Investors Slam Meteora and VC Firm with $69M Fraud Lawsuit

A class-action lawsuit filed in New York accuses Meteora, Kelsier Labs, and four executives of fraudulently manipulating the M3M3 token launch in December 2024, causing $69 million in investor losses.

The plaintiffs allege the defendants misrepresented the token’s legitimacy and artificially inflated its price, misleading investors. This lawsuit is part of broader legal actions against crypto firms for securities law violations, despite the SEC scaling back enforcement under new leadership. Meteora, linked to controversial Solana-based memecoins like TRUMP and LIBRA, faces similar allegations in another New York lawsuit over the LIBRA token.