Close Menu
ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • ETH
  • Listing Platform
  • BSC
  • ETH
What's Hot

CoinDesk 20 Performance Update: Uniswap (UNI) Surges 12.7% Over Weekend

May 12, 2025

Gold Slips as US-China Trade War Thaws; Bitcoin Holds Steady

May 12, 2025

Australian Cloud Mining Launches High-Return BTC Investment Plans

May 12, 2025
X (Twitter) Telegram
  • Listing Platform
  • Home
  • BSC
  • ETH
Advertise
X (Twitter) Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    CoinDesk 20 Performance Update: Uniswap (UNI) Surges 12.7% Over Weekend

    May 12, 2025

    Gold Slips as US-China Trade War Thaws; Bitcoin Holds Steady

    May 12, 2025

    Strategy added 13,390 Bitcoin for $1.34B as price topped $100K

    May 12, 2025

    Bitcoin, altcoins poised to rally on US-China tariff agreement

    May 12, 2025

    Strategy added 13,390 Bitcoin for $1.34B as price topped $100K

    May 12, 2025

    US crypto funds smash old record amid 4-week inflow streak

    May 12, 2025

    BTC bulls get ‘biggest signal’ — 5 Things to know in Bitcoin this week

    May 12, 2025

    Bitcoin Now a Deflationary Asset Amid Aggressive BTC Accumulation by Strategy, According to CryptoQuant CEO

    May 12, 2025

    Bitcoin, altcoins poised to rally on US-China tariff agreement

    May 12, 2025

    DeGods NFT founder steps down as collection gains traction

    May 12, 2025

    Ethereum flips Coca-Cola and Alibaba as ETH gains 42% in 5 days

    May 12, 2025

    Ethereum chart pattern supports ‘moon shot’ rally to new price highs if confirmed — Trader

    May 11, 2025

    US crypto funds set new record amid 4-week inflow streak

    May 12, 2025

    Ethereum chart pattern supports ‘moon shot’ rally to new price highs if confirmed — Trader

    May 12, 2025

    ‘Dark stablecoins’ could emerge as regulations tighten

    May 12, 2025

    Lido DAO initiates emergency vote to swap compromised oracle

    May 11, 2025

    CoinDesk 20 Performance Update: Uniswap (UNI) Surges 12.7% Over Weekend

    May 12, 2025

    Gold Slips as US-China Trade War Thaws; Bitcoin Holds Steady

    May 12, 2025

    Australian Cloud Mining Launches High-Return BTC Investment Plans

    May 12, 2025

    Strategy added 13,390 Bitcoin for $1.34B as price topped $100K

    May 12, 2025
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Videos

    BREAKING: Bessent Announces US/China Trade Deal – Bitcoin SUPPLY SHOCK Incoming!

    May 11, 2025

    Solana’s Path to $1000 Starts Here — Don’t Miss This Update

    May 11, 2025

    BREAKING: Taiwan URGENTLY Plans Bitcoin Strategy in 2025

    May 10, 2025

    🚨XRP BLACKLISTED?! Trump TRICKED & FURIOUS

    May 10, 2025

    Bitcoin Just Broke Out – Is the Bull Run BACK?!

    May 10, 2025
ApeWatcher News
Home » Investors sue Meteora and VC firm, alleging fraud
Investors sue Meteora and VC firm, alleging fraud
News

Investors sue Meteora and VC firm, alleging fraud

Coin TelegraphBy Coin TelegraphApril 21, 20250 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

A group of investors has filed a class-action lawsuit against decentralized cryptocurrency exchange Meteora, alleging the firm was involved in manipulating the launch and market price of the M3M3 token.

In an amended complaint filed on April 21 in the US District Court for the Southern District of New York, the plaintiffs allege that venture capital firm Kelsier Labs, Meteora, and four current or former executives “intentionally misrepresented” information in the M3M3 launch in December 2024.

The investors claimed that they suffered at least $69 million in losses between December 2024 and February 2025 after the parties presented “trusted leaders in the Solana ecosystem” as being behind the token launch, rather than a “blatant fraud” in which sales were manipulated to artificially inflate the price.

“This artificially-inflated valuation communicated highly misleading information to non-insider investors, who reasonably relied on Defendants’ representations that the $M3M3 launch was fully accessible to the public and conducted in a transparent manner fair to non-insider investors, and thus reasonably relied on $M3M3 market price as a meaningful measure of its value,” the complaint reads. “The post-launch price spike also served to corroborate Defendants’ aggressively-marketed, but misleading, assertions that $M3M3 had intrinsic value and a comparatively low risk profile.”

Class-action lawsuit against Meteora, Kelsier Labs, and current and former executives. Source: PACER

The lawsuit is one of many involving different crypto firms that have alleged fraud through violations of US securities laws. Though the US Securities and Exchange Commission (SEC), under acting chair Mark Uyeda since US President Donald Trump took office, has scaled back or dismissed many enforcement actions involving digital assets, the agency said in February it still intended to pursue cases against fraudulent token projects.

The investors added:

“Together, Defendants designed the $M3M3 Token and planned its launch on Meteora in a manner intended to illicitly enrich themselves at the expense of the unsuspecting investing public.”

Related: Meteora says co-founder’s X account hacked after ‘parasitic’ memecoin post

Memecoins in the Solana ecosystem

Meteora has been tied to the launch of several high-profile yet controversial tokens, including those for Trump (TRUMP), his wife Melania (MELANIA), Libra (LIBRA), and online influencer Haliey Welch (HAWK).

According to the lawsuit, the firm “purported to offer a comprehensive solution to the problems in the memecoin investment market” with the launch of M3M3. The defendants in the case allegedly attempted to distinguish the token from other notable memecoins by highlighting the “legitimacy and trustworthiness” through the involvement of Meteora co-founder Ben Chow and the platform.

Kelsier Ventures, KIP Protocol, and Meteora face a similar class-action lawsuit filed in New York in March over LIBRA allegedly being launched in a “deceptive, manipulative and fundamentally unfair” manner. Argentine President Javier Milei briefly promoted the token over social media after his sister reportedly received payments from the project.

Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

CoinDesk 20 Performance Update: Uniswap (UNI) Surges 12.7% Over Weekend

May 12, 2025

Gold Slips as US-China Trade War Thaws; Bitcoin Holds Steady

May 12, 2025

Strategy added 13,390 Bitcoin for $1.34B as price topped $100K

May 12, 2025

Bitcoin, altcoins poised to rally on US-China tariff agreement

May 12, 2025

American Bitcoin, BTC Miner Backed by Eric and Donald Trump Jr, to Go Public

May 12, 2025

Strategy Buys More Bitcoin, Pushing Holdings to 568,840 BTC

May 12, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Articles

CoinDesk 20 Performance Update: Uniswap (UNI) Surges 12.7% Over Weekend

May 12, 2025

Gold Slips as US-China Trade War Thaws; Bitcoin Holds Steady

May 12, 2025

Australian Cloud Mining Launches High-Return BTC Investment Plans

May 12, 2025
ApeWatcher News
X (Twitter) Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2025 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.