Trump's wife involved in fraud lawsuit for alleged "pump and dump" over endorsement of meme coin MELANIA

BlockBeats News, October 23, according to Forbes, a Meme coin called MELANIA, claiming to be "official" and promoted by U.S. First Lady Melania Trump, was launched this January, around the time President Donald Trump took office.

In April, a group of cryptocurrency traders filed a lawsuit, alleging that the developer alliance behind several Meme coins, including M3M3, LIBRA, ENRON, and TRUST, carried out a suspected "pump and dump" fraud scheme, manipulating the issuance of the coins for personal gain while causing losses to investors.

On Tuesday, the plaintiffs updated the lawsuit, stating that MELANIA is also involved in this fraudulent scheme. The lawsuit does not accuse Melania herself of participating in the fraud, but claims she inadvertently endorsed the project, serving as a "figurehead." The plaintiffs emphasized that if the First Lady's team had known the project was involved in criminal activity, they would have immediately withdrawn any authorization.

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