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{"actor":"system:backfill","investigation_id":"2725bf41-126b-4dac-8e3f-c8ae8666c21a","kind":"publish","page_slug":"meteora-m3m3-token","published_at":"2026-06-30T17:22:04.427Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Meteora / M3M3 Token","sections":[{"content":"Two parallel federal class action lawsuits are pending in the U.S. District Court for the Southern District of New York before Judge Jennifer L. Rochon. The first, Clarke v. Chow (Case No. 1:25-cv-03268), was filed April 19, 2025 by plaintiffs Jonathan Clarke and Rodrigo Ferreira Da Cruz Vogt, represented by Hoppin Grinsell LLP and Burwick Law PLLC. The second, Hurlock v. Kelsier Ventures (Case No. 1:25-cv-03891-JLR), was filed April 19, 2025 and amended July 29, 2025. Both suits name as defendants: Meteora (an unincorporated decentralized exchange), Benjamin Chow (former co-founder and CEO), Kelsier Labs LLC (doing business as Kelsier Ventures), and Kelsier principals Hayden Mark Davis (CEO), Gideon Davis (COO), and Charles Thomas Davis (chairman). The proposed class covers all persons and entities that purchased M3M3 tokens on or after December 4, 2024. Plaintiffs allege combined investor losses of at least $69 million across the class period (December 4, 2024, through April 19, 2025).","heading":"Federal Class Action Lawsuits","severity":"critical","sources":[{"credibility":1,"name":"Meteora Conducted $69 Million Memecoin Scam, Token Buyers Allege — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/litigation/meteora-conducted-69-million-memecoin-scam-token-buyers-allege"},{"credibility":1,"name":"$M3M3 Investors Notice: Hoppin Grinsell LLP and Burwick Law File Securities Class Action — PR Newswire","type":"other","url":"https://www.prnewswire.com/news-releases/m3m3-investors-notice-hoppin-grinsell-llp-and-burwick-law-file-securities-class-action-against-meteora-benjamin-chow-and-related-parties-302434942.html"},{"credibility":1,"name":"$M3M3 and $LIBRA Token Lawsuit: Hurlock v. Kelsier — Burwick Law","type":"court_filing","url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"credibility":1,"name":"Clarke v. Chow Original Complaint (S.D.N.Y.) — CCH SRD","type":"court_filing","url":"https://business.cch.com/srd/20250419_Clarke-v-Chow_complaint.pdf"}]},{"content":"M3M3 launched on the Meteora platform on December 4, 2024, and was publicly marketed as a 'stake-to-earn' mechanism designed to reward long-term holders through fee revenue generated by permanently locked liquidity pools. In a Medium post, Meteora described M3M3 as a 'new era for memecoin hodling' that aligned incentives away from short-term speculation. The complaints allege a materially different reality: that defendants, coordinating through an alleged secret partnership between Chow and the Davis family at Kelsier Labs, used approximately 150 insider wallets funded by Kelsier to acquire over 95% of the M3M3 token supply within 20 minutes of launch at artificially low prices. The suits allege defendants then imposed a restricted trading window that barred ordinary public buyers from purchasing while insiders inflated the price through coordinated internal trades. Once the price peaked — M3M3 reached an all-time high of approximately $0.186 on December 12, 2024 — insiders allegedly executed a coordinated mass sell-off that collapsed the token's value within days. On-chain investigators at SolanaFloor reported that 100 wallets sniped a large portion of the supply with investments of only a few hundred dollars each, consistent with alleged insider access. M3M3 has since declined more than 98% from its all-time high, trading at approximately $0.0001 as of mid-2026. The complaint also notes a technical anomaly at launch whereby the front-end unstaking link did not allow withdrawals, effectively trapping retail stakers.","heading":"M3M3 Token Launch Allegations","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 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 