A newly released altcoin via airdrop has been linked to TRUMP and other scam memecoins.
According to blockchain analysis platform Arkham, the TRUMP team was one of the five largest recipients of the Meteora (MET) airdrop.
Three wallets affiliated with the team received a total of $4.2 million worth of MET tokens. These wallets include the TRUMP token developer address and two addresses that provided liquidity on the project’s first day. According to Arkham data, all three addresses deposited all their MET tokens from the airdrop onto the OKX exchange.
Meanwhile, on the same day, it was reported that a class-action lawsuit was filed in the US against Meteora founder Benjamin Chow. The lawsuit, filed in the Southern District Court of New York, alleges that Chow defrauded approximately $57 million through memecoin projects “LIBRA” and “MELANIA.”
According to the lawsuit, Chow attracted investor interest by inflating the value of these two tokens with high-profile names and aggressive marketing campaigns. He then allegedly profited through insider trading, causing many investors to lose money.
No official statement has yet been made on the issue by the Meteora team and Benjamin Chow.
