A newly filed US class action lawsuit accuses Meteora founder Benjamin Chow of orchestrating the infamous Libra and Melania meme coin schemes.

The filing argues that the meme coin fraud allegedly used First Lady Melania Trump and Argentine President Javier Milei as promotional “props.”

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Plaintiffs Blame Meteora Founder for Melania, Libra Coin Collapse

According to the amended filing in Hurlock v. Kelsier Ventures, investors claim Meteora and Kelsier Ventures “borrowed credibility” from public figures to legitimize the MELANIA and LIBRA tokens, calling them a coordinated “liquidity trap.”

Both coins surged after launch but later plunged by over 90%.

“Defendants borrowed credibility from real-world figures or themes—such as the ‘official Melania Trump’ coin ($MELANIA) and the ‘Argentine revival’ coin ($LIBRA) tied to President Javier Milei. These faces and brands served as props to legitimize what was actually a coordinated liquidity trap. Plaintiffs do not claim those public figures were culpable; they were merely the window dressing for a crime engineered by Meteora and Kelsier,” the filing said.

In Argentina, the LIBRA scandal has widened into a criminal probe targeting two of Milei’s aides after wallet data linked them to pre-launch transfers. Over 1,300 citizens reportedly lost funds, contradicting Milei’s televised claim that “no more than five” investors were affected.

Melania Trump recently revived her Solana-based meme coin through an AI-generated video. Prices briefly rose before falling again. Analysts flagged $30 million in unexplained token sales fr

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Author: Shota Oba