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$M3M3$M3M3.US
id: 1575

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