According to TechFlow on April 23, Decrypt reported that Solana decentralized exchange Meteora is facing a class-action lawsuit, accused of orchestrating a $69 million M3M3 meme coin fraud. The lawsuit claims that Meteora and its founder Benjamin Chow secretly collaborated with Kelsier Ventures, controlling about 95% of the token supply through 150 internal wallets within 20 minutes after the token issuance, manipulating the price and then selling for profit. The M3M3 token has since plummeted 98% from its peak, now valued at only $0.003.

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<p>According to TechFlow, on April 23, Decrypt reported that the Solana decentralized exchange Meteora is facing a class-action lawsuit, accused of orchestrating a $69 million M3M3 meme coin fraud. The lawsuit claims that Meteora and its founder Benjamin Chow secretly collaborated with Kelsier Ventures, controlling approximately 95% of the token supply through 150 internal wallets within 20 minutes after the token issuance, manipulating the price and then selling for profit. The M3M3 token has since plummeted 98% from its peak, now trading at only $0.003.</p>
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Solana DEX Meteora Faces Class Action Lawsuit Over Allegations of Fraud Related to M3M3 Meme Coin