On April 23, Decrypt reported that Meteora, a Solana decentralized exchange, is facing a class action lawsuit accused of orchestrating a $69 million M3M3 meme coin fraud. The lawsuit alleges that Meteora and its founder, Benjamin Chow, secretly partnered with Kelsier Ventures to control about 95% of the token supply through 150 internal wallets within 20 minutes of the token's launch, artificially manipulating the price and then selling it for a profit. The M3M3 token has now plummeted 98% from its peak to just $0.003.

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