Solana DEX Meteora Hit with Lawsuit Over Alleged Meme Coin Pump-and-Dump Scheme
Solana-based decentralized exchange Meteora and its affiliated entity Kelsier Labs are now at the center of a major lawsuit alleging a pump-and-dump scheme involving the $M3M3 meme coin.
Key Highlights:
Investors claim over $69 million in losses tied to the alleged scheme.
CEO Benjamin Chow named in the suit, accused of insider market manipulation.
Allegations mirror past incidents involving LIBRA and MELANIA coins.
The lawsuit threatens Solana's DeFi reputation and could impact ecosystem-wide investor confidence.
Details: The complaint accuses the Meteora team of orchestrating coordinated price manipulation to inflate $M3M3’s value before executing mass sell-offs—leaving retail investors with heavy losses. This case follows a troubling pattern of similar meme coin activities by the same individuals, suggesting a broader trend of insider profit-taking within certain DeFi circles.
What This Means: The outcome of this lawsuit could have major implications for DeFi transparency and investor trust across Solana and beyond. If proven, such practices risk long-term damage to decentralized exchanges and may deter future institutional participation.
Stay informed. Stay cautious.
Always DYOR (Do Your Own Research).
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