A group of cryptocurrency traders reportedly made nearly $100 million by purchasing Melania Trump's memecoin tokens just minutes before the first lady publicly announced their launch, according to the New York Post. Roughly two dozen wallets acquired $2.6 million worth of tokens in the two-and-a-half minutes before her January 19th Truth Social post. They sold 81% of their holdings within 12 hours as the token surged in value. The coin's pre-launch activity raised concerns about manipulation. Hayden Davis, a crypto entrepreneur connected to early trades, denied profiting from insider access. Entities behind the token also earned about $64.7 million in fees and sales. A spokesperson for Melania Trump declined to comment.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02A group of cryptocurrency traders reportedly made nearly $100 million by purchasing Melania
00:07Trump's meme coin tokens just minutes before the First Lady publicly announced their launch.
00:11That according to the New York Post.
00:13Roughly 2 dozen wallets acquired $2.6 million worth of tokens in the two and a half minutes
00:17before January 19th through Social Post.
00:20They sold 81% of their holdings within 12 hours as the token surged in value.
00:25Coins pre-launch activity raised concerns about manipulation.
00:28Hayden Davis, a crypto entrepreneur connected to early trades, denied profiting from insider
00:33access.
00:34Edities behind the token also earned about $64.7 million in fees and sales.
00:38Spokesperson for Melania Trump declined to comment.
00:40For all things money, visit Benzinga.com slash GSTV.