Meteora and LIBRA's coin issuance party are being sued by a U.S. law firm for fraudulent activities in the issuance of $M3M3 Token.

The American law firm Burwick Law, which previously filed a class action lawsuit against Pump.fun, recently announced that it has filed a lawsuit against a number of crypto assets companies, including Meteora and Kelsier, as well as their team members. It is reported that the lawsuit accuses Meteora of fraudulent behavior during the launch of the $M3M3 Token.

Meteora and LIBRA have a close relationship with the coin issuer.

Burwick Law previously filed a class action lawsuit against Pump.fun, and after Argentine President Javier Milei promoted the meme coin $LIBRA in February, stated: "If you have suffered financial losses on $LIBRA, please contact Burwick Law Firm to understand your legal rights. Our firm represents thousands of clients seeking to recover their Crypto Assets losses."

(Reviewing Argentina's President issuing Token LIBRA: A scam? The behind-the-scenes team KIP exposed, a well-known law firm is willing to provide legal assistance)

Burwick Law has announced that it will represent investors in a lawsuit against Ben Chow, Meteora, Hayden Davis, Gideon Davis, CT Davis, and Kelsier, accusing them of fraud, securities fraud, and other claims in connection with the launch of the $M3M3 Token on Meteora.

In the LIBRA case, Meteora has a complex relationship with the LIBRA issuing party. In terms of the defendants, Ben Chow is a co-founder of Meteora and Jupiter. Hayden Davis is the head of the venture capital firm Kelsier Ventures, which he claims is only acting in an advisory capacity in this matter.

( Meat Search Argentina President Meme Coin LIBRA Behind-the-Scenes Puppet Master: Latest Relationship Diagram, KIP and Kelsier Respond )

Internal wallet controls 95% of the chips

As a summary, the lawsuit points out that the Solana decentralized exchange Meteora, its former CEO Chow, and the venture capital firm Kelsier ( operated by the Davis father and son ) are suspected of colluding to manipulate the meme coin $M3M3, with a fraud amount reaching as high as 69 million USD. The defendants, under the name "M3M3 platform," claimed that staking could share transaction fees and reduce volatility, attracting a large number of investors.

However, in fact, only 20 minutes after the launch of $M3M3, 150 internal wallets controlled 95% of the Tokens and blocked retail investors from buying by manipulating the liquidity pool. After artificially raising the market value to 5 million USD, insiders began to sell off, and on December 6, the coin price plummeted; after multiple attempts to save the market failed, the project announced its effective termination in February this year, with the coin price remaining at 0.003 USD.

This article reports that Meteora and the issuer of LIBRA are being sued by a U.S. law firm, alleging that the issuance of the $M3M3 Token involves fraudulent activities, first appearing in Chain News ABMedia.