The Solana-based memecoin MELANIA, named after US First Lady Melania Trump, is under growing scrutiny after a series of large token sales linked to the project’s team.
On May 3, blockchain researcher EmberCN revealed that project-linked wallets offloaded nearly 10 million MELANIA tokens in just eight days.
MELANIA-Linked Wallets Offload $23 Million in Tokens Since March
These sales amounted to nearly $4.6 million, raising strong concerns over the project’s long-term viability and team motives.
According to EmberCN, the sales followed a Dollar-Cost Averaging (DCA) strategy alongside unilateral liquidity provision. These techniques allowed the project to reduce price impact while quietly exiting large positions.
Notably, this is not the first time the project has utilized this approach. In April, the same wallets sold 3 million tokens in exchange for about 9,009 SOL—roughly $1.2 million at the time—employing a similar liquidation approach.
Meanwhile, these selling activities have been ongoing for a long time. Since mid-March, the wallets have quietly liquidated around 41.67 million MELANIA tokens for around 170,000 SOL, worth approximately $23 million.
EmberCN pointed out that most of these proceeds appear to have been converted to USDC and withdrawn. This suggests an ongoing effort by the project’s team to exit their significant positions in the token.
The repeated and large-scale token sales by wallets tied to the project have fueled suspicions among holders.
Many now question whether the meme coin was ever designed for long-term utility or merely crafted to capitalize on the name recognition of the US first lady.
MELANIA launched in January 2025 amid media buzz, spurred by its branding and the timing of President Donald Trump’s inauguration. However, that early momentum has rapidly faded amid a broader market lull that significantly impacted meme coins.
According to BeInCrypto data, the token trades at roughly $0.38, down more than 6% over the past day and 31% in the last seven days.
Scammers are targeting Ledger wallet users with a sophisticated phishing campaign involving fraudulent physical letters posing as official company correspondence.
The deceptive letters misuse Ledger’s branding, logo, and official address, urging users to provide their 24-word recovery phrases under the pretext of a “critical security update.” The letters threaten to restrict wallet access if the instructions are not followed.
Crypto Users Warned of Phishing Scam Involving Fake Ledger Letters
Trader Jacob Canfield exposed the scam via a post on the X (formerly Twitter) platform, highlighting the letter’s alarming authenticity.
Breaking: New scam meta launched. Now they’re sending physical letters to the @Ledger addresses database leak requesting an ‘upgrade’ due to a security risk.
Be very cautious and warn any friends or family that you know is in crypto and is not that savvy. pic.twitter.com/XoUAGQBJXt
“Failure to complete this mandatory validation process may result in restricted access to your wallet and funds. This security measure is Imperative to safeguarding the Integrity of our platform and protecting user assets,” the fraudulent letter read.
According to Canfield, this scam likely leverages a major data breach Ledger experienced in July 2020. Hackers leaked the personal information of approximately 272,000 users, including names, phone numbers, and postal addresses.
This stolen data appears to have enabled scammers to target Ledger users with personalized physical letters, enhancing the perceived legitimacy of the phishing attempt.
Notably, Ledger issued an official response, confirming the letter as a scam. The post emphasized that the company never requests recovery phrases through phone calls, messages, or other mediums.
“Always remember: Ledger will never call, DM, or ask for your 24-word recovery phrase. If someone does, it’s a scam. Stay cautious and keep your crypto safe,” the statement read.
The company urged users to remain vigilant against phishing attempts. Ledger also assured users that its hardware wallets and funds remain secure, as the devices are designed to keep private keys isolated from vulnerabilities.
Canfield highlighted the potential impact on less tech-savvy individuals, particularly elderly users, who may be more vulnerable to such tactics. He requested that Ledger proactively notify its customers through official channels to prevent further exploitation.
The latest scam adds to a long list of fraudulent schemes targeting cryptocurrency users. Recently, an SMS phishing scam targeted several Binance users.
Crypto trading, often associated with substantial volatility and risks, has created a new class of millionaires and billionaires who have made their fortune through strategic investments. While their success stories dominate headlines, the ways these individuals deploy their digital fortunes reveal a spectrum of ambition, extravagance, and eccentricity.
