Verify a decision

{"actor":"system:backfill","investigation_id":"360a1cab-ff88-4ddb-9d93-11d65e802438","kind":"publish","page_slug":"meteora","published_at":"2026-05-22T15:52:37.998Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Meteora","sections":[{"content":"Meteora is a decentralized exchange and liquidity protocol built on the Solana blockchain. The project originated as Mercurial Finance, a stablecoin-focused DEX launched in 2021. Following the FTX collapse and broader Solana ecosystem disruption in late 2022, the team restructured and rebranded as Meteora in early 2023. The protocol introduced the Dynamic Liquidity Market Maker (DLMM) model, which allows liquidity providers to concentrate assets in specific price bins. As of February 2025, Meteora held approximately 22% of Solana DEX market share by volume, ranking third behind Raydium and Orca, and had processed over $208 billion in cumulative trading volume since launch. Meteora is closely integrated with Jupiter, Solana's leading DEX aggregator, with Meteora DLMM pools frequently serving as liquidity routing destinations for Jupiter-executed swaps. The project's co-founders include Benjamin Chow and the pseudonymous 'Meow,' who is also co-founder of Jupiter. Institutional backers have included DeFiance Capital, HTX Ventures, and Signum Capital. The MET governance token launched on October 23, 2025, distributing 480 million tokens (48% of supply) via an airdrop to ecosystem participants including liquidity providers, traders, and JUP stakers.","heading":"Background and Protocol Overview","severity":"low","sources":[{"credibility":2,"name":"What Is Meteora DEX? Solana's Fastest-Growing Liquidity Hub — CoinGecko","type":"research","url":"https://www.coingecko.com/learn/what-is-meteora-dex-solana-crypto"},{"credibility":2,"name":"Meteora Airdrop and Listing Date Set for October 23 2025 — Bitget Academy","type":"news_article","url":"https://www.bitget.com/academy/what-is-meteora-met-solana-liquidity-protocol-airdrop-and-listing-october-23-2025"}]},{"content":"The primary active case is Omar Hurlock et al. v. Kelsier Labs, LLC et al., Case No. 1:25-cv-03891-JLR, filed in the United States District Court for the Southern District of New York. Burwick Law filed the initial complaint on March 17-19, 2025, targeting the LIBRA token launch. An amended complaint was filed on April 19, 2025, and a further amended complaint incorporating the M3M3 allegations was filed on July 29, 2025. Defendants named include Kelsier Labs LLC (doing business as Kelsier Ventures), CEO Hayden Mark Davis, Gideon Davis, Charles Thomas Davis, Benjamin Chow, and Meteora. Legal claims assert common law fraud and conspiracy to defraud, violations of the Racketeer Influenced and Corrupt Organizations Act (RICO) under 18 U.S.C. sections 1962(c) and (d), deceptive acts and false advertising under New York General Business Law sections 349 and 350, and unjust enrichment. The plaintiffs seek compensatory and treble damages, restitution, a constructive trust, injunctive relief, appointment of a receiver over Meteora, and attorney fees. As of late 2025 the case remains active; Hayden Davis filed a motion to dismiss on jurisdictional grounds, arguing he does not reside in New York and the alleged conduct was not directed at New York residents. Judge Jennifer L. Rochon is presiding.","heading":"Active Litigation: Hurlock v. Kelsier Labs (LIBRA and M3M3)","severity":"critical","sources":[{"credibility":1,"name":"Hurlock v. Kelsier — Case page, Burwick Law","type":"court_filing","url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"credibility":2,"name":"Class-action targets Meteora and Kelsier execs over $69M M3M3 token crash — crypto.news","type":"news_article","url":"https://crypto.news/class-action-targets-meteora-and-kelsier-execs-over-69m-m3m3-token-crash/"},{"credibility":2,"name":"Investors sue Meteora and VC firm, alleging fraud — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/meteora-class-action-lawsuit-alleging-blatant-fraud-involving-fraud-m3m3"},{"credibility":2,"name":"Kelsier Ventures Co-Founder Seeks Dismissal of $100 Million LIBRA Lawsuit — Ainvest","type":"news_article","url":"https://www.ainvest.com/news/kelsier-ventures-founder-seeks-dismissal-100-million-libra-lawsuit-2507/"}]},{"content":"The M3M3 token launched on December 4, 2024. According to the complaint, a network of more than 150 insider wallets allegedly acquired approximately 95% of the token supply within 20 minutes of launch through a technique described as systematically 'freezing' and 'thawing' the DLMM launch pool to restrict retail access while insiders accumulated holdings at low prices. The token was publicly marketed by Chow as a solution to the pump-and-dump culture in meme coins, with representations that staking rewards would derive from Meteora transaction fees and that the launch would be transparent and community-driven. Plaintiffs allege these representations were deliberately misleading. The M3M3 token reached an all-time high of approximately $0.186 on December 12, 2024, before collapsing. As of the time of filing in April 2025, it was trading near $0.003, a decline of approximately 98%. The complaint estimates at least $69 million in damages to non-insider investors. A separate class action was also filed on April 23, 2025, in New York by Hoppin Grinsell LPP and Burwick Law on behalf of plaintiffs Jonathan Clarke, Rodrigo Ferreira Da Cruz Vogt, and others.","heading":"M3M3 Token: Alleged Insider Supply Capture","severity":"critical","sources":[{"credibility":2,"name":"Solana DEX Meteora Sued Over Alleged Pump-and-Dump Meme Coin Launch — Decrypt","type":"news_article","url":"https://decrypt.co/315860/solana-dex-meteora-sued-alleged-pump-dump-meme-coin-launch"},{"credibility":2,"name":"Class Action Lawsuit Claims Solana DEX Meteora Engineered $69 Million Fraud During M3M3 Token Launch — Bitcoin Ethereum News","type":"news_article","url":"https://bitcoinethereumnews.com/tech/class-action-lawsuit-claims-solana-dex-meteora-engineered-69-million-fraud-during-m3m3-token-launch/"},{"credibility":1,"name":"Hoppin Grinsell Files Federal Class Action Lawsuit on Behalf of $M3M3 Investors — Hoppin Grinsell LPP","type":"court_filing","url":"https://www.hoppingrinsell.com/news/hoppin-grinsell-files-federal-class-action-lawsuit-on-behalf-of-m3m3-investors-against-meteora-kelsier-ventures-and-other-defendants"}]},{"content":"On February 14, 2025, Argentine President Javier Milei shared the LIBRA token's contract address on his verified social media account. The token surged from a few cents to approximately $5 within an hour, reaching a peak market capitalization exceeding $4 billion. According to the amended complaint in Hurlock v. Kelsier, 'no legitimate project existed beyond a website created hours before launch.' Blockchain analytics firm Nansen reported that retail investors suffered approximately $251 million in losses following the collapse. Within hours of the token's peak, the deployer wallet allegedly withdrew over $110 million in USDC liquidity, causing the price to crash by approximately 94%. Hayden Davis, CEO of Kelsier Ventures, publicly claimed to have netted approximately $100 million from the launch but denied personally owning or selling the tokens. The complaint alleges that Meteora's DLMM infrastructure was used to build one-sided liquidity pools with manipulated price curves. Milei's team subsequently deleted promotional posts. Argentine lawyer Gregorio Dalbon filed a request in March 2025 with prosecutor Eduardo Taiano and judge Maria Servini seeking an Interpol Red Notice for Hayden Davis, citing risk of flight. Benjamin Chow was named as a co-defendant in the LIBRA-related suit.","heading":"LIBRA Token: Argentine President Endorsement and Alleged Rug Pull","severity":"critical","sources":[{"credibility":2,"name":"US Lawsuit Blames Meteora Founder for MELANIA and LIBRA Token Collapse — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/us-lawsuit-blames-meteora-founder-122321158.html"},{"credibility":2,"name":"Argentine lawyer requests Interpol Red Notice for LIBRA creator — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/argentina-lawyer-interpol-arrest-warrant-libra-creator"},{"credibility":1,"name":"Lawyer Requests Interpol Red Notice for Libra Founder Hayden Davis — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/03/13/lawyer-requests-interpol-red-notice-for-libra-founder-hayden-davis-report"},{"credibility":2,"name":"How Jupiter and Meteora fueled LIBRA's collapse on Solana — crypto.news","type":"news_article","url":"https://crypto.news/libra-solana-jupiter-meteora-scandal/"}]},{"content":"An amended complaint filed on October 23, 2025 expanded the alleged fraud enterprise to cover at least 15 token launches. The five tokens receiving primary focus in the complaint are LIBRA, MELANIA, ENRON, TRUST, and M3M3. The filing, reported by Fortune, described a scheme in which defendants 'weaponized fame to disarm diligence' by launching tokens tied to celebrity or political brands. The complaint alleges a repeating operational pattern: narrative construction using borrowed celebrity or political association; insider-funded wallets executing opening-second purchase orders to capture supply; undisclosed paid influencer campaigns to manufacture retail demand; and engineered price spikes using Meteora's pool controls to pause public trading until insider positions were secured, followed by coordinated liquidation. The MELANIA token, tied to First Lady Melania Trump, achieved a peak market cap of approximately $1.6 billion on January 20, 2025, before declining to roughly $86 million. The complaint clarifies that Melania Trump and Javier Milei are not named as defendants and are alleged to have been unwitting promotional props rather than scheme participants. The filing included testimony from an anonymous whistleblower and previously unpublished text messages attributed to Hayden Davis. Blockchain analytics firm Bubblemaps estimated total insider profits across the scheme at over $100 million.","heading":"Expanded Fraud Allegations: 15 Tokens Including MELANIA, ENRON, and TRUST","severity":"critical","sources":[{"credibility":2,"name":"Meteora Co-Founder Hit with New Lawsuit Over Token Scams Linked to Trump, Milei — CryptoPotato","type":"news_article","url":"https://cryptopotato.com/meteora-co-founder-hit-with-new-lawsuit-over-token-scams-linked-to-trump-milei/"},{"credibility":1,"name":"Melania Trump memecoin team 'weaponized fame to disarm diligence' in sprawling crypto conspiracy — Fortune","type":"news_article","url":"https://fortune.com/crypto/2025/10/23/melania-trump-memecoin-conspiracy-court-filing-benjamin-chow-hayden-davis/"},{"credibility":1,"name":"Class action lawsuit claims Ben Chow orchestrated Melania, LIBRA memecoin fraud — The Block","type":"news_article","url":"https://www.theblock.co/post/375832/ben-chow-melania-libra-memecoin"},{"credibility":2,"name":"Meteora co-founded 15 types of Token scams — Gate Square / MarketWhisper","type":"news_article","url":"https://www.gate.com/news/detail/15369162"}]},{"content":"Benjamin Chow resigned as co-founder and CEO of Meteora on February 18, 2025. The resignation was announced by Meow, pseudonymous co-founder of both Meteora and Jupiter DEX, via X. In his resignation statement, Chow said regarding LIBRA: 'For $LIBRA, although we were made aware of the possibility of it several weeks ago by Hayden, we had no involvement in the project at all beyond providing IT support.' Chow denied that he or Meteora received tokens, engaged in insider trading, or possessed material non-public information about any token launch. However, Chow acknowledged referring Kelsier Ventures to multiple projects as token deployers, including the MELANIA token launch, and stated he 'felt so sick' about this judgment. Meow stated: 'I stand by Ben and his statement. I believe him when he says there was no financial inappropriateness in dealing with partners...While I am 100% confident about Ben's character, as a project lead he has also shown a lack of judgment and care about some of the core aspects of the project...and this is unfortunately unacceptable.' Chow has been named as a defendant in ongoing federal litigation and continues to deny the substantive fraud allegations.","heading":"Benjamin Chow: Resignation and Denials","severity":"high","sources":[{"credibility":1,"name":"Meteora co-founder Ben Chow resigns amid Libra scandal — The Block","type":"news_article","url":"https://www.theblock.co/post/341412/meteora-co-founder-ben-chow-resigns-amid-libra-scandal"},{"credibility":2,"name":"Meteora