Melania Trump Used as'Window-Dressing' in Elaborate Memecoin Fraud, Legal Filing Claims The first lady of the United States became a pawn in an intricate memecoin scam that resulted in millions of dollars in losses, crypto investors have alleged. A cryptocurrency promoted in January by US first lady Melania Trump was part of a sophisticated fraud that "leveraged celebrity association and'borrowed fame' to sell legitimacy to unsuspecting investors," a new legal filing has alleged. In April, crypto investors brought a federal class action lawsuit against Benjamin Chow, cofounder of crypto exchange Meteora, and Hayden Davis, cofounder of crypto venture capital firm Kelsier Labs, among other defendants, accusing them of a multimillion-dollar fraud involving a single memecoin, $M3M3. Later, the plaintiffs filed an amended complaint, expanding the allegations to include racketeering activity. They claimed the pair had colluded to rig the market for $LIBRA, a coin promoted by Javier Milei, president of Argentina, which collapsed in value shortly after launch.