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A group of investors has filed a class-action lawsuit against decentralized 
cryptocurrency exchange Meteora, alleging the firm was involved in 
manipulating the launch and market price of the M3M3 token.
In an amended complaint filed on April 21 in the US District Court for the 
Southern District of New York, the plaintiffs allege that venture capital firm 
Kelsier Labs, Meteora, and four current or former executives &#8220;intentionally 
misrepresented&#8221; information in the M3M3 launch in December 2024.
The investors claimed that they suffered at least $69 million in losses 
between December 2024 and February 2025 after the parties presented &#8220;trusted 
leaders in the Solana ecosystem&#8221; as being behind the token launch, rather than 
a &#8220;blatant fraud&#8221; in which sales were manipulated to artificially inflate the 
price.
&#8220;This artificially-inflated valuation communicated highly misleading 
information to non-insider investors, who reasonably relied on Defendants&#8217; 
representations that the $M3M3 launch was fully accessible to the public and 
conducted in a transparent manner fair to non-insider investors, and thus 
reasonably relied on $M3M3 market price as a meaningful measure of its value,&#8221; 
the complaint reads. &#8220;The post-launch price spike also served to corroborate 
Defendants&#8217; aggressively-marketed, but misleading, assertions that $M3M3 had 
intrinsic value and a comparatively low risk profile.&#8221;
_Class-action lawsuit against Meteora, Kelsier Labs, and current and former 
executives. Source: PACER_
The lawsuit is one of many involving different crypto firms that have alleged 
fraud through violations of US securities laws. Though the US Securities and 
Exchange Commission (SEC), under acting chair Mark Uyeda since US President 
Donald Trump took office, has scaled back or dismissed many enforcement 
actions involving digital assets, the agency said in February it still 
intended to pursue cases against fraudulent token projects.
The investors added:
&gt; &#8220;Together, Defendants designed the $M3M3 Token and planned its launch on 
&gt; Meteora in a manner intended to illicitly enrich themselves at the expense 
&gt; of the unsuspecting investing public.&#8221;
_**Related:**__**Meteora says co-founder &#8216;s X account hacked after &#8216;parasitic&#8217; 
memecoin post**_
## Memecoins in the Solana ecosystem
Meteora has been tied to the launch of several high-profile yet controversial 
tokens, including those for Trump (TRUMP), his wife Melania (MELANIA), Libra 
(LIBRA), and online influencer Haliey Welch (HAWK).
According to the lawsuit, the firm &#8220;purported to offer a comprehensive 
solution to the problems in the memecoin investment market&#8221; with the launch of 
M3M3. The defendants in the case allegedly attempted to distinguish the token 
from other notable memecoins by highlighting the &#8220;legitimacy and 
trustworthiness&#8221; through the involvement of Meteora co-founder Ben Chow and 
the platform.
Kelsier Ventures, KIP Protocol, and Meteora face a similar class-action 
lawsuit filed in New York in March over LIBRA allegedly being launched in a 
&#8220;deceptive, manipulative and fundamentally unfair&#8221; manner. Argentine President 
Javier Milei briefly promoted the token over social media after his sister 
reportedly received payments from the project.
_**Magazine:**__**Memecoin degeneracy is funding groundbreaking anti-aging 
research**_

Investors sue Meteora and VC firm, alleging fraud

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