co-founder Ben Chow resigns amid LIBRA — crypto.news","type":"news_article","url":"https://crypto.news/libra-memecoin-meteora-ben-chow-resignation-2025/"},{"credibility":2,"name":"Co-Founder of Crypto Firm Behind Trump, Melania Tokens Resigns Amid Insider Trading Allegations — Decrypt","type":"news_article","url":"https://decrypt.co/306498/co-founder-of-crypto-firm-behind-trump-melania-tokens-resigns-amid-insider-trading-allegations"},{"credibility":2,"name":"LIBRA, Solana drama: Meteora co-founder resigns, Jupiter begins probe — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/libra-solana-meltdown-meteora-jupiter"}]},{"content":"On May 28, 2025, the US District Court for the Southern District of New York issued a Temporary Restraining Order freezing approximately $57.65 million in USDC stablecoins held by Hayden Davis and Ben Chow in connection with the LIBRA lawsuit. On August 19, 2025, Judge Jennifer L. Rochon vacated the TRO. The judge stated she was 'skeptical' about the plaintiffs' likelihood of success on the merits, and found that defendants had complied fully with court orders and that no asset dissipation had occurred. The unfreeze was characterized by plaintiffs' attorneys as a procedural setback rather than a ruling on the merits of the fraud allegations. The underlying case, 1:25-cv-03891-JLR, remains active with defendants having filed motions to dismiss on jurisdictional and other grounds.","heading":"Asset Freeze and Subsequent Court Ruling","severity":"high","sources":[{"credibility":1,"name":"Cahill Defeats Plaintiffs' Bid to Freeze Assets in High-Profile '$LIBRA Gate' Class Action — Cahill Gordon & Reindel LLP","type":"court_filing","url":"https://www.cahill.com/news/firm-news/2025-08-19-cahill-defeats-plaintiffs-bid-to-freeze-assets-in-high-profile-libra-gate-class-action"},{"credibility":2,"name":"Libra Promoters Regain Access to $57.6 Million in Crypto After Judge Unfreezes Assets — Decrypt","type":"news_article","url":"https://decrypt.co/336060/libra-promoters-regain-access-57-6-million-crypto-judge-unfreezes-assets"},{"credibility":1,"name":"Federal Court Unfreezes $57M in Frozen Crypto Assets Held by LIBRA Token Promoters — Sbaiti & Company","type":"court_filing","url":"https://www.sbaitilaw.com/blog/press-release/federal-court-unfreezes-57m-in-frozen-crypto-assets-held-by-libra-token-promoters/"}]},{"content":"On October 23, 2025, Meteora launched its MET governance token. According to blockchain analytics firm Arkham Intelligence, three addresses linked to the TRUMP memecoin team received a combined $4.2 million in MET tokens as part of the airdrop. The three addresses identified were: the TRUMP token developer address, and two addresses that had supplied substantial liquidity for the TRUMP token on its launch day. The MET airdrop was made on the same day the amended class-action complaint expanding fraud allegations to 15 tokens was filed. All three recipient addresses immediately deposited their entire MET airdrop allocations to OKX exchange, coinciding with the opening of MET/USDT spot trading on that platform. The synchronized large-scale liquidation preceded a decline of approximately 40% in the MET token price over the following week. The wallets were technically eligible for the airdrop due to their TRUMP token liquidity activity, but the timing and immediate liquidation drew public criticism. The Trump family's broader cryptocurrency activity is reported to have generated approximately $427 million from the TRUMP and MELANIA meme coins.","heading":"MET Token Airdrop: Trump-Linked Wallets and OKX Transfer","severity":"high","sources":[{"credibility":2,"name":"Meteora Gave Trump Team $4.2M Airdrop Hours After Founder Sued for Memecoin Scams — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/meteora-gave-trump-team-4-091931328.html"},{"credibility":2,"name":"Trump team wallets among the top 5 Meteora airdrop recipients — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/trump-team-wallets-airdrop-recipients/"},{"credibility":2,"name":"$4.2 Million MET Airdrop Sent to OKX by TRUMP Wallets Right Before 40% Crash: Arkham — CoinEdition","type":"on_chain","url":"https://coinedition.com/4-2-million-met-airdrop-sent-to-okx-by-trump-wallets-right-before-40-crash-arkham/"}]},{"content":"Following Chow's resignation, Jupiter co-founder Meow announced the engagement of law firm Fenwick & West to conduct an independent investigation and publish results publicly. The announcement drew criticism from legal observers who noted that Fenwick & West faced its own litigation over alleged involvement in obscuring the relationship between FTX and Alameda Research in 2022. Meow subsequently indicated he would reevaluate the law firm selection. As of the information available through mid-2025, the results of any independent investigation had not been publicly released. Jupiter and Meteora both denied that any personnel committed insider trading or received tokens inappropriately. Meteora continued to operate as a protocol following Chow's departure, with new leadership sought.","heading":"Independent Investigation and Institutional Response","severity":"medium","sources":[{"credibility":2,"name":"Jupiter Co-founder Hired Law Firm to Issue LIBRA Investigation Report — Coinspeaker","type":"news_article","url":"https://www.coinspeaker.com/jupiter-co-founder-hired-law-firm-issue-libra-investigation-report/"},{"credibility":2,"name":"Jupiter and Meteora deny any insider trading or financial misconduct — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/jupiter-meteora-deny-insider-trading/"}]}],"sources_used":[{"credibility":2,"name":"Solana DEX Meteora Sued Over Alleged Pump-and-Dump Meme Coin Launch — Decrypt","type":"news_article","url":"https://decrypt.co/315860/solana-dex-meteora-sued-alleged-pump-dump-meme-coin-launch"},{"credibility":2,"name":"Class-action targets Meteora and Kelsier execs over $69M M3M3 token crash — crypto.news","type":"news_article","url":"https://crypto.news/class-action-targets-meteora-and-kelsier-execs-over-69m-m3m3-token-crash/"},{"credibility":2,"name":"Meteora Co-Founder Hit with New Lawsuit Over Token Scams Linked to Trump, Milei — CryptoPotato","type":"news_article","url":"https://cryptopotato.com/meteora-co-founder-hit-with-new-lawsuit-over-token-scams-linked-to-trump-milei/"},{"credibility":2,"name":"Meteora Gave Trump Team $4.2M Airdrop Hours After Founder Sued — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/meteora-gave-trump-team-4-091931328.html"},{"credibility":1,"name":"Melania Trump memecoin team 'weaponized fame to disarm diligence' — Fortune","type":"news_article","url":"https://fortune.com/crypto/2025/10/23/melania-trump-memecoin-conspiracy-court-filing-benjamin-chow-hayden-davis/"},{"credibility":1,"name":"Class action lawsuit claims Ben Chow orchestrated Melania, LIBRA memecoin fraud — The Block","type":"news_article","url":"https://www.theblock.co/post/375832/ben-chow-melania-libra-memecoin"},{"credibility":1,"name":"Hurlock v. Kelsier — Case page, Burwick Law","type":"court_filing","url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"credibility":1,"name":"Meteora co-founder Ben Chow resigns amid Libra scandal — The Block","type":"news_article","url":"https://www.theblock.co/post/341412/meteora-co-founder-ben-chow-resigns-amid-libra-scandal"},{"credibility":1,"name":"Lawyer Requests Interpol Red Notice for Libra Founder Hayden Davis — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/03/13/lawyer-requests-interpol-red-notice-for-libra-founder-hayden-davis-report"},{"credibility":1,"name":"Cahill Defeats Plaintiffs' Bid to Freeze Assets in '$LIBRA Gate' Class Action — Cahill Gordon & Reindel LLP","type":"court_filing","url":"https://www.cahill.com/news/firm-news/2025-08-19-cahill-defeats-plaintiffs-bid-to-freeze-assets-in-high-profile-libra-gate-class-action"},{"credibility":1,"name":"Federal Court Unfreezes $57M in Frozen Crypto Assets — Sbaiti & Company","type":"court_filing","url":"https://www.sbaitilaw.com/blog/press-release/federal-court-unfreezes-57m-in-frozen-crypto-assets-held-by-libra-token-promoters/"},{"credibility":1,"name":"Hoppin Grinsell Files Federal Class Action re $M3M3 — Hoppin Grinsell