#Meteora in the Crosshairs for Meme Coin Launch M3M3

The Solana DEX platform, Meteora, is facing a class action lawsuit in New York for alleged fraud in the launch of its memecoin M3M3.

The lawsuit claims that Meteora, along with its founder and venture capital firms, orchestrated a scheme to defraud investors of $69 million.

The defendants are accused of secretly controlling the initial supply of M3M3, artificially inflating its value, and profiting at the expense of unsuspecting investors.

The lawsuit details the use of 150 internal wallets to dominate the supply and manipulate the price. This case adds to another recent lawsuit against Meteora for a similar scandal involving the memecoin LIBRA, raising serious doubts about the integrity of token launches on the platform.