A small group of traders earned a $99.6mn windfall by buying Melania Trump’s cryptocurrency token in the minutes before it was made public, an analysis by the Financial Times has found.
Melania Trump unveiled the $MELANIA coin in a social media post late on January 19, just hours before her husband was inaugurated as the US president.
In the two and a half minutes before her post went live on Truth Social, two dozen digital wallets bought $2.6mn of the tokens from the crypto marketplace where they had been deposited.
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