LPP","type":"court_filing","url":"https://www.hoppingrinsell.com/news/hoppin-grinsell-files-federal-class-action-lawsuit-on-behalf-of-m3m3-investors-against-meteora-kelsier-ventures-and-other-defendants"},{"credibility":2,"name":"Investors sue Meteora and VC firm, alleging fraud — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/meteora-class-action-lawsuit-alleging-blatant-fraud-involving-fraud-m3m3"},{"credibility":2,"name":"$4.2 Million MET Airdrop Sent to OKX by TRUMP Wallets — CoinEdition / Arkham","type":"on_chain","url":"https://coinedition.com/4-2-million-met-airdrop-sent-to-okx-by-trump-wallets-right-before-40-crash-arkham/"},{"credibility":2,"name":"Trump team wallets among top 5 Meteora airdrop recipients — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/trump-team-wallets-airdrop-recipients/"},{"credibility":2,"name":"LIBRA, Solana drama: Meteora co-founder resigns, Jupiter begins probe — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/libra-solana-meltdown-meteora-jupiter"},{"credibility":2,"name":"Co-Founder of Crypto Firm Behind Trump, Melania Tokens Resigns — Decrypt","type":"news_article","url":"https://decrypt.co/306498/co-founder-of-crypto-firm-behind-trump-melania-tokens-resigns-amid-insider-trading-allegations"},{"credibility":2,"name":"Jupiter and Meteora deny any insider trading or financial misconduct — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/jupiter-meteora-deny-insider-trading/"},{"credibility":2,"name":"Kelsier Ventures Co-Founder Seeks Dismissal of $100 Million LIBRA Lawsuit — Ainvest","type":"news_article","url":"https://www.ainvest.com/news/kelsier-ventures-founder-seeks-dismissal-100-million-libra-lawsuit-2507/"},{"credibility":2,"name":"What Is Meteora DEX? Solana's Fastest-Growing Liquidity Hub — CoinGecko","type":"research","url":"https://www.coingecko.com/learn/what-is-meteora-dex-solana-crypto"}],"summary":"Meteora is a Solana-based decentralized exchange and liquidity protocol, originally founded as Mercurial Finance before rebranding in 2023. Its co-founder Benjamin Chow resigned in February 2025 amid allegations that the platform's infrastructure was used to orchestrate coordinated pump-and-dump schemes across at least 15 tokens including LIBRA, MELANIA, M3M3, ENRON, and TRUST, causing an estimated $69 million or more in retail investor losses. Multiple class-action lawsuits are active in the Southern District of New York asserting fraud, RICO violations, and market manipulation; the protocol also issued a $4.2 million MET token airdrop to wallets linked to the Trump team hours after the amended complaint was filed, with all tokens immediately sent to OKX.","timeline":[{"date":"2021-01-01","event":"Mercurial Finance, predecessor to Meteora, launches on Solana as a stablecoin DEX. Benjamin Chow is a co-founder.","source":"CoinGecko research","source_url":"https://www.coingecko.com/learn/what-is-meteora-dex-solana-crypto"},{"date":"2023-01-01","event":"Mercurial Finance restructures and rebrands as Meteora, introducing the Dynamic Liquidity Market Maker (DLMM) model.","source":"CoinGecko research","source_url":"https://www.coingecko.com/learn/what-is-meteora-dex-solana-crypto"},{"date":"2024-12-04","event":"M3M3 token launches on Meteora. Complaint later alleges 150+ insider wallets capture approximately 95% of supply within 20 minutes.","source":"Decrypt — Solana DEX Meteora Sued","source_url":"https://decrypt.co/315860/solana-dex-meteora-sued-alleged-pump-dump-meme-coin-launch"},{"date":"2024-12-06","event":"M3M3 token begins crash following alleged insider dump. Token declines approximately 98% from all-time high of $0.186.","source":"crypto.news — M3M3 class action","source_url":"https://crypto.news/class-action-targets-meteora-and-kelsier-execs-over-69m-m3m3-token-crash/"},{"date":"2025-01-20","event":"MELANIA token launches, reaching a peak market cap of approximately $1.6 billion. Hayden Davis and Kelsier Ventures are later alleged to have been insiders.","source":"Fortune — Melania Trump memecoin conspiracy","source_url":"https://fortune.com/crypto/2025/10/23/melania-trump-memecoin-conspiracy-court-filing-benjamin-chow-hayden-davis/"},{"date":"2025-02-14","event":"Argentine President Javier Milei promotes LIBRA token via social media. Token surges to over $4 billion market cap