Investors Sue Meteora and VC Firm, Alleging Fraud in M3M3 Token Launch

A group of investors has filed a class-action lawsuit against the decentralized cryptocurrency exchange Meteora and venture capital firm Kelsier Labs, alleging fraud related to the launch and market price manipulation of the M3M3 token. The investors claim they suffered significant losses due to intentionally misrepresented information during the token launch in December 2024. The lawsuit alleges that the defendants presented the launch as transparent and fair, misleading investors and artificially inflating the token's value. This case is part of a series of lawsuits involving crypto firms accused of violating US securities laws. Meteora has been linked to other controversial token launches, and a similar lawsuit was filed against them in March over the LIBRA token.