.

      The SEC exists for a reason. Yet people willingly “invest” in 1s and 0s on a computer somewhere, with no underlying business value, and that also offer none of the protections that come with putting money into securities. Its literally 99.9% confidence schemes and pump and dumps. Theres hardly even any differentiation in the scams