Launches M3M3 Platform with Stake-to-Earn Model — SolanaFloor","type":"news_article","url":"https://solanafloor.com/news/meteora-launches-m3-m3-platform-with-stake-to-earn-model"},{"credibility":2,"name":"Introducing M3M3: A New Era for Memecoin Hodling — Meteora Medium","type":"official","url":"https://meteoraag.medium.com/introducing-m3m3-a-new-era-for-memecoin-hodling-a88a470d2adf"},{"credibility":2,"name":"New Solana staking coin M3M3 on Meteora draws investments, but unstaking may be a problem — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/solana-staking-m3m3-meteora-investments/"}]},{"content":"The amended complaint filed July 29, 2025 in Hurlock v. Kelsier Ventures broadens the scope of the alleged scheme from the M3M3 token to at least 15 cryptocurrency launches. The filing focuses specifically on five tokens: M3M3, LIBRA, MELANIA, ENRON, and TRUST. Plaintiffs allege that Chow and the Davis family, operating through the 'Meteora-Kelsier Enterprise,' used Meteora's liquidity-pooling protocol on Solana as the core infrastructure for a repeatable fraud template: create artificial token scarcity, flood online channels with paid promotions leveraging celebrity or political endorsements, and execute coordinated insider dumps once price peaks were reached. The October 2025 amended filing in a related action describes Chow as 'at the center of the enterprise,' with co-defendants including Jupiter co-founder Ng Ming Yeow (also known as Meow) alongside the Davis family. Fortune reported in October 2025 that plaintiffs alleged the group 'weaponized fame to disarm diligence.' No criminal charges have been filed as of the date of this investigation. Chow and members of the Meteora leadership made sworn declarations in court proceedings describing themselves as 'passive developers of autonomous software,' a characterization plaintiffs contest.","heading":"Alleged Broader Fraud Enterprise: 15 Tokens","severity":"critical","sources":[{"credibility":2,"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":"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":2,"name":"Meteora Founder Accused of Using Melania Trump, Milei for $57M Memecoin Scam — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/meteora-founder-accused-of-using-melania-trump-milei-for-57m-memecoin-scams/"},{"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"}]},{"content":"On February 14, 2025, Argentine President Javier Milei publicly promoted the LIBRA token on social media. LIBRA launched on Meteora, and its market capitalization reached approximately $4.5 billion before collapsing 90% within hours after Milei deleted his promotional post. On-chain analytics firm Nansen determined that 86% of LIBRA traders lost money, with total retail losses of $251 million. Blockchain investigators identified eight wallets that accumulated 57.6 million USDC and 249,671 SOL (valued at approximately $49.7 million at the time) through liquidity manipulation and fee claims, with total alleged insider extraction of $107 million from the LIBRA launch alone. Hayden Davis of Kelsier Ventures was identified as a key figure in the LIBRA launch. On February 18, 2025, Meteora co-founder and then-CEO Benjamin Chow resigned from his role. Jupiter co-founder Ng Ming Yeow (Meow) announced the resignation, stating Chow had demonstrated 'a lack of judgment in recent months regarding Meteora's core operations.' An Argentine federal judge opened a fraud investigation into the LIBRA matter. More than 100 fraud complaints were filed against President Milei in Argentina, though Milei denied endorsing the token, stating he only 'spread the word.'","heading":"LIBRA Token Scandal and Benjamin Chow Resignation","severity":"critical","sources":[{"credibility":1,"name":"LIBRA Memecoin Fiasco Destroyed $251M in Investor Wealth, Research Shows — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/02/20/libra-memecoin-fiasco-destroyed-usd251m-in-investor-wealth-research-shows"},{"credibility":2,"name":"Meteora co-founder Ben Chow resigns amid LIBRA scandal — Crypto.news","type":"news_article","url":"https://crypto.news/libra-memecoin-meteora-ben-chow-resignation-2025/"},{"credibility":2,"name":"Milei memecoin fallout snowballs as Solana DeFi leader resigns — DL News","type":"news_article","url":"https://www.dlnews.com/articles/defi/libra-fallout-as-solana-defi-leader-resigns/"},{"credibility":1,"name":"Javier Milei endorsed a memecoin that lost $4 billion. A judge is investigating him for fraud — Fortune","type":"news_article","url":"https://fortune.com/crypto/2025/02/18/javier-milei-memecoin-libra-cryptocurrency-crash-argentina-federal-judge-investigation/"},{"credibility":2,"name":"Javier Milei's $4.5bn Libra memecoin scandal rocks Argentina: a timeline — DL News","type":"news_article","url":"https://www.dlnews.com/articles/markets/how-did-milei-libra-memecoin-crash/"}]},{"content":"Kelsier Labs LLC, operating as Kelsier Ventures, is a Delaware-registered Web3 venture firm that presents as a legitimate blockchain investment and marketing company. The firm is led by CEO Hayden Mark Davis, his father Charles Thomas Davis (chairman), and his brother Gideon Davis (COO). Hayden Davis graduated from Liberty University and previously ran a leadership coaching company called Leaders Elevate before entering the crypto space. On-chain analysis and reporting by ChainCatcher found that Kelsier Ventures allegedly extracted approximately $200 million through insider trading and sniper bot activity across multiple token launches on Solana. Following the LIBRA scandal, Hayden Davis publicly stated 'This isn't some random f*cking scam,' and proposed a $100 million stabilization fund for LIBRA, a proposal that was not implemented. At least one DeFi project, DeFi Tuna, returned its Kelsier Ventures investment after the LIBRA scandal. Following the LIBRA collapse, Hayden Davis was reported to have returned to trading meme tokens within months. The Hurlock v. Kelsier amended complaint includes RICO claims under 18 U.S.C. sections 1962(c) and (d), alleging the defendants operated as a structured criminal enterprise.","heading":"Kelsier Labs and the Davis Family","severity":"high","sources":[{"credibility":2,"name":"Uncovering Kelsier Ventures, a 'Ding Crab Family' that harvested $200 million — ChainCatcher","type":"research","url":"https://www.chaincatcher.com/en/article/2168334"},{"credibility":2,"name":"'This isn't some random f*cking scam': Hayden Mark Davis, mastermind behind crashed Libra crypto scam — Crypto.news","type":"news_article","url":"https://crypto.news/this-isnt-some-random-fcking-scam-hayden-mark-davis-mastermind-behind-crashed-libra-crypto-scam/"},{"credibility":2,"name":"DeFi Tuna returns investment from Kelsier Ventures after LIBRA scandal — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/defi-tuna-returns-investment-from-kelsier-ventures-after-libra-scandal/"},{"credibility":2,"name":"Hayden Davis returns to the market months after LIBRA token crash — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/hayden-davis-back-to-trading-memes-tokens/"},{"credibility":2,"name":"Investors Sue Kelsier Labs and Partners for Fraudulent Memecoin Launches — BlockTribune","type":"news_article","url":"https://blocktribune.com/investors-sue-kelsier-labs-and-partners-for-fraudulent-memecoin-launches/"}]},{"content":"On October 23, 2025, Meteora conducted its Token Generation Event (TGE) for the MET governance token. Approximately 48% of the total supply (480 million MET tokens) entered circulation immediately with no vesting period. The token debuted above $0.60 but fell more than 70% within hours as airdrop recipients liquidated on secondary markets including OKX. Analysis of on-chain data revealed that four whale addresses received 28.5% of all distributed tokens, while more than 60,000 retail participants collectively received only 7%. Hours after the amended federal complaint was filed against Chow, blockchain analytics firm Arkham Intelligence