Meteora ($M3M3) Insider Scam and Fake Launch Scheme Case

Investors can submit applications for the lead plaintiff role.

S.D. New York

Court

1:25-cv-03268

Case number

12/04/2024

Class period Start

04/19/2025

Class period End

06/18/2025

Lead Plaintiff motion deadline

$M3M3 investors filed a claim against Meteora and Kelsier Ventures for engineering a fake public token launch to secretly enrich insiders.
After the insider dump collapsed prices within days, $M3M3 lost over 98% of its value, trading near $0.003.
$M3M3 investors can join this case to be notified about potential recovery.
Case Details:

On December 4, 2024, Meteora launched its staking platform and token, $M3M3, promoting it as a safe, community-driven project. Marketing highlighted transparent tokenomics, staking rewards, and partnerships with crypto influencers.

But in reality, Meteora had secretly teamed up with Kelsier Ventures, and together they blocked public access to the token at launch. Using over 150 insider wallets, they quietly acquired 95% of the token supply within minutes, creating fake hype and pushing the market cap to $5 million.

Insiders then sold their tokens at inflated prices, briefly raising $ M3M3 above $0.12 before it crashed more than 90% by December 6, 2024. Despite continued promos and contests, the token kept falling, reaching $0.003 by March 2025, with over $69 million in retail investor losses.

Following public backlash, Meteora’s CEO resigned, and major Solana community figures cut ties with the project.

Based on these events, $M3M3 investors filed a claim against Meteora, Kelsier Ventures, and affiliated individuals, accusing them of the following:
It staged a fake token launch and used technical controls to block public access while secretly acquiring nearly the entire supply.
It artificially inflated $M3M3’s price, then dumped tokens on unsuspecting investors in a coordinated insider scheme.
Considering all the representations, investors believe Meteora and its partners engineered a deceptive insider enrichment plan disguised as a community-backed crypto launch.

Case Status

Lead Plaintiff Submission

Alleged Offence

Misleading Statements,

Insider Trading,

Omissions

Suspected Party

Directors,

Management

Security Type

Crypto Asset

Trade Direction

Long

Shock Event Date

12/06/2024

Filing date

04/19/2025

Lead Plaintiff Deadline

06/18/2025

$M3M3$M3M3

$M3M3$M3M3 is a Solana-based memecoin launched in December 2024 as part of Meteora's "Stake2Earn" platform (formerly known as M3M3). It introduces a staking model where top stakers earn rewards fro...

Symbol

$M3M3$M3M3.US