Solana DEX Meteora Targeted in Lawsuit Over Meme Coin Scheme

A lawsuit against Solana DEX Meteora is raising concerns about the security of the Solana DeFi ecosystem. The legal action alleges that Meteora and its parent company, Kelsier Labs, engaged in a pump-and-dump scheme involving the $M3M3 coin. Investors are now seeking compensation for losses exceeding $69 million. 😥 This lawsuit comes amidst a string of similar allegations against companies involved in market manipulation schemes. Past incidents like Libra and MELANIA suggest a pattern of insider profits and potential harm to investors. 📈, this is further evidence of the risks associated with DeFi projects.