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melania trump
Creators of Melania Trump Meme Coin Accused of Fraud as Value Has Tanked By 95%
Investors trusted that no one of the first lady's stature "would knowingly associate with a fraudulent venture,” alleges a lawsuit.
Oct 22, 2025
The creators of the official meme coin of First Lady Melania Trump are being accused of engaging in a sophisticated fraud scheme in a lawsuit filed by cryptocurrency investors.
As reported by Wired on Tuesday, the allegations against the creators of the Melania coin came as part of a proposed amended complaint that had been filed by investors earlier this year against Benjamin Chow, cofounder of crypto exchange Meteora, and Hayden Davis, cofounder of crypto venture capital firm Kelsier Labs.
According to the proposed complaint, Chow and Davis conspired to run pump-and-dump schemes on over a dozen meme coins they launched, including the Melania coin.
Pump-and-dump schemes involve asset owners who knowingly use false information to hype up the value of their assets before selling them off en masse just before their prices crash.
The plaintiffs claim that the alleged scammers have developed a "repeatable six-step ‘playbook’ for pump-and-dump fraud" that had already been used before it was employed on behalf of the first lady's coin, and that inflicted millions of dollars in losses on investors.
The complaint does not name the first lady as a conspirator, but says that she was merely used as "window dressing for a crime engineered" by Chow and Davis.
Despite President Donald Trump's history of financial fraud, which he was found guilty of in New York in 2024, the complaint states that "investors reasonably interpreted the use of Melania Trump’s name and likeness as evidence of legitimacy and due diligence—trusting that no one of her stature would knowingly associate with a fraudulent venture."
Chow and Davis were also responsible to launching the cryptocurrency promoted by Argentine President Javier Milei earlier this year that collapsed in value shortly after its launch.
Max Burwick, an attorney whose law firm Burwick Law is representing the plaintiffs, told Wired that the case "could clarify basic expectations for token launches and disclosures in the US" if it is successful.
According to cryptocurrency news website 99Bitcoins, the Melania meme coin has lost more than 95% of its peak value since its launch in February, and is now trading at under 10 cents per unit.
While Melania Trump was not directly involved in the creation of the now nearly-worthless meme coin, the Trump family was accused last month of the "greatest corruption in presidential history" when it was reported they had added $5 billion in cash to their fortunes when President Donald Trump's cryptocurrency was opened to the public market.
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The $50 Million Venetian Wedding of Robber Baron Jeff Bezos
Like the ruthless tycoons of yore, his business practices are unethical, he has amassed a vast fortune on the backs of his workers, and he has brutally stifled competition and controlled markets.
Jul 07, 2025
With all the fawning coverage of Jeff Bezos’ storybook $50 million Venetian wedding, the news media lost sight of fact that Bezos—the third-richest person in the world—is hardly worthy of veneration. He’s been exploiting Amazon workers for years.
Historians have drawn parallels between the Gilded Age of the late 19th century and what we are experiencing today. Like the first Gilded Age, Gilded Age 2.0 is marked by increasing economic inequality, the concentration of wealth in the hands of a few, and a rise in populism and social unrest.
Jeff Bezos fits the profile of a latter-day robber baron to a T. Like the ruthless tycoons of yore, his business practices are unethical, he has amassed a vast fortune on the backs of his workers, and he has brutally stifled competition and controlled markets.
Amazon terrorizes its workers
With their manifestly unsafe working conditions, Amazon warehouses are a 21st-century version of a Gilded Age sweatshop. Despite the company’s claims that it protects its workforce, an 18-month investigation released last December by a Senate committee led by Sen. Bernie Sanders (I-Vt.) found that the nation’s second-largest private-sector employer risks its workers’ health and safety by prioritizing speed and profit, and it is doing quite well on that score. Last year, the company outpaced Walmart, the largest private-sector employer, by netting $59.2 billion—a 95 percent increase from 2023.
“Amazon forces workers to operate in a system that demands impossible rates and treats them as disposable when they are injured,” Sanders said in a statement. “It accepts worker injuries and their long-term pain and disabilities as the cost of doing business.”
Based on Amazon’s own data, the Senate committee found its warehouses recorded 30 percent more injuries in 2023 than the warehousing industry average and that the company systematically underreported injuries to hide the fact that its facilities are significantly more dangerous than that of other companies. It also found that Amazon workers, who represent about 29 percent of the U.S. warehousing industry workforce, were nearly twice as likely to be injured as other company warehouse workers in each of the previous seven years.
The committee, which contacted nearly 500 former and current Amazon employees, also uncovered evidence that Amazon is aware that its oppressive productivity demands are causing frequent injuries. The company drafted plans to lower injury rates but never implemented them because it feared they would undercut profits.
Amazon pays its workers peanuts
Bezos, who stepped down as Amazon’s CEO in 2021 but remains the company’s executive chairman and biggest shareholder, paid himself a salary of $81,840 in 2020 and earned $1.6 million in compensation. That may not seem so excessive, but he makes the bulk of his money from stock. All told, between 2023 and this year, he made about $8 million an hour.
By contrast, Amazon’s 1.2 million warehouse workers are just scraping by. They make anywhere from $8.41 to $20.19 an hour, according to data compiled by Zip Recruiter. Their average hourly rate—$16.35—amounts to only $34,000 a year.
Roughly half of nearly 1,500 Amazon warehouse workers surveyed in the spring of 2024 by the Center for Urban Economic Development (CUED) at the University of Illinois Chicago reported that they struggle to afford enough food or a place to live. A third of them had to rely on public assistance, mainly in the form of SNAP benefits.
