- The lawsuit claims that Benjamin Chow, founder of the startup Meteora, created fraudulent tokens.
- Melania Trump and Javier Milei were allegedly used to legitimize the scheme.
- A court has unfrozen $57.6 million, viewing the success of the lawsuit as unlikely.
Melania Trump and Javier Milei Entangled in Meme Coin Fraud Lawsuit
In a significant twist within the cryptocurrency world, a collective lawsuit in the United States accuses former First Lady Melania Trump and Argentine President Javier Milei of being indirectly involved in promoting fraudulent meme coins LIBRA and MELANIA. The plaintiffs believe Benjamin Chow, founder of startup Meteora, orchestrated these operations alongside other participants.
The Heart of the Scheme
The lawsuit outlines how Chow was allegedly at the center of this enterprise, managing both issuance and sales of several tokens. These assets saw sharp rises after their launch but subsequently plummeted almost to zero when developers withdrew liquidity. According to case documents from Hurlock v. Kelsier Ventures, public figures were used as “props” to lend legitimacy to these projects.
The Rise and Fall of MELANIA and LIBRA Tokens
The MELANIA coin was launched in January 2025, just two days after a Donald Trump token appeared. It crashed by 99% within weeks. Similarly, LIBRA—promoted by Milei with a slogan supporting small businesses in Argentina—lost 90% of its value in mere hours.
Linking Wallets and Uncovering Connections
Analytical firm Bubblemaps discovered that wallets involved in issuing both coins were interconnected and linked with Meteora’s infrastructure. This revelation formed the basis for the collective lawsuit against Chow, Hayden Davis, and Kelsier Ventures for alleged coordinated price manipulation.
Allegations Against Key Players
Plaintiffs claim Chow operated through trusted associates like Meteora co-founder Ming Yeo and the Davis family. They supposedly conducted “serial launches” of at least 15 tokens using a pump-and-dump template.
Despite these serious accusations, a judge unfroze $57.6 million related to LIBRA in August 2025, citing low chances for lawsuit success. Meanwhile, Benjamin Chow left Meteora back in February and declined to comment on these allegations.
The Legal Battle Continues
Lawyers representing plaintiffs assert they have evidence of Chow’s role in managing this scheme, including Telegram communications between him and other participants.
This unfolding legal saga highlights ongoing challenges within cryptocurrency markets regarding fraud prevention and regulation enforcement.
As always, stay informed about developments affecting crypto landscapes worldwide since awareness remains crucial for navigating an ever-evolving digital economy intelligently!