identified three addresses linked to the Trump organization that collectively received $4.2 million worth of MET tokens: the TRUMP token developer address and two wallets that had provided major liquidity for the TRUMP token at its launch. All three addresses deposited the entire airdrop to OKX exchange shortly after receipt, consistent with liquidation. CryptoNews reported these distributions occurred 'hours after' the expanded fraud complaint against Chow became public. Meteora has not issued a public statement explaining the rationale for these distributions. Additionally, the initial Comet Points program, which was supposed to guide airdrop allocation, was criticized for not providing the promised weighting to retail liquidity providers.","heading":"MET Token Generation Event and Airdrop Controversy","severity":"high","sources":[{"credibility":2,"name":"Meteora Gave Trump Team $4.2M Airdrop Hours After Founder Sued for Memecoin Scams — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/meteora-gave-trump-team-4-2m-airdrop-hours-after-founder-sued-for-memecoin-scams/"},{"credibility":2,"name":"Meteora Airdrop Goes Wrong: Corruption, Bribery, Betrayal? — BeInCrypto","type":"news_article","url":"https://beincrypto.com/meteora-airdrop-trump-corruption-concerns/"},{"credibility":2,"name":"70,000 On-chain Data Reveal Meteora Airdrop: 4 Whale Addresses Take 28.5%, Over 60,000 Retail Users Share Only 7% — PANews","type":"on_chain","url":"https://www.panewslab.com/en/articles/a8125950-aae4-4ac9-8d86-fbfe8a21f31d"},{"credibility":2,"name":"Meteora Crashes 55% Amid Trump-Linked Airdrop Flop — DailyCoin","type":"news_article","url":"https://dailycoin.com/meteora-met-crashes-55-amid-trump-linked-airdrop-flop/"},{"credibility":2,"name":"Meteora (MET) Price Forecast 2025-2030: Trump Family Ties, Airdrop Scandal — Bitget","type":"news_article","url":"https://www.bitget.com/academy/meteora-crypto-meta-price-prediction-trump-link-crash-prediction"}]},{"content":"Clarke v. Chow asserts claims under federal securities law (Securities Act sections 5, 12(a)(1), and 15; Exchange Act sections 10(b) and 20), New York General Business Law sections 349 and 350, and common law theories including fraud, negligent misrepresentation, and unjust enrichment. Plaintiffs in that action seek compensatory damages, rescission, and punitive damages. They also seek a court-appointed receiver over Meteora's operations to safeguard remaining assets, and argue that stake-backed meme tokens like M3M3 should be classified as securities under federal law. Hurlock v. Kelsier Ventures additionally asserts federal RICO violations under 18 U.S.C. sections 1962(c) and (d), and seeks treble damages, restitution, a constructive trust over fraud proceeds, and injunctive relief. Neither action has proceeded to trial as of June 2026. No criminal charges have been filed by the Department of Justice or SEC against any named defendant as of the date of this investigation.","heading":"Legal Claims and Relief Sought","severity":"high","sources":[{"credibility":1,"name":"Vogt v. Meteora Case No. 1:25-cv-03268 — PR Newswire investor notice","type":"court_filing","url":"https://www.prnewswire.com/news-releases/m3m3-investors-notice-hoppin-grinsell-llp-and-burwick-law-file-securities-class-action-against-meteora-benjamin-chow-and-related-parties-302434942.html"},{"credibility":1,"name":"Hurlock v. Kelsier Ventures motion to dismiss filing — CCH SRD","type":"court_filing","url":"https://business.cch.com/srd/20251031_Hurlock-v-KelsierVentures_223_motion_dismiss.pdf"},{"credibility":1,"name":"Meteora Conducted $69 Million Memecoin Scam, Token Buyers Allege — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/litigation/meteora-conducted-69-million-memecoin-scam-token-buyers-allege"}]},{"content":"As of the date of this investigation, no formal public statement or press release has been issued by Meteora, Benjamin Chow, or Kelsier Labs directly addressing the substance of the M3M3 fraud allegations. Bloomberg