“Many Amazon associates cannot pay their bills, they can’t afford proper housing,” one survey respondent told CUED researchers. “Some of my coworkers have been forced out of their homes. We are stuck in a nightmare, living in an economy that puts no cap on worker exploitation, while our wages can’t keep up with the increase in our cost of living. This cycle has to stop.”
Most of the Amazon warehouse workers’ attempts to unionize have been squelched by the company, which spent more than $17 million on anti-union consultants from 2022 through 2023. In 2021, a labor activist group, the Congress of Essential Workers, founded the Amazon Labor Union (ALU), which successfully organized an 8,300-person warehouse on Staten Island in March 2022. ALU affiliated with the Teamsters Union in June 2024, but to date, no other warehouses have been unionized.
Amazon slapped with tens of millions in fines
Since 2000, lawsuits by government authorities and private parties have cost Amazon (including Whole Foods) more than $283 million for a range of violations, notably consumer protection, employment, environment, government contracting, and workplace safety offenses, according to data compiled by Good Jobs First, a nonprofit group that promotes government and corporate accountability. Nearly 60 percent (101) of the 173 violations in those five categories involved workplace safety.
Amazon warehouse and delivery operation violations since 2020 are staggering.
- The Occupational Safety and Health Administration (OSHA) fined Amazon more than $1.35 million for 23 workplace violations. Three state agencies collectively fined the company nearly $600,000 for similar health and safety offenses.
- Federal and state authorities fined the company nearly $74.2 million for five wage and hour violations, while private lawsuits forced the company to pay $26.45 million in restitution.
- The Federal Trade Commission and Department of Justice fined the company $25 million for privacy law violations, including illegal surveillance and unauthorized medical inquiries. A similar privately brought case in federal court forced Amazon to pay $95 million.
Less enforcement under the Trump administration?
Will the Trump regime be as aggressive as previous administrations in prosecuting Amazon for its labor infractions? Given the efforts by Bezos and Amazon to curry favor with Donald Trump, probably not.
Amazon donated $1 million to Trump’s inaugural fund, and in January, it was widely reported that the company will pay a whopping $40 million to license an upcoming documentary about Melania Trump to be released in theaters and streamed on Prime Video. The first lady will serve as executive producer.
In February, Trump nominated Amazon’s former senior safety executive, David Keeling, to head OSHA. During Keeling’s tenure at Amazon, the company was cited numerous times for failing to meet the OSHA requirement “to furnish a place of employment which was free from recognized hazards that were causing or likely to cause death or serious physical harm to employees,” according to the Department of Justice. (The Senate has yet to confirm his nomination.)
Since then, Bezos has gone even further to placate Trump. In late April, Punchbowl News reported that Amazon planned to display on its website how much Trump’s tariffs are inflating the price of each product. In response, White House Press Secretary Karoline Leavitt called it “a hostile and political act” and Trump phoned Bezos to complain. Bezos backed down immediately.
Then there’s what Bezos has been doing to wreck one of the top newspapers in the country—The Washington Post—which he bought in 2013. But that’s a column for another day.
Suffice it to say, the rap sheet on Bezos is long—and damning. Like his fellow robber barons of the day, Elon Musk and Mark Zuckerberg, he is not a man who deserves our reverence. Uncritical worship of billionaires like Bezos just may exacerbate an already dangerous level of social inequality. So let’s not go gaga over Bezos’ grandiosity.
This article first appeared at the Money Trail blog and is reposted here at Common Dreams with permission.
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'He's in on the Racket': Watchdog Slams Trump's Crypto Executive Order
The cryptocurrency token that U.S. President Donald Trump launched right before his inauguration, $TRUMP, is now worth billions.
Jan 24, 2025
Following a torrent of executive orders issued in his first few days back in the White House, U.S. President Donald Trump added another one to the list Thursday, this time aimed at promoting U.S. leadership in cryptocurrency—an industry he now holds a considerable stake in.
Co-president of the watchdog group Public Citizen, Robert Weissman, decried the move, writing in a statement Thursday that "Trump is pushing crypto because he's in on the racket."
This executive order "will help super-inflate what's already a dangerous speculative bubble in an artificial, unregulated asset that will, eventually, burst. The inevitable crash will badly injure millions of everyday Americans," Weissman wrote.
The executive order calls for the establishment of a working group on digital assets to explore the possibility of creating a "national digit asset stockpile"—something that crypto industry has pushed Trump's administration to create. That group would also "propose a federal regulatory framework governing the issuance and operation of digital assets." The order, however, didn't go as far as some in the crypto industry had hoped, remarked The New York Times.
Just prior to his inauguration, Trump launched a so-called meme coin—"$TRUMP"—which as of Thursday afternoon had a market cap of about $7 billion, according to The Wall Street Journal. The digital asset bitcoin also surged to new heights Monday, the day of Trump's inauguration, buoyed by expectations that the incoming administration will be friendly to the crypto industry.
Trump's decision to launch his crypto coin has been criticized on ethics grounds.
Jeff Hauser, the executive director of the Revolving Door Project, wrote in an MSNBC op-ed published Friday that having wealth linked to cryptocurrency will "obviously impact" how Trump's administration approaches regulation the market.
What's more, Hauser warned, "crypto markets are frequently believed to be subject to manipulation by 'whales,' i.e., large investors. Having a Trump asset so susceptible to manipulation is highly concerning. Consider whales who might manipulate the Trump coin's worth to buy influence with the president by intervening with purchases at strategic moments."
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