DefiTuna reveals the US$200 million market manipulation plan of the M3M3 platform, involving multiple projects such as LIBRA and MELANIA

PANews February 18th news, according to SolanaFloor, on February 17, 2025, DefiTuna founder Moty publicly announced through the X platform that DefiTuna has withdrawn from Kelsier, an investor who invested $30,000 in the project on January 16, 2025. and cut off all contact with it. This decision came after Kelsier's alleged involvement in market manipulation, especially its association with LIBRA, MELANIA and meme launchpad platform M3M3 was exposed. Moty disclosed a series of suspected orchestrated token manipulations that have caused community members to suffer large-scale withdrawals.

"After discovering Kelsier's activity, we have refunded Kelsier and cut off all contact," Moty wrote. After announcing the decision, Moty elaborated on his concerns in a series of posts, claiming that Kelsier was involved," he wrote. A carefully planned plan to withdraw large amounts of funds from the meme coin launchpad platform M3M3. Meteora leadership, including Ben, facilitated a large number of influencers who have gained huge benefits at the expense of the community. Despite direct contact with Meteora's core contributors, they showed little sense of responsibility. Meteora's co-founder Ben said he would resign after being questioned, but only made an vague public response. "I personally have gone to the best of my own and everything we have built at DefiTuna, trying to get the key figures to speak out, start identifying these bad guys and clear them out," Moty said.

SolanaFloor contacted Moty to learn more about DefiTuna’s interaction with Kelsier and gain insight into how the M3M3 platform powered by Meteora works. Moty described DefiTuna's interaction with Kelsier in detail, revealing that Kelsier contacted them through Lebanese employee Thomas and asked for assistance in providing liquidity for the M3M3. Initially, the M3M3 was promoted as an independent platform, but it was later revealed that Ben has become its owner. Kelsier's participation requires projects launched on M3M3 to allocate a percentage of token supply to them. