Melania Trump and Javier Milei Named in Memecoin Fraud Lawsuit
A US class action lawsuit alleges Benjamin Chou, founder of startup Meteora, orchestrated a fraudulent memecoin scheme using public figures for legitimacy. The complaint specifically cites tokens LIBRA and MELANIA, which collapsed shortly after launch.
MELANIA coin debuted in January 2025 following Donald Trump's token, plummeting 99% within weeks. LIBRA, promoted as supporting Argentine small businesses, lost 90% of its value in hours. Blockchain analytics firm Bubblemaps identified wallet connections between both coins and Meteora's infrastructure.
The court has unfrozen $57.6 million in assets, signaling skepticism about the lawsuit's prospects. The case highlights ongoing regulatory challenges in the memecoin sector, where celebrity endorsements frequently precede volatile price action.
