Overview
- Investors moved this week to file a second amended complaint that adds $MELANIA and references other tokens such as $LIBRA.
- The filing accuses Chow of Meteora and Davis of Kelsier of a coordinated scheme that pumped and dumped at least 15 coins, allegedly causing millions in losses.
- Melania Trump is not a defendant, with plaintiffs saying her name and likeness were used as promotional window dressing and that she was believed to be unaware of any fraud.
- According to the complaint, insider-linked wallets amassed nearly one-third of the $MELANIA supply before trading began, then sold into a surge followed by a roughly 95% crash.
- Coverage notes her January post on X helped send $MELANIA as high as $12.95 before it fell to under a dime this week, illustrating how celebrity promotion factored into the alleged playbook.