TechFlow news, April 23 — According to Decrypt, Solana decentralized exchange Meteora is facing a class-action lawsuit accusing it of orchestrating a $69 million M3M3 meme coin fraud. The lawsuit alleges that Meteora and its founder Benjamin Chow secretly collaborated with Kelsier Ventures, using 150 insider wallets to control approximately 95% of the token supply within 20 minutes of the token launch, artificially manipulating the price before dumping for profit. The M3M3 token has since plunged 98% from its peak, currently trading at just $0.003.
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