A new lawsuit accuses executives of the Solana decentralized exchange (DEX), Meteora. They are accused of allegedly orchestrating a fraud related to the MELANIA cryptocurrency. According to court documents filed in New York by affected investors, the executives allegedly used a scheme to allow partners to buy large quantities of the token at launch and sell them for enormous profits.
The impact on investors has been devastating; the MELANIA token has plummeted -99.3% from its all-time high of over $13, trading at $0.09202 as of October 10. The plaintiffs, who claim to have invested their life savings, were left “holding the bag” while insiders liquidated their positions. The lawsuit seeks compensation for these massive losses in a memecoin market already known for its extreme volatility.
The focus now shifts to the case’s progress in the New York courts. It is crucial to note that Melania Trump is not listed as a defendant. Instead, the plaintiffs argue that the Meteora executives “used her” simply to “feign legitimacy” and attract investors to what they describe as an elaborate crypto deception, without her direct involvement in the alleged fraud.
Disclaimer: Crypto Economy’s Flash News is produced from official and public sources verified by our editorial team. Its purpose is to quickly report on relevant facts in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.
