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.