Meteora’s M3M3 Launch: $69 Million Losses Targeted
The lawsuit targets Meteora and its affiliates over the alleged $69 million investor losses from the M3M3 token launch. The complaint accuses insiders of inflating prices for financial gain.
Key figures in the lawsuit include Benjamin Chow, Meteora’s CEO, and Hayden Davis of Kelsier Labs. Their firms are accused of using similar tactics in past token launches.
Investor Sentiment Shaken Amidst Transparency Demands
Investor trust in Solana DEXs has been shaken. Retail traders express significant dissatisfaction and demand transparency. The case has spurred broader dialogue about regulation and oversight in crypto markets.
The financial impact includes proposed MET token reallocation and discussions to compensate affected M3M3 holders. Historical precedents suggest potential tighter regulations on token launches and class-action outcomes.
Previous Kelsier Labs Projects: Recurring Meme Coin Issues
Similar incidents involving Kelsier Labs and meme coins occurred, like the LIBRA and MELANIA projects. These events typically involved price crashes following launches, attracting lawsuits and community backlash.
Experts, such as those from Kanalcoin, emphasize the importance of market transparency. They suggest investors remain cautious, observing trends that flag repeated patterns of manipulation within the platform ecosystem. Moty Povolotski, Co-founder, DefiTuna, remarked, “Kelsier Ventures, Meteora, and M3M3 coordinated a series of meme coin launches on Solana to extract $200 million in profits at the expense of unsuspecting investors. We refunded their investment and severed all ties.”
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