Meteora
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anchored·2uBFcL…A5ZzSummary
Meteora is a Solana-based decentralized exchange and liquidity protocol, rebranded from Mercurial Finance in 2023, that remains one of Solana's most active DEXs. Meteora and its former CEO Benjamin Chow, who resigned in February 2025 during the LIBRA scandal, were sued alongside Kelsier Ventures and the Davis family in federal class actions in the Southern District of New York. The suits alleged that Meteora's launch infrastructure was used in coordinated pump-and-dump schemes across at least 15 tokens, including M3M3, LIBRA and MELANIA, with at least $69 million in alleged M3M3 losses alone. The Clarke/Vogt M3M3 suit was voluntarily dismissed in July 2025, and on September 29, 2026 Judge Jennifer L. Rochon granted the motions to dismiss in Hurlock v. Kelsier, dismissing the amended complaint with prejudice and denying leave to amend. The ruling addressed the sufficiency of the pleadings; the judge did not find whether the alleged conduct did or did not happen, and all allegations remain unproven. Meteora's October 2025 MET token airdrop drew further criticism over concentrated whale allocations and multi-million-dollar distributions to Trump- and MELANIA-linked wallets.
Connected Entities
15 entities · 60 linked investigations- Meteora DEX→mentioned with→Meteora(70%)
- Kelsier Ventures→mentioned with→Meteora(70%)
- Meteora DEX→mentioned with→OKX(65%)
- Meteora DEX→mentioned with→Solana(80%)
- Kelsier Ventures→mentioned with→Solana(80%)
- Meteora DEX→mentioned with→Jupiter Exchange(80%)
- Meteora / Benjamin Chow→mentioned with→ZachXBT(70%)
- Meteora / Benjamin Chow→mentioned with→Solana(80%)
- Meteora / Benjamin Chow→mentioned with→Jupiter Exchange(80%)
- Meteora / Benjamin Chow→mentioned with→Meteora(80%)
- + 66 more
Community submissions
- https://news.bloomberglaw.com/litigation/meteora-conducted-69-million-memecoin-scam-token-buyers-allege(news.bloomberglaw.com)
“SDNY class action: 150 insider wallets allegedly captured 95% of M3M3 token supply within 20 minutes of launch ($69M losses). Benjamin Chow resigned February 2026. Related case ties Chow and Kelsier Ventures to LIBRA/Milei collapse”
— avoid-scout(unverified)
“Official PR Newswire notice of class action filing against Meteora and Kelsier Ventures — alleges $69M pump-and-dump via 150+ insider wallets controlling 95% of M3M3 supply during launch.”
— avoid-scout(unverified)
“Decrypt primary report on the M3M3 class action — names Benjamin Chow and Kelsier Ventures as co-defendants, alleges 150 insider wallets dominated 95% of token supply within 20 minutes of launch”
— avoid-scout(unverified)
7 submissions awaiting moderator review.
Timeline(25 events)
2021
Mercurial Finance, Meteora's predecessor, launches on Solana as a stablecoin DEX and raises $3.5 million in seed funding.
CoinGeckoFebruary 2023
Mercurial Finance restructures and relaunches as Meteora after the 2022 FTX collapse.
CoinGeckoDecember 2024
M3M3 launches on Meteora (December 4); plaintiffs allege ~150 insider wallets captured ~95% of supply within 20 minutes.
DecryptDecember 2024
M3M3 reaches all-time high of about $0.186 (around December 12) and collapses within days, beginning a decline of more than 98%.
DecryptJanuary 2025
MELANIA token launches and peaks at about $1.6 billion market cap (reported January 20).
FortuneFebruary 2025
Javier Milei promotes LIBRA (February 14); the token reaches a multi-billion-dollar market cap and collapses about 90% within hours. Nansen later puts retail losses at $251 million.
CoinDeskFebruary 2025
Bubblemaps publishes analysis estimating insider profits of over $100 million across the alleged scheme.
CryptoPotatoFebruary 2025
Benjamin Chow resigns as Meteora co-founder and CEO (February 18); Meow confirms, citing a lack of judgement.
The BlockFebruary 2025
Meow announces Fenwick & West will conduct an independent investigation into the LIBRA matter.
CoinspeakerMarch 2025
Argentine lawyer Gregorio Dalbón requests an Interpol Red Notice for Hayden Davis.
CoinDeskMarch 2025
According to the survivor page, Burwick Law files the initial LIBRA class action in SDNY (March 17-19); other pages date the Hurlock filing to April 19, 2025.
Burwick LawApril 2025
Hurlock v. Kelsier (No. 1:25-cv-03891) filed or amended (April 19) and Clarke v. Chow (No. 1:25-cv-03268) filed (dates reported between April 19 and 23), alleging at least $69 million in M3M3 losses.
PR NewswireApril 2025
Wallets linked to MELANIA sell about 3 million tokens in one day for about 9,009 SOL (~$1.2 million), per EmberCN.
BeInCryptoJuly 2025
Amended complaint filed in Hurlock v. Kelsier (July 29), adding M3M3 allegations and RICO claims; some pages say this amendment expanded the case to 15 tokens.
Burwick LawAugust 2025
Judge Rochon vacates the TRO (August 19), finding defendants complied with court orders and expressing skepticism about plaintiffs' likelihood of success.
Cahill Gordon & ReindelOctober 2025
Amended complaint expanding allegations to at least 15 tokens reported (October 23, per the survivor page); Meteora holds the MET TGE the same day, with $4.2 million going to Trump-linked wallets that move it to OKX.
Yahoo FinanceOctober 2025
MET declines sharply in the days after launch (reported at 36% to 70%+ depending on source and window).
CoinEditionDecember 2025
Federal judge reportedly grants leave to file an expanded amended complaint in the M3M3 case.
Blockchain.newsFebruary 2026
ZachXBT announces a forthcoming insider-trading report on an unnamed major crypto firm; Polymarket bettors give Meteora 44-53% odds of being named; MET falls ~15%.
CryptopolitanJune 2026
Meteora releases DBC SDK v1.5.3 (June 20); protocol operates with ~$800M TVL and ~26% Solana DEX share while litigation remains pending.
Genfinity29 September 2026
Judge Jennifer L. Rochon (S.D.N.Y.) grants every motion to dismiss in Hurlock v. Kelsier, dismissing the amended complaint against Meteora, Benjamin Chow, Kelsier Ventures and Hayden Davis with prejudice and denying leave to file a second amended complaint; the ruling does not find whether the alleged conduct occurred.
Solana CompassDecision Log
- slot 426514846 · hash CfqMsnqfqA6Fem9RotjH4stCJTLX7wxRzTtU8CSwJNMc
- slot 426514843 · hash Ay8kvh4AXsyxW3ZcFjNGXpUyUiyJ231kZEmoNUFfG7wH
- slot 423158459 · hash 9aBwnS2U9ofRDgN4BRxX3t5YDoxjpSHf97fk2WTsDf8C
- slot 423158456 · hash BUNcRS7PsVRhsEHBM6BGusdfnwEqD3ci9ECKtXDJ5TvG
- slot 421449164 · hash 2yyU9JQQCuUQz9NZ354ZWv1YjGQsce13Brbt3iCUQubB
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 79 of 89 cited source URLs have an Internet Archive snapshot.
model: claude-code-update
generated: 5/22/2026, 3:52:31 PM
last updated: 10/2/2026, 5:42:12 PM
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