April 23, 2025 | 03:35A new class-action lawsuit accuses Solana DEX Meteora and its founder, Benjamin Chow, of orchestrating a $69 million rug pull through the M3M3 meme coin launch. The suit alleges that 150 insider wallets dominated 95% of the token supply within 20 minutes, artificially inflating prices before dumping on unsuspecting investors. The plaintiffs, represented by Burwick Law, claim the defendants violated securities laws by concealing their control over the token. This follows a similar case involving the LIBRA meme coin, which caused market turmoil and political controversy in Argentina. M3M3 has since plummeted over 98% from its peak, trading at just $0.003. Meteora and Kelsier Ventures, also named in the suit, have yet to respond to the allegations.
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