Law reported that Chow did not immediately respond to a comment request sent through LinkedIn, and efforts to reach Meteora, Kelsier, and the Davis family were unsuccessful. In court proceedings, Chow and other Meteora leadership members submitted sworn declarations characterizing themselves as 'passive developers of autonomous software,' asserting that they had no material role in the price behavior of the tokens at issue. Defendants filed a motion to dismiss in Hurlock v. Kelsier Ventures on October 31, 2025. The outcome of that motion is not yet publicly confirmed in sources reviewed for this investigation.","heading":"Defendants' Position","severity":"medium","sources":[{"credibility":1,"name":"Meteora Conducted $69 Million Memecoin Scam, Token Buyers Allege — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/litigation/meteora-conducted-69-million-memecoin-scam-token-buyers-allege"},{"credibility":1,"name":"Hurlock v. Kelsier Ventures motion to dismiss — CCH SRD","type":"court_filing","url":"https://business.cch.com/srd/20251031_Hurlock-v-KelsierVentures_223_motion_dismiss.pdf"}]},{"content":"Despite the litigation and reputational controversy, Meteora's underlying DEX and Dynamic Liquidity Market Maker (DLMM) protocol remain among the most active on the Solana blockchain. As of mid-2026, the protocol holds approximately $800 million in total value locked and accounts for approximately 26% of Solana DEX trading activity. Daily swap volume is reported at approximately $840 million. Jupiter, Solana's primary swap aggregator, routes significant liquidity through Meteora pools. The protocol shipped major DLMM upgrades in Q1 2026 including limit orders, quote-only fees, and an upgraded DBC SDK (updated to v1.5.3 on June 20, 2026). In December 2025, Meteora announced a $10 million MET token buyback program. Benjamin Chow is no longer in an operational leadership role following his February 2025 resignation. Users interacting with Meteora liquidity pools or DLMM products remain exposed to reputational and potential regulatory risk tied to the ongoing litigation.","heading":"Meteora Protocol: Current Operations","severity":"medium","sources":[{"credibility":2,"name":"Meteora's LP Army: How Solana's Largest DLMM Protocol Turns Retail Traders Into Liquidity Providers — Genfinity","type":"news_article","url":"https://genfinity.io/2026/06/08/meteora-lp-army-solana-liquidity-education/"},{"credibility":2,"name":"Meteora DEX Review 2026: Is Solana's DLMM King Worth Your Liquidity? — DexRank","type":"research","url":"https://dexrank.com/reviews/meteora-dex"},{"credibility":2,"name":"Solana-based DEX Aggregator Meteora Unveils $10M Token Buyback — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2025/12/11/solana-based-dex-aggregator-meteora-unveils-10m-token-buyback/"},{"credibility":2,"name":"What Is Meteora DEX? Solana's Fastest-Growing Liquidity Hub — CoinGecko","type":"other","url":"https://www.coingecko.com/learn/what-is-meteora-dex-solana-crypto"}]}],"sources_used":[{"credibility":1,"name":"Meteora Conducted $69 Million Memecoin Scam, Token Buyers Allege — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/litigation/meteora-conducted-69-million-memecoin-scam-token-buyers-allege"},{"credibility":2,"name":"Solana DEX Meteora Sued Over Alleged Pump-and-Dump Meme Coin Launch — Decrypt","type":"news_article","url":"https://decrypt.co/315860/solana-dex-meteora-sued-alleged-pump-dump-meme-coin-launch"},{"credibility":2,"name":"Investors sue Meteora and VC firm, alleging fraud — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/meteora-class-action-lawsuit-alleging-blatant-fraud-involving-fraud-m3m3"},{"credibility":1,"name":"$M3M3 Investors Notice: Hoppin Grinsell LLP and Burwick Law File Securities Class Action — PR Newswire","type":"other","url":"https://www.prnewswire.com/news-releases/m3m3-investors-notice-hoppin-grinsell-llp-and-burwick-law-file-securities-class-action-against-meteora-benjamin-chow-and-related-parties-302434942.html"},{"credibility":1,"name":"$M3M3 