Source: Cointelegraph Original: "{title}"

A group of investors has filed a class-action lawsuit against the decentralized cryptocurrency exchange Meteora, accusing the company of participating in the manipulation of the issuance and market price of the M3M3 token.

According to a revised complaint submitted to the U.S. District Court for the Southern District of New York on April 21, the plaintiffs allege that the venture capital firm Kelsier Labs, Meteora, and four of its current or former executives made "intentional false statements" during the M3M3 token issuance process in December 2024.

Investors claim they suffered losses of at least $69 million between December 2024 and February 2025. The parties involved described the token issuance as being led by "trusted leaders in the Solana ecosystem," while in reality, it was a "blatant fraud," with sales manipulated to artificially inflate prices.

The complaint states: "This artificially inflated valuation conveyed highly misleading information to non-insider investors. These investors reasonably believed the defendants' statements that the M3M3 token issuance was fully open to the public and conducted in a transparent manner fair to non-insider investors, and thus they reasonably regarded the M3M3 market price as a meaningful measure of its value." "The post-issuance price surge further corroborated the defendants' actively marketed but misleading claims that M3M3 had intrinsic value and relatively low-risk characteristics."

This lawsuit is one of many allegations against cryptocurrency companies for fraud in violation of U.S. securities laws. Under the leadership of acting chair Mark Uyeda, the U.S. Securities and Exchange Commission (SEC) has scaled back or withdrawn many enforcement actions involving digital assets, but the agency stated in February that it would continue to combat fraudulent token projects.

Investors added:

Meteora is associated with several high-profile but controversial token issuances, including the Trump token (TRUMP), its wife Melania token (MELANIA), Libra (LIBRA), and influencer Haliey Welch token (HAWK).

According to the lawsuit documents, the company claimed to provide a "comprehensive solution to the issues in the meme coin investment market" through the issuance of the M3M3 token. The defendants in the case allegedly attempted to emphasize the token's "legitimacy and credibility" by highlighting the involvement of Meteora co-founder Ben Chow and the platform, distinguishing it from other well-known meme coins.

Kelsier Ventures, KIP Protocol, and Meteora are facing another similar class-action lawsuit in March in New York, accusing the issuance of the LIBRA token of being conducted in a "deceptive, manipulative, and fundamentally unfair" manner. Argentine President Milei briefly promoted the token on social media, following reports that his sister received payments from the project.

Related: Illinois Senate passes cryptocurrency bill to combat fraud and "runaway" behavior.

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