Melania Trump, Javier Milei Used as 'Props' for Meme Coin Fraud, Lawsuit Alleges

Core Viewpoint - A class action lawsuit has been filed against Meteora and its founder Benjamin Chow, alleging that they orchestrated a fraudulent scheme involving meme coins linked to public figures Melania Trump and Javier Milei, while absolving these figures of direct culpability [1][2]. Group 1: Allegations and Claims - The lawsuit claims that Chow and Meteora used the credibility of real-world figures to legitimize a coordinated liquidity trap, with the MELANIA and LIBRA tokens being central to the allegations [2]. - The MELANIA coin, promoted by Melania Trump, surged in value before crashing 99% as the team behind it sold off tokens [2]. - Similarly, the LIBRA token, endorsed by President Milei, experienced a rapid increase in value followed by a 90% drop, leading to Milei deleting his promotional posts [3]. Group 2: Evidence and Structure of the Alleged Fraud - On-chain analytics revealed a connection between the wallets used for launching the MELANIA and LIBRA tokens, supporting the claims in the class action lawsuit [3]. - The complaint asserts that Chow was the central figure in the fraudulent operation, which was distinct from Meteora's legitimate automated market maker business [3]. - Chow allegedly collaborated with a small group, including co-founder Ng Ming Yeow and the Davis family, to launch and market at least 15 tokens following a similar fraudulent blueprint [4].