Overview
- Plaintiffs asked a Manhattan federal judge for permission to file a second amended complaint that broadens the case from earlier $M3M3 allegations to at least 15 coins, including $MELANIA.
- According to the filing, Meteora ran the technical infrastructure while Kelsier supplied capital and coordinated paid influencer campaigns that marketed launches as “fair” and “community-led.”
- On‑chain traces cited by plaintiffs claim wallets tied to the firms accumulated nearly one‑third of the $MELANIA supply before trading began, then sold into a surge created by synchronized promotion.
- $MELANIA’s price jumped roughly twelve‑fold to $13.73 with a peak paper value near $1.6 billion, then fell about 95% to around ten cents, leaving many retail buyers with steep losses.
- Melania Trump is not named as a defendant and is not alleged to have operated the scheme, the court has not ruled on the motion, and the named executives did not immediately comment.