Meteora, a Solana-based decentralized exchange, and its founder Benjamin Chow have once again faced a lawsuit alleging that they defrauded investors through fraudulent schemes.
The new complaint, following the first filed in April 2025, alleges that Chow and Kelsier Ventures created a false reputation by using famous names like Melania Trump and Javier Milli and encouraged investors to buy 15 Solana-based tokens like MELANIA and LIBRA.
According to the complaint, the group systematically manipulated the supply and price of tokens, inflating prices by creating artificial shortages and widespread advertising, and then selling off all of their holdings, resulting in heavy losses for ordinary investors.
According to reports, Chow was responsible for the technical side and had the ability to control the supply and liquidity of the tokens, while Kelsir Ventures used Instagrammers and advertising campaigns to attract investors.
Data shows that the profits from these schemes exceeded $100 million. The Meteora founder insists on his innocence, but the available evidence confirms his financial interaction with the mentioned tokens.
