Meteora, a decentralized exchange (DEX) on Solana, is facing a class action lawsuit for allegedly orchestrating a $69 million rug pull associated with the launch of the M3M3 meme coin. The lawsuit, filed in New York, accuses Meteora's founder, Benjamin Chow, and Kelsier Ventures of secretly controlling the token launch and manipulating the supply. Plaintiffs claim that 150 insider wallets were used to acquire 95% of the tokens shortly after launch, leading to significant losses for non-insider investors. The M3M3 token's initial promotion portrayed it as publicly launched by a passionate community, but the suit alleges it was a coordinated effort meant to inflate value and profit from unsuspecting investors. This incident follows previous controversies involving the same defendants and a connection to another meme coin, LIBRA, linked to political fallout in Argentina. The current lawsuit highlights concerns around transparency and compliance with federal securities laws in crypto token launches.

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