Solana DEX Meteora hit by class action lawsuit over alleged fraud in M3M3 meme coin

This article is machine translated
Show original

According to Decrypt, Foresight News reports that Solana decentralized exchange Meteora is facing a class-action lawsuit, accused of orchestrating a $69 million M3M3 meme coin fraud. The lawsuit alleges that Meteora and its founder Benjamin Chow, in collaboration with Kelsier Ventures, secretly controlled approximately 95% of the token supply through 150 internal wallets within 20 minutes of the token's launch, artificially manipulating the price before selling for profit. The M3M3 token has since plummeted 98% from its peak, now worth only $0.003.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments