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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →A proposed complaint in a federal investor class action alleges that $MELANIA used Melania Trump’s name and image to attract buyers while insiders controlled and sold a large share of the token supply. Those are plaintiffs’ allegations, not findings by a court. WIRED reported in October 2025 that the plaintiffs were seeking permission to file the proposed complaint; the sources available here do not establish whether the court granted that request or what happened afterward.
What the proposed complaint alleges about $MELANIA
The proposed second amended complaint says $MELANIA was promoted as the “official meme coin of Melania Trump.” It alleges that her name, likeness and official-looking branding made the token appear authorized and lent it credibility with potential buyers.
The filing characterizes that use of a public figure’s fame as “window-dressing.” In the plaintiffs’ account, it made the project appear more trustworthy while diverting attention from the token’s underlying risks. The complaint puts it this way: “In this way, the enterprise weaponized fame to disarm diligence.” That is the plaintiffs’ characterization, not a judicial conclusion.
Alleged token control and sales
The complaint alleges that wallets associated with Meteora and Kelsier accumulated approximately one-third of the $MELANIA supply shortly before its public launch. It also claims that a purported vesting mechanism did not prevent insiders from controlling or selling tokens, and that insiders sold into demand generated by coordinated promotion. These claims have not been established by an independent audit or a court ruling in the sources cited here.
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Alleged decline after launch
The proposed complaint alleges that $MELANIA lost more than 90 percent of its market capitalization within days. WIRED separately reported in October 2025 that the token had lost 95 percent of its peak value by the time of its article. Those are different measures, tied to different descriptions and dates; neither is a current price or market-cap figure.
Was Melania Trump named as a defendant?
No. WIRED’s October 2025 account says Melania Trump was not a named defendant and that the complaint did not allege she operated the alleged scheme. The filing’s claims about her concern the alleged use of her name and likeness to promote the token. A person discussed in allegations is not thereby a party to the lawsuit or found responsible for wrongdoing.
WIRED described the proposed complaint as alleging a broader operation involving at least 15 tokens. The $MELANIA claims were added after earlier allegations concerning $M3M3 and $LIBRA. The same report says the complaint did not allege that Argentine President Javier Milei operated the scheme.
Was the complaint accepted, and has a court ruled?
As reported by WIRED in October 2025, the plaintiffs had asked the court for permission to file a proposed second amended complaint. A request for permission is not the same as a court accepting the proposed pleading, and allegations in a complaint are not proof. The sources available for this article do not establish whether leave was later granted, whether the proposed claims became part of the operative complaint, or the case’s current status. They also do not establish any court finding on the $MELANIA allegations.
How to read the allegations as an investor
The case is a reminder to distinguish promotional claims from evidence about a token’s structure and ownership. A public figure’s branding does not, by itself, establish who controls token supply, whether vesting restrictions can be enforced, or whether a token has protections for buyers. The allegations here should not be treated as proven facts about $MELANIA or as a current assessment of its price or market risk.
In general context, a January 22, 2025 letter from U.S. senators to federal regulators described memecoins as cryptocurrencies inspired by memes or other viral trends popularized on social media and warned broadly about volatility and risks of fraud or loss. That letter is policy advocacy, not evidence about this case.
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