Some cryptocurrency wallet addresses made millions front-running the launch of MELANIA.

At least one of the addresses in question is suspected of belonging to a core member of the MELANIA team.

A new report claims that at least some cryptocurrency wallet addresses made millions of dollars front-running the launch of a token created by first lady Melania Trump. The recent report comes as the Trump family’s involvement with the cryptocurrency industry now looks set to put paid to the president’s cryptocurrency agenda.

Melania Trump’s NFT project, which sold a collection of NFTs and launched its own token called MELANIA, has been the subject of much attention since its launch in January. The project, which was announced on Tuesday by crypto news outlet , is said to have been funded by a small group of core team members.

However, a new report by crypto analysis firm TokenSniffer suggests that at least some of the project’s insiders used their knowledge of the project’s launch to make a staggering profit.

According to the report, 24 addresses bought $2.6 million worth of MELANIA tokens two and a half minutes before the project’s announcement. These tokens were quickly offloaded as Melania Trump’s post sent the token soaring, with 81% sold in the first 12 hours of launch. All told, these addresses earned a staggering $100 million profit.

The report also claims that at least one of the addresses in question is suspected of belonging to a core member of the MELANIA team. The address in question purchased $40,000 worth of tokens and sold 86% of its holdings within two hours for $2.5 million.

“One of the interesting things we noticed is that the private keys for this wallet were generated on March 16, 2023, the same day as the project’s announcement,” said a statement by TokenSniffer. “The fact that someone involved in the project had the foresight to buy tokens in advance and quickly sell them off at a profit is rather ironic, considering the project’s stated aim of empowering women through Web3.”

suggest that the project’s team has been quietly dumping on holders throughout the past six months. According to the analysis, a staggering $900 million of MELANIA tokens were sold in the first 12 hours following launch.

The analysis also found that the project’s Discord server was quickly shut down following the project’s launch, and the project’s website now directs users to a blank page.

The Trump family has been heavily involved with crypto in recent times. Earlier this year, Trump’s son Donald Trump Jr. launched his own NFT collection, while his daughter Ivanka Trump has also spoken about her interest in crypto.

The president himself has repeatedly spoken out against crypto, most recently in a post on Truth Social. In the post, Trump slammed Biden’s administration for its handling of the economy and claimed that his administration’s policies were putting food banks under pressure.