- An amended lawsuit accuses Meteora and co-founder Ben Chow of operating a “liquidity lure” scheme across the LIBRA and MELANIA memecoins utilizing a pump and dump playbook.
- The grievance alleges that defendants leveraged Melania Trump and Argentinian President Javier Milei’s public personas for legitimacy to market the tokens, which subsequently collapsed.
- President Javier Milei is now dealing with fraud costs for selling the LIBRA token on X earlier than shortly deleting the publish after its dramatic crash.
US First Girl Melania Trump and Argentina’s President Javier Milei each function in a brand new lawsuit over the LIBRA and MELANIA memecoins — although solely Milei faces direct authorized costs.
Plaintiffs have just lately filed an amended grievance on Tuesday, accusing Meteora and co-founder Ben Chow of engineering a scheme across the LIBRA and MELANIA memecoins, alleging a coordinated “liquidity lure” masked by real-world branding.
The submitting argues the defendants leveraged public personas and themes to confer legitimacy, citing the First Girl–branded MELANIA token and Argentina’s “revival” narrative for LIBRA.
In keeping with the plaintiffs, these figures functioned as advertising and marketing property leveraged for credibility, moderately than culpable members, whereas Meteora and Hayden Davis’s Kelsier Ventures ran the launches and promotion.
The grievance describes the widespread pump and dump playbook, which is normally triggered by speedy hype, a pointy run-up, and steep post-listing collapses.
MELANIA, marketed as Melania Trump’s “official” coin, spiked earlier than tumbling amid allegations of insider buying and selling and developer management. Coffeezilla had already covered the disastrous launch of each tokens after urgent Hayden Davis (from Kelsier Ventures, additionally named within the lawsuit) in an interview.
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The Notorious LIBRA Token
LIBRA was framed as grassroots funding for Argentine small companies, then plunged inside hours of going stay.
Argentina’s President Javier Milei briefly amplified LIBRA on his private X account earlier than deleting the publish after the crash. He now faces fraud costs linked to that promotion, even because the nation’s anti-corruption workplace concluded he didn’t violate public ethics guidelines.
Plaintiffs place Chow “on the heart of the enterprise,” alleging he assembled members together with Meteora, Jupiter co-founder Ng Ming Yeow, and Kelsier’s Hayden, Gideon, and Charles Davis.
Named defendants are Benjamin Chow, Meteora, Kelsier Ventures, Hayden Davis, Gideon Davis, and Charles Davis. The go well with claims no less than 15 tokens adopted the identical sample, with the case specializing in 5: LIBRA, MELANIA, ENRON, TRUST, and M3M3.
Chow stated on X in February that neither he nor Meteora obtained tokens or held insider details about LIBRA. He resigned from Meteora that month.
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The publish First Lady’s $MELANIA Coin Under Fire: Lawsuit Alleges Massive Pump-and-Dump Scheme appeared first on Crypto News Australia.