A class-action lawsuit has been filed against the Solana-based decentralized exchange, Meteora, for its alleged role in a pump-and-dump scheme surrounding the M3M3 meme coin launch. The suit claims that Meteora’s platform facilitated an unfair launch by restricting public access to buying the token while insiders quickly amassed 95% of its supply. This manipulation led to a rapid price spike followed by a crash, resulting in losses for investors estimated at over $69 million between December 2024 and February 2025. The plaintiffs accuse Meteora founder Benjamin Chow and other key figures, including venture firm Kelsier Labs and its executives, of intentionally misleading investors with promises of a fair launch while using deceptive tactics to profit from the price volatility. They argue that the defendants concealed their identities throughout the process and sought to manipulate public perception through staged claims of transparency and accessibility. This lawsuit further underscores concerns about stake-based meme coins’ classification as securities, which could significantly impact future offerings on the Solana blockchain.