A new legal filing alleges that a cryptocurrency promoted by US First Lady Melania Trump in January was part of a sophisticated memecoin scam. Crypto investors claim the fraud, which leveraged her celebrity association, resulted in millions of dollars in losses. The scheme used 'borrowed fame' to lend legitimacy to the project.
According to the legal filing reported by WIRED, the cryptocurrency in question was promoted by Melania Trump, the first lady of the United States, in January. The filing describes the operation as an elaborate fraud that "leveraged celebrity association and ‘borrowed fame’ to sell legitimacy to unsuspecting investors."
Crypto investors have alleged that they suffered millions of dollars in losses as a result of the scam. The complaint positions Melania Trump as a pawn, or 'window-dressing,' in the scheme, which exploited her public profile to attract buyers.
The story, published on October 21, 2025, highlights ongoing concerns in the cryptocurrency space, particularly with memecoins, where celebrity endorsements can drive rapid but risky investments. No further details on the specific cryptocurrency or the defendants were provided in the available information.