Crypto traders earned $100 million after the controversial launch of Melania Trump’s coin, sparking suspicion and intrigue in the markert.
Traders cashed in on Melania Trump’s cryptocurrency launch minutes
According to a report, a group of crypto traders profited nearly $100 million from suspiciously timed purchases of Melania Trump’s $MELANIA cryptocurrency.
This was revealed in an investigation by The Financial Times.
The trading activity occurred just minutes before Melania Trump unveiled her cryptocurrency token on January 19, 2022.
It caused a significant spike in its value.
The $MELANIA coin was launched via a Truth Social post by the former First Lady.
This occurred hours before her husband’s inauguration.
Traders profited by buying tokens before launch.
The profits came from a series of rapid transactions in the two and a half minutes leading up to the public unveiling.
These traders bought around $2.6 million worth of tokens just before the announcement.
While, most of the coins were sold within 12 hours of the unveiling.
The suspicious purchases accounted for approximately 16.7 million of the 200 million tokens made available at launch.
It showcased the immense financial advantage gained by those acting on early information.
A large-scale transaction fueled the controversy surrounding the coin’s launch
One of the most notable purchases involved a digital wallet that invested $681,000 in $MELANIA tokens.
This investment was made just 64 seconds before the official announcement.
Within 24 hours, the wallet’s owner earned a $39 million profit.
This further cemented concerns over the lack of regulation in cryptocurrency markets.
Further analysis revealed that within the next three days, the same wallet gained an additional $4.4 million.
It raised more question about the fairness of these transactions.
Irregularities in $TRUMP coin launch exposed differences in Trump tokens.
In stark contrast, $TRUMP – the token endorsed by President Donald Trump – did not experience any similar pre-launch trading activity.
The first purchase of $TRUMP coins occurred only after its official announcement.
This highlighted irregularities with the $MELANIA coin.
Suspicious ties and accusations surrounding Hayden Davis and MKT World LLC
The investigation also uncovered that one early wallet was connected to Hayden Davis, a Texas-based crypto entrepreneur.
Davis has ties to controversial cryptocurrency launches.
Despite this, Davis denied any wrongdoing, stating, “There was no money made from the Melania team.”
Entities behind the $MELANIA token, including MKT World LLC, a Delaware-based company linked to Melania Trump since 2021, made $64.7 million.
This amount was earned through primary sales and transaction fees
However, the exact distribution of these profits remains undisclosed, deepening the mystery surrounding the token.