A class-action lawsuit in the United States accuses Benjamin Chow, founder of Meteora, of orchestrating a fraudulent scheme involving several meme coins tied to high-profile names such as Melania Trump and Argentine President Javier Milei.

According to Decrypt, the lawsuit alleges that Chow, along with Kelsier Ventures and the Davis family, coordinated at least 15 tokens in a pump-and-dump pattern — artificially inflating prices before selling off large amounts of tokens for profit.

“MELANIA” and “LIBRA”: Tokens That Exploited Big Names to Build Hype
The case centers on two main tokens, MELANIA and LIBRA, which went viral on social media for being associated with the two prominent public figures.
However, the lawsuit clarifies that neither Melania Trump nor Javier Milei had any direct involvement in the creation or official promotion of the tokens. Their names were merely used as “props” — promotional tools to attract investors and create a false sense of legitimacy around the projects.

Skyrocketing Then Crashing 99%: A Repeated Pump-and-Dump Pattern
After launch, these tokens surged rapidly thanks to community hype and positive sentiment from their association with well-known figures. But soon after, prices plummeted by 90–99%, leaving many investors with heavy losses.
The lawsuit notes that the same pattern appeared across more than a dozen other tokens managed by the same group — indicating a systematic strategy to exploit meme-coin trends and celebrity branding.

Judge Lifts Freeze on $57.6 Million USDC
In a recent development, a U.S. judge lifted the freeze on $57.6 million USDC previously linked to the case. This move opens a new phase of investigation, now focused on proving the defendants’ direct involvement in the alleged fraudulent activities.

Nevertheless, the plaintiffs continue to argue that the network operated by Chow and his partners was a coordinated scheme designed to exploit the popularity of public figures and the market’s fascination with meme coins.

Conclusion
The Meteora case reveals the dark side of the meme-coin industry: behind the humor and viral hype often lies market manipulation that harms many investors.
Both Melania Trump and Javier Milei appear to be image victims in this crypto drama, while legal scrutiny now turns toward Benjamin Chow and the Meteora network, which allegedly ran a systematic fraud scheme.