Executives of Meteora, the issuer of the MELANIA token, are facing a lawsuit from investors who claim the company orchestrated the token's launch with the knowledge that it would eventually crash. The MELANIA token, which debuted on January 19, initially traded at a few cents before skyrocketing to $13.73, only to plummet to less than 1% of its peak value. Plaintiffs allege that Meteora executives planned a sell-off to profit from the token's collapse. The lawsuit does not accuse First Lady Melania Trump of any wrongdoing but suggests that the company used her and other celebrities as a 'front' for its alleged activities. A Financial Times investigation reported that the Trump family earned over $100 million in pre-tax profits from crypto-related ventures in the past year. Meteora has yet to comment on the allegations.
Meteora Executives Sued Over MELANIA Token Collapse
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