Meteora Faces Class Action Lawsuit, Accused of Insiders Controlling 95% Supply in M3M3 Token Issuance

According to Cointelegraph, the decentralized exchange platform Meteora within the Solana ecosystem is facing a class action lawsuit. The lawsuit accuses it of causing investors a loss of $69 million through the M3M3 token issuance, with insiders controlling 95% of the token supply. This case is similar to the previous LIBRA token scandal involving the same parties.