A class-action lawsuit has been filed against Meteora and affiliated entities, alleging a fraudulent launch of the $M3M3 token. The complaint states that Meteora, its CEO Benjamin Chow, venture firm Kelsier Labs, and executives Hayden, Gideon, and Charles Thomas Davis misled investors about the token’s launch process, manipulating prices to benefit insiders before triggering a crash. 95% of the $M3M3 tokens were allegedly secured by a network of over 150 wallets, leading to restricted early-trading access for retail buyers. This manipulation ultimately resulted in a significant price collapse and losses estimated at over $69 million for affected investors. The lawsuit points to intentional misrepresentations about transparency and staking rewards during the initial promotional phase. Following the crash, defendants allegedly attempted to artificially inflate the token’s value but were unable to achieve lasting stability. The suit claims that the project deliberately concealed its affiliations and intentions, creating the illusion of a fair launch process. Meteora and Kelsier Labs face a history of controversy, with previous involvement in the LIBRA token scandal and other high-profile market crashes.