Mrs. Trump Implicated in Pump-and-Dump Scheme Due to Endorsing Meme Coin MELANIA

BlockBeats News, October 23rd, according to Forbes, a meme coin named MELANIA, claiming to be "official" and promoted by former U.S. First Lady Melania Trump, was launched in January this year, around the time of President Donald Trump's inauguration.

In April, a group of cryptocurrency traders filed a lawsuit alleging that a developer consortium behind multiple meme coins, including M3M3, LIBRA, ENRON, and TRUST, had carried out a suspected "pump and dump" fraud scheme, manipulating the coin's issuance for personal gain, while causing investors to lose money.

On Tuesday, the plaintiffs updated the lawsuit, alleging that MELANIA was also involved in this fraud scheme. The lawsuit does not accuse Melania herself of being involved in the fraud but rather claims that she inadvertently endorsed the project, playing a "figurehead role." The plaintiffs emphasize that if the First Lady's team becomes aware of any criminal involvement in the project, they would immediately withdraw any endorsement.

The White House and the defendants' lawyers have not yet responded to requests for comments.