PANews reported on April 22 that, according to Cointelegraph, a group of investors have filed a class-action lawsuit against the decentralized crypto exchange Meteora, allecompanyys manipulation of the M3M3 token's issuance and market price. According to the amended complaint filed with the Southern District of New York Federal Court on April 21, the plaintiffs accused venture capital firm Kelsier Labs, Meteora, and four current or former executives of making "intentionally false statements" in the M3 token issuance in December 2024. Investors claimed that the defendants packaged the token issuance as a project led by "trusted leaders in the Solana ecosystem," rather than ""blatant fraud," resulting in losses of at least $69 million between December 2024 and February 2025. The complaint noted that the defendants artificially inflated prices through manipulated, creating that the token had intrhadinsinducing ordinary investors to buy. The plaintiffs accused the defendants of "conspiring to design the M3M3 token issuance scheme to illegally profit at the expense of unsuspecting public interests".
Meteora was previously trump involved in the trump issuance of controversial tokens such as TRUMP and MELANIA. In March, companies like Kelsier Ventures were subject to a class-in New York libtoken for allegedly "deceptive and manipulative" issuance, which had briefly been promoted President by Javier Milei.