and $LIBRA Token Lawsuit: Hurlock v. Kelsier — Burwick Law","type":"court_filing","url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"credibility":1,"name":"Clarke v. Chow Original Complaint (S.D.N.Y.) — CCH SRD","type":"court_filing","url":"https://business.cch.com/srd/20250419_Clarke-v-Chow_complaint.pdf"},{"credibility":1,"name":"Hurlock v. Kelsier Ventures motion to dismiss — CCH SRD","type":"court_filing","url":"https://business.cch.com/srd/20251031_Hurlock-v-KelsierVentures_223_motion_dismiss.pdf"},{"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":1,"name":"LIBRA Memecoin Fiasco Destroyed $251M in Investor Wealth, Research Shows — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/02/20/libra-memecoin-fiasco-destroyed-usd251m-in-investor-wealth-research-shows"},{"credibility":1,"name":"Javier Milei endorsed a memecoin that lost $4 billion. A judge is investigating him for fraud — Fortune","type":"news_article","url":"https://fortune.com/crypto/2025/02/18/javier-milei-memecoin-libra-cryptocurrency-crash-argentina-federal-judge-investigation/"},{"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":2,"name":"Meteora co-founder Ben Chow resigns amid LIBRA scandal — Crypto.news","type":"news_article","url":"https://crypto.news/libra-memecoin-meteora-ben-chow-resignation-2025/"},{"credibility":2,"name":"Milei memecoin fallout snowballs as Solana DeFi leader resigns — DL News","type":"news_article","url":"https://www.dlnews.com/articles/defi/libra-fallout-as-solana-defi-leader-resigns/"},{"credibility":2,"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 Gave Trump Team $4.2M Airdrop Hours After Founder Sued for Memecoin Scams — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/meteora-gave-trump-team-4-2m-airdrop-hours-after-founder-sued-for-memecoin-scams/"},{"credibility":2,"name":"70,000 On-chain Data Reveal Meteora Airdrop — PANews","type":"on_chain","url":"https://www.panewslab.com/en/articles/a8125950-aae4-4ac9-8d86-fbfe8a21f31d"},{"credibility":2,"name":"Meteora Airdrop Goes Wrong: Corruption, Bribery, Betrayal? — BeInCrypto","type":"news_article","url":"https://beincrypto.com/meteora-airdrop-trump-corruption-concerns/"},{"credibility":2,"name":"Uncovering Kelsier Ventures — ChainCatcher","type":"research","url":"https://www.chaincatcher.com/en/article/2168334"},{"credibility":2,"name":"Introducing M3M3: A New Era for Memecoin Hodling — Meteora Medium","type":"official","url":"https://meteoraag.medium.com/introducing-m3m3-a-new-era-for-memecoin-hodling-a88a470d2adf"},{"credibility":2,"name":"Meteora Launches M3M3 Platform with Stake-to-Earn Model — SolanaFloor","type":"news_article","url":"https://solanafloor.com/news/meteora-launches-m3-m3-platform-with-stake-to-earn-model"},{"credibility":2,"name":"Solana-based DEX Aggregator Meteora Unveils $10M Token Buyback — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2025/12/11/solana-based-dex-aggregator-meteora-unveils-10m-token-buyback/"},{"credibility":2,"name":"Meteora DEX Review 2026: Is Solana's DLMM King Worth Your Liquidity? — DexRank","type":"research","url":"https://dexrank.com/reviews/meteora-dex"},{"credibility":2,"name":"Meteora Founder Accused of Using Melania Trump, Milei for $57M Memecoin Scam — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/meteora-founder-accused-of-using-melania-trump-milei-for-57m-memecoin-scams/"},{"credibility":2,"name":"Javier Milei's $4.5bn Libra memecoin scandal rocks Argentina: a timeline — DL News","type":"news_article","url":"https://www.dlnews.com/articles/markets/how-did-milei-libra-memecoin-crash/"},{"credibility":2,"name":"Meteora's LP Army: How Solana's Largest DLMM Protocol — Genfinity","type":"news_article","url":"https://genfinity.io/2026/06/08/meteora-lp-army-solana-liquidity-education/"}],"summary":"Meteora is a Solana-based decentralized exchange and liquidity protocol that, as of mid-2026, holds over $800 million in total value locked and accounts for approximately 26% of