First lady not named in suit in which investors allege Meteora executives created coin they knew would plummet
The designers of a cryptocurrency launched by the US first lady, Melania Trump, in January were accused in court filings on Tuesday of orchestrating a pump-and-dump scheme.
The $MELANIA coins were released for just a few cents each on 19 January, the day before Donald Trump was inaugurated as US president. In addition to $MELANIA, Donald Trump launched $TRUMP a few hours before his inauguration.
Within hours, the $MELANIA coin’s price soared to $13.73.
It is actually quite convenient for moving large sums of money around quickly, without waiting on “trusted” third parties. Like transferring a large chunk of money between banks takes several days to a couple weeks depending on the amount. Crypto takes minutes, regardless of the amount.
Too slow currently to be a point of sale currency, but much faster than banking. There’s also the trust less, self enforcing contracts that remove the need for escrow or middlemen.