Crypto community outraged as Melania coin insider bags MET airdrop

Crypto analysts raised new concerns after two wallets connected to the Melania Trump meme coin received $1.23 million in Meteora tokens on Thursday. Data from SolScan shows that two wallets, melania-liquidity1.sol and melania-liquidity2.sol, received $784,200 and $454,724 worth of MET.

However, the distribution drew online criticism, especially since Hayden Davis, the founder of Kelsier Ventures behind MELANIA’s debut, was among the recipients of the airdrop. 

Soju says they’ve collaborated with Dethective and Rugcheck 

One X user commented, “Why is Hayden Davis getting a MET airdrop? You have to be kidding me,” referencing the Kelsier Ventures CEO. In another post, the user remarked, “Everyone, thank Meteora for giving Hayden Davis another $1,500,000,” adding that the funds were dispersed to other accounts through OKX.

About an hour before the MELANIA wallets got their MET tokens, Meteora co-lead Soju defended the initiative, emphasizing that LIBRA’s launch wallets would not be rewarded in the airdrop. He insisted that the company partnered with Dethective and Rugcheck to prevent tokens from falling into the hands of bad actors.

The airdrop timing comes on the heels of a court filing from investors alleging that Benjamin Chow, co-founder of Meteora, orchestrated a “scam coin” effort alongside Hayden Davis, involving no fewer than 15 tokens—including MELANIA, LIBRA, and ENRON. In their lawsuit, investors alleged that the defendants secured the former First Lady’s backing for her cryptocurrency in a plan that used celebrity status to bypass scrutiny. 

Meteora’s airdrop includes three wallets connected to the Trump meme coin

The controversy surrounding the Meteora airdrop highlights ongoing concerns in the cryptocurrency space regarding transparency, insider trading, and the use of celebrity endorsements. The involvement of public figures like Melania Trump and Javier Milei has raised questions about the ethical implications of leveraging their names for financial gain without their explicit endorsement.

Only two days following the release of President Trump’s meme coin, Melania Trump showed support for a Solana token branded with her name as its ticker. MELANIA briefly hit a market capitalization of almost $7 billion, only to tumble 99% in the months that followed, landing near $80 million.

A February meme coin backed by Argentina’s Javier Milei was later linked by Bubblemaps to MELANIA, triggering a class-action case accusing its creators of fraud and racketeering. The Argentine president has launched a personal meme coin called $LIBRA, but its price collapsed soon after it hit the market.

So far, the Meteora token distribution has received positive feedback from airdrop participants, who cited the smooth distribution process and substantial payouts. MET is now the 269th-biggest coin, with a market capitalization of $263.2 million, according to CoinGecko.

However, some users have also taken issue with Meteora’s decision to include three wallets connected to the Trump meme coin operation among the top airdrop recipients. Arkham Intelligence reports that they received approximately $4.2 million in MET before transferring the tokens to OKX. The Trump meme coin hasn’t yet drawn lawsuits for fraud, but it has stirred political uproar over alleged conflicts of interest and possible foreign ties.