Solana DEX activity. The protocol and its co-founder Benjamin Chow are named defendants in two parallel federal class action lawsuits filed in the Southern District of New York, alleging a coordinated pump-and-dump scheme during the December 2024 launch of the M3M3 memecoin and a subsequent LIBRA token scheme in February 2025, with combined alleged investor losses exceeding $69 million. The M3M3 token has fallen more than 98% from its all-time high, and the amended complaint filed July 2025 broadens the alleged fraud enterprise to at least 15 token launches.","timeline":[{"date":"2024-12-04","event":"M3M3 token launches on Meteora. Complaint alleges approximately 150 insider wallets acquire over 95% of supply within 20 minutes at artificially low prices.","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":"2024-12-12","event":"M3M3 reaches all-time high of approximately $0.186 amid alleged coordinated price inflation.","source":"Decrypt","source_url":"https://decrypt.co/315860/solana-dex-meteora-sued-alleged-pump-dump-meme-coin-launch"},{"date":"2024-12-14","event":"M3M3 price collapses within days of its all-time high. Token begins sustained decline of more than 98%.","source":"Crypto.news","source_url":"https://crypto.news/class-action-targets-meteora-and-kelsier-execs-over-69m-m3m3-token-crash/"},{"date":"2025-02-14","event":"Argentine President Javier Milei promotes LIBRA token on social media. LIBRA launches on Meteora and reaches a $4.5 billion market cap before collapsing 90%. Nansen later confirms $251 million in retail investor losses.","source":"CoinDesk / Fortune","source_url":"https://www.coindesk.com/markets/2025/02/20/libra-memecoin-fiasco-destroyed-usd251m-in-investor-wealth-research-shows"},{"date":"2025-02-18","event":"Benjamin Chow resigns as Meteora co-founder and CEO amid LIBRA scandal backlash and insider trading allegations.","source":"Crypto.news","source_url":"https://crypto.news/libra-memecoin-meteora-ben-chow-resignation-2025/"},{"date":"2025-04-19","event":"Clarke v. Chow and Hurlock v. Kelsier Ventures class action lawsuits filed in U.S. District Court, Southern District of New York, alleging $69 million in M3M3 investor losses.","source":"PR Newswire / Bloomberg Law","source_url":"https://www.prnewswire.com/news-releases/m3m3-investors-notice-hoppin-grinsell-llp-and-burwick-law-file-securities-class-action-against-meteora-benjamin-chow-and-related-parties-302434942.html"},{"date":"2025-07-29","event":"Amended complaint filed in Hurlock v. Kelsier Ventures expanding the alleged fraud enterprise to at least 15 token launches including LIBRA, MELANIA, ENRON, and TRUST, and adding RICO claims.","source":"Burwick Law / The Block","source_url":"https://www.burwick.law/active-cases/m3m3-and-libra-token-lawsuit-hurlock-v-kelsier"},{"date":"2025-10-23","event":"Meteora conducts MET Token Generation Event. Token crashes over 70% within hours. On-chain data shows four whale addresses received 28.5% of distributed supply. Trump-linked wallets receive $4.2 million in MET tokens and immediately deposit to OKX.","source":"CryptoNews / PANews","source_url":"https://cryptonews.com/news/meteora-gave-trump-team-4-2m-airdrop-hours-after-founder-sued-for-memecoin-scams/"},{"date":"2025-10-31","event":"Defendants file motion to dismiss in Hurlock v. Kelsier Ventures.","source":"CCH SRD court filing","source_url":"https://business.cch.com/srd/20251031_Hurlock-v-KelsierVentures_223_motion_dismiss.pdf"},{"date":"2025-12-11","event":"Meteora announces a $10 million MET token buyback program.","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2025/12/11/solana-based-dex-aggregator-meteora-unveils-10m-token-buyback/"},{"date":"2026-06-20","event":"Meteora releases DBC SDK v1.5.3 upgrade. Protocol continues to operate with approximately $800M TVL and 26% Solana DEX market share. Litigation remains pending.","source":"Genfinity / DexRank","source_url":"https://genfinity.io/2026/06/08/meteora-lp-army-solana-liquidity-education/"}]},"v":1}