From extravagant art purchases that defy logic to massive investments in cars and real estate, these individuals are redefining what it means to spend big. Here’s a look at some of the ways crypto millionaires have splashed their digital cash.
Well, specifically, a banana duct-taped to a wall. He acquired the artwork, titled ‘Comedian’ by Italian artist Maurizio Cattelan, at a Sotheby’s auction in New York.
Originally purchased for 35 cents from Shah Alam, a 74-year-old Bangladeshi immigrant working near Sotheby’s, the banana’s value surged through Cattelan’s conceptual art.
Sun, whose net worth is $8.5 billion according to Forbes, didn’t just buy the piece for show. He later ate the banana during a press conference in Hong Kong.
“Many friends have asked me about the taste of the banana. To be honest, for a banana with such a back story, the taste is naturally different from an ordinary one,” Sun wrote on X.
Moreover, in March 2021, he purchased a Beeple non-fungible token (NFT) for $6 million. Later that year, in November 2021, Sun bought the Alberto Giacometti sculpture Le Nez at Sotheby’s for $78 million.
However, this acquisition became embroiled in a heated legal dispute. In February 2025, Sun sued media mogul David Geffen, alleging his former employee stole and sold the sculpture to Geffen for $65.5 million without his consent. Meanwhile, in April 2025, Geffen’s countersuit labeled Sun’s claims a “sham” tied to crypto market woes.
Sun’s spending extends beyond art. In December 2021, he outbid competitors by paying $28 million for a seat on Blue Origin’s first spaceflight, owned by Jeff Bezos. Despite winning the bid, which benefited space-related charities, scheduling conflicts prevented Sun from participating in the launch.
Carl Runefelt (Carl Moon)
Carl Runefelt, widely recognized by his online alias Carl Moon, is a Swedish crypto investor and social media influencer. He rose from being a supermarket cashier to a multi-millionaire crypto influencer in Dubai.
Runefelt publicly documents his millionaire crypto lifestyle, sharing it with his 1.5 million followers on X, around 245,000 followers on Instagram, and 360,000 subscribers on YouTube. His social media presence is dominated by displays of luxury, including hypercars, private jets, and high-end watches, making him a poster boy for the “crypto bro” lifestyle.
Among his notable acquisitions is a Bugatti Veyron, which he reportedly purchased for $2 million.
“I quit my supermarket job as a cashier back In November 2018. Now, 3 years later I’m driving a Bugatti Veyron in Dubai. What’s the next car I should buy?” Runefelt wrote in a 2022 post on Instagram.
In January 2024, Runefelt added a $300,000 G-Wagon to his car collection. In September that year, he splurged $800,000 on a Ferrari. Moreover, in February 2025, he expanded his car investments with four more Ferraris worth $4 million.
Runefelt also owns a custom $1 million Jacob & Co. watch and a $140,000 Patek Philippe Nautilus, among other expensive acquisitions. These purchases reflect his affluent lifestyle, fueled by his cryptocurrency success, and form part of his strategy to inspire followers through visible wealth.
Ed Craven
Ed Craven is an Australian billionaire and co-founder of Stake.com, a cryptocurrency-based online casino, and Kick, a live-streaming platform. He has a net worth of $2.4 billion, mainly from Stake’s success.
The platform, launched in 2017 with Bijan Tehrani, is now one of the world’s largest offshore crypto casinos. Notably, in 2025, Craven appeared on Forbes’ list of the youngest billionaires. He is one of only two self-made billionaires under 30.
Craven has used his cryptocurrency wealth for lavish yet smart purchases. He owns one of Australia’s most expensive homes on St George’s Road, Toorak, which he purchased for $80 million. He also bought a $38.5 million property on Orrong Road and owns multimillion-dollar homes in Southbank and Mount Macedon.
Craven’s spending also extends to sports. He committed $100 million to rename the Alfa Romeo Formula One team as the “Stake F1 Team Kick Sauber.”
While real estate dominates his portfolio, his sports investments highlight a strategic use of wealth to elevate personal and corporate prestige, aligning with his entrepreneurial vision.
