A class-action lawsuit has been filed against decentralized cryptocurrency exchange Meteora and venture capital firm Kelsier Labs in New York. The plaintiffs allege the firms and four executives misrepresented the M3M3 token during its launch in December 2024, causing investors to suffer losses exceeding $69 million between December 2024 and February 2025. The lawsuit claims the defendants falsely associated the token launch with reputable figures in the Solana ecosystem while engaging in manipulation to inflate the market price. The plaintiffs argue they relied on misleading claims of transparency and public accessibility during the launch, which portrayed the token as valuable and low-risk. This case adds to a growing list of lawsuits concerning fraudulent practices in the crypto sector, despite the SEC scaling back some enforcement actions. Investors allege the design and launch of the M3M3 token aimed to enrich the defendants while deceiving the investing public.

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