Overview
- Plaintiffs moved this week to file a second amended complaint that adds $MELANIA to an existing federal class action and seeks permission to include whistleblower‑based allegations.
- The filing claims at least 15 tokens were launched, pumped, and dumped, alleging insider wallets amassed nearly one‑third of $MELANIA before public trading and then sold into the rally.
- $MELANIA briefly reached a paper value near $1.6 billion in January before losing about 95% of its peak value, which plaintiffs say reflects coordinated insider selling that caused investor losses.
- The complaint names Meteora cofounder Benjamin Chow as the operation’s leader with Kelsier’s Hayden Davis executing launches, and cites on‑chain links between $MELANIA and LIBRA wallets reported by Bubblemaps.
- Public figures including Melania Trump and Argentina’s Javier Milei are not alleged to have operated the scheme and are described as “window dressing,” while plaintiffs seek disgorgement, injunctive relief, and potential receivership as the case proceeds.