A lawsuit filed in the Southern District of New York accuses executives of Meteora, a Solana-based decentralized exchange (DEX), of orchestrating a pump-and-dump scheme involving the MELANIA cryptocurrency. According to court documents, the executives allegedly allowed partners to purchase large quantities of the token before its public launch in January 2025, then promoted it to artificially inflate its value before selling off their holdings for massive profits.
The MELANIA token, which debuted on January 19, 2025—one day before Donald Trump's presidential inauguration—initially traded for just a few cents but surged to an all-time high of $13.73 within hours. However, it subsequently plummeted by over 99%, trading at approximately $0.09202 as of October 10, 2025, and hitting a record low of $0.07554 on October 11. Investors claim to have lost life savings, with the lawsuit seeking compensation for these devastating losses.
Melania Trump is not named as a defendant; plaintiffs argue that her name and image were used as "window dressing" to feign legitimacy and attract buyers, without her direct involvement in the alleged fraud. The case is part of a broader legal action involving multiple tokens, and it could influence future U.S. cryptocurrency regulations, with industry observers closely watching its progress.
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