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.
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
And money laundering for organized crime