Meme Coin Mayhem: $69M Crash?! 😱 Execs in Hot Water!

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So, Meteora, this Solana-based “decentralized” exchange, is getting sued. Class-action style. Apparently, someone thought it was a good idea to launch a token called M3M3. I mean, the name alone should have been a red flag, right? 🚩

This lawsuit – filed in the Southern District of New York, because of course it was – claims Meteora, their CEO Benjamin Chow (who probably regrets that name right about now), and some venture firm called Kelsier Labs (sounds like a villain’s hideout) allegedly misled everyone about this $M3M3 token. Manipulated the price, cashed out. You know, the usual. 🙄

Apparently, these insiders were sneaky little devils. They allegedly grabbed 95% of the $M3M3 supply using a bunch of wallets. Over 150! Talk about commitment. Or maybe just greed. 🤔

Then, they locked out the regular folks, the retail investors, during the early trading. Inflated the price with their own little trades. It’s like a rigged game of Monopoly, except with real money and way more tears. 😭

And then, the glorious dump. Once the price was high enough, they cashed out, leaving everyone else holding the bag. A bag full of worthless meme coin, I might add. 💩

The irony? They pitched this $M3M3 token as a solution to the “pump-and-dump” culture! Chow even called it “safe” and “stake-backed.” Oh, honey, bless your heart. 😇

They promised transparency, openness, staking rewards from Meteora transaction fees. All lies, darling, all lies! 🤥

So, $69 million in damages. Nice. Non-insider investors bought the hype, and then bam! The token’s value went kaput within days. The crash started on December 6th, right after the insiders got their payday. Coincidence? I think not! 😈

They tried to regain trust, artificially re-inflating the token’s value. But you can’t polish a turd, can you? 💎➡️💩

And of course, they hid their identities. Made it seem like a “community-driven” launch. Because nothing screams “community” like secretly hoarding 95% of the tokens. 🤡

Meteora and Kelsier Labs are already in trouble from the LIBRA token crash. Seems they have a type. 💔

Same story with LIBRA: insiders cashing out at the top, leaving the little guys in the dust. They were also linked to MELANIA, another memecoin disaster. A pattern is emerging, isn’t it? 🧐

Chow stepped down from Meteora after the LIBRA allegations. Probably polishing his resume as we speak. 💼

This M3M3 launch? Apparently, it was the same old song and dance. The plaintiffs want a receiver to oversee Meteora and protect the remaining assets. Good luck with that! 🤞

They’re also pushing to classify these stake-based meme tokens as securities. Because maybe, just maybe, that will stop this madness. Or at least make it slightly less profitable for the scammers. 🤷‍♀️

According to Max Burwick (from Burwick Law, obviously), this could influence how future celebrity or political tokens are launched on Solana. Let’s hope so, for all our sakes. 🙏

Burwick’s firm is also suing Kelsier Ventures, KIP Protocol, and Meteora over the LIBRA debacle. Talk about a busy lawyer! 👩‍⚖️

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2025-04-22 10:03