FT report suggests advance knowledge of Melania Trump memecoin launch
A group of crypto traders reportedly purchased millions of dollars worth of Melania Trump’s memecoins minutes before she announced the launch on social media.
According to a May 6 Financial Times report, the crypto traders earned roughly $100 million from buying $2.6 million worth of MELANIA tokens before the public launch on Jan. 19. Shortly after Trump announced the memecoin launch on social media, the price surged from roughly $2.00 to $12.95 — a 550% increase. The traders reportedly sold their holdings within 12 hours.
“In total, the 24 accounts bought up 16.7mn of the 200mn total $MELANIA tokens scheduled for sale during the launch period,” the Financial Times reported. “[…] the run of sales that started pre-launch continued. About $900,000 worth of tokens bought by an additional 22 accounts in the 42 seconds after the launch.”
The memecoin started trading roughly two days after then-president-elect Donald Trump announced the launch of his own TRUMP coin. Both tokens have come under scrutiny from lawmakers, alleging conflicts of interest and corruption due to the potential for bribery and foreign influence.
Memecoin dinner prompts call for impeachment
Much of the scrutiny and criticism from US lawmakers over the memecoins seems to be directed at the president rather than the first lady. After Trump announced some of the top TRUMP tokenholders would be offeried the chance to get access to him at a private dinner and tour, one senator called for his impeachment.
Related: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’
Both the prices of the MELANIA and TRUMP tokens have dropped significantly since shortly after their launch in January, with the First Lady’s memecoin falling to $0.31 at the time of publication. The TRUMP token price briefly surged after the memecoin dinner announcement in April, but had dropped to $10.90 as of May 6.
Two companies connected to the president control roughly 80% of the TRUMP supply, though many of the tokens were locked and will be released over the next three years. Critics have suggested that the project’s insiders could still rug-pull investors.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
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Politics
Fast-track asylum appeals process to be introduced – as average time for decisions is more than one year
A new fast-track asylum appeals process will be introduced to speed up the process of deporting people without a right to remain in the UK, the home secretary has said.
As it currently takes, on average, more than a year to reach a decision on asylum appeals, the government plans to set up a new independent panel focused on asylum appeals to help reduce the backlog.
Home Secretary Yvette Cooper said “completely unacceptable” delays in the appeals process left failed asylum seekers in the system for years.
There are about 51,000 asylum appeals waiting to be heard.
The new independent body will use professionally-trained adjudicators, rather than relying on judges.
Ministers are introducing a new 24-week deadline for the first-tier tribunal to determine asylum appeals by those receiving accommodation support and appeals by foreign offenders.
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But they believe the current tribunal system, which covers a wide range of different cases, is still failing to ensure failed asylum seekers can be returned as swiftly as possible, nor can it accommodate a fast-track system for safe countries.
It comes amid protests about the use of hotel accommodation for migrants.
The home secretary said the overhaul would result in a system which is “swift, fair and independent, with high standards in place”.
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She said: “We inherited an asylum system in complete chaos with a soaring backlog of asylum cases and a broken appeals system with thousands of people in the system for years on end.
“That is why we are taking practical steps to fix the foundations and restore control and order to the system.
“We are determined to substantially reduce the number of people in the asylum system as part of our plan to end asylum hotels.
“Already since the election, we have reduced the backlog of people waiting for initial decisions by 24% and increased failed asylum returns by 30%.
“But we cannot carry on with these completely unacceptable delays in appeals as a result of the system we have inherited which mean that failed asylum seekers stay in the system for years on end at huge cost to the taxpayer.”
Official figures released earlier this month showed a total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
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