before crashing 94% within hours. Deployer wallet allegedly withdraws $110 million in USDC liquidity.","source":"CoinDesk — Interpol Red Notice for Hayden Davis","source_url":"https://www.coindesk.com/policy/2025/03/13/lawyer-requests-interpol-red-notice-for-libra-founder-hayden-davis-report"},{"date":"2025-02-17","event":"Blockchain analytics firm Bubblemaps publishes analysis estimating insiders profited over $100 million across the alleged scheme.","source":"CryptoPotato — Meteora co-founder new lawsuit","source_url":"https://cryptopotato.com/meteora-co-founder-hit-with-new-lawsuit-over-token-scams-linked-to-trump-milei/"},{"date":"2025-02-18","event":"Benjamin Chow resigns as co-founder of Meteora. Jupiter co-founder Meow announces resignation via X, citing lack of judgment while expressing personal confidence in Chow's character.","source":"The Block — Ben Chow resigns","source_url":"https://www.theblock.co/post/341412/meteora-co-founder-ben-chow-resigns-amid-libra-scandal"},{"date":"2025-03-13","event":"Argentine lawyer Gregorio Dalbon files request with prosecutors and a federal judge in Buenos Aires seeking an Interpol Red Notice for Hayden Davis of Kelsier Ventures.","source":"CoinDesk — Interpol Red Notice request","source_url":"https://www.coindesk.com/policy/2025/03/13/lawyer-requests-interpol-red-notice-for-libra-founder-hayden-davis-report"},{"date":"2025-03-17","event":"Burwick Law files initial class-action in the Southern District of New York over the LIBRA token launch.","source":"Burwick Law — Hurlock v. Kelsier case page","source_url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"date":"2025-04-19","event":"Amended complaint filed in Hurlock v. Kelsier Labs, Case No. 1:25-cv-03891-JLR, formally naming Benjamin Chow and Meteora as defendants alongside Kelsier entities.","source":"Burwick Law — Hurlock v. Kelsier case page","source_url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"date":"2025-04-21","event":"Second class-action filed by Hoppin Grinsell LPP and Burwick Law in the Southern District of New York on behalf of M3M3 investors, alleging $69 million in losses.","source":"Hoppin Grinsell press release","source_url":"https://www.hoppingrinsell.com/news/hoppin-grinsell-files-federal-class-action-lawsuit-on-behalf-of-m3m3-investors-against-meteora-kelsier-ventures-and-other-defendants"},{"date":"2025-05-28","event":"US District Court for the Southern District of New York issues Temporary Restraining Order freezing approximately $57.65 million in USDC held by Hayden Davis and Ben Chow.","source":"99Bitcoins — US Court Blocks $57M","source_url":"https://99bitcoins.com/news/us-court-blocks-57m-in-usdc-amid-libra-token-controversy/"},{"date":"2025-07-29","event":"Further amended complaint filed in Hurlock v. Kelsier, incorporating M3M3 allegations and asserting RICO claims.","source":"Burwick Law — Hurlock v. Kelsier case page","source_url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"date":"2025-08-19","event":"Judge Jennifer L. Rochon vacates the $57 million TRO, ruling that defendants complied with court orders and expressing skepticism about plaintiffs' likelihood of success on the merits. Litigation continues.","source":"Cahill Gordon & Reindel LLP — firm news","source_url":"https://www.cahill.com/news/firm-news/2025-08-19-cahill-defeats-plaintiffs-bid-to-freeze-assets-in-high-profile-libra-gate-class-action"},{"date":"2025-10-23","event":"Meteora launches MET governance token via airdrop. Three TRUMP-linked wallets receive $4.2 million in MET tokens and immediately transfer the full amount to OKX. Separately, an amended complaint expanding fraud allegations to 15 tokens is filed.","source":"Yahoo Finance — Meteora Gave Trump Team $4.2M Airdrop","source_url":"https://finance.yahoo.com/news/meteora-gave-trump-team-4-091931328.html"},{"date":"2025-10-30","event":"MET token declines approximately 40% within one week of launch, in part attributed to large coordinated sell orders from early airdrop recipients.","source":"CoinEdition — $4.2 Million MET Airdrop Sent to OKX","source_url":"https://coinedition.com/4-2-million-met-airdrop-sent-to-okx-by-trump-wallets-right-before-40-crash-arkham/"}]},"v":1}