Fnalysis.
Repeat Offenders
The same group behind the Milei $LIBRA scandal manipulated another token and left investors $69 million poorer
A class-action lawsuit filed in New York accuses Meteora, its then-CEO Benjamin Chow, and Kelsier Ventures — the firm run by the Davis family, the same one linked to the $LIBRA token scandal involving Argentine President Javier Milei — of secretly grabbing 95% of the $M3M3 token's supply before launch, artificially inflating its price, and selling it to the public without disclosure. Using Meteora's dynamic market maker, they built manipulated liquidity pools and extracted more than $57 million in USDC and SOL within hours. The token has since fallen over 98% from its all-time high.
The case ties directly back to the $LIBRA token scandal that wiped out thousands of investors after Argentine President Javier Milei's tweet: according to the lawsuit, Kelsier Ventures — the firm behind that episode — also held hidden control over Meteora's smart contracts through a multisig wallet, letting it reconfigure liquidity pools and freeze trading while publicly describing the system as "decentralized."
Source: Cointelegraph →A horror sequel, same writers.