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.
Cryptocurrency seems to serve virtually no purpose outside of functioning as a technically legal means of scamming people the way people got scammed in the stock market before the great depression.
The SEC exists for a reason. Yet people willingly “invest” in 1s and 0s on a computer somewhere, with no underlying business value, and that also offer none of the protections that come with putting money into securities. Its literally 99.9% confidence schemes and pump and dumps. Theres hardly even any differentiation in the scams
you can actually use them for useful things, like purchasing on such leading ecommerce sites as… uh… gettrumpfragrances.com and… er… gettrumpsneakers.com.
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.
And money laundering for organized crime