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The architects responsible for a digital token launched by US First Lady Melania Trump are now alleged in legal documents of planning a fraudulent operation.

Coin Release and Price Surge

The $MELANIA coins were issued for just a few cents each on January 19th, just prior to former President Trump was inaugurated.

Alongside the $MELANIA coin, Trump himself launched his $TRUMP coin a few hours before the inauguration ceremony.

Shortly after launch, the price of the $MELANIA coin skyrocketed to $13.73 per unit.

Rapid Decline in Price

Yet, the price plummeted just as rapidly, and presently trades for approximately a dime – below a fraction of its maximum worth.

In parallel, the $TRUMP coin reached a peak of $45.47 and currently exchanges for under six dollars.

Legal Allegations and Plaintiffs' Position

The investors claim that the token's architects planned the operation conscious that the token's worth would plummet.

Melania Trump herself is not named in the lawsuit. The plaintiffs stated they do not believe she was responsible, but alleged the crypto companies of exploiting her and other well-known personalities as a facade for their criminal operations.

Exchange Platform Role

According to recently submitted court papers, investors allege leaders of the Meteora digital asset exchange, where Melania's coin was first exchanged, of setting up a plan that allowed them to secretly buy substantial volumes of the virtual coin.

Their partners then promptly liquidated these cryptocurrencies, pocketing substantial profits while leading to the market to collapse, per documents filed in federal court in Manhattan.

Wider Proceedings

The claims concerning the Melania token have been incorporated into court cases regarding various other cryptocurrencies, which started in the month of April.

The Trump family has allegedly secured in excess of $1 billion in pre-tax gains from several digital currency-linked products and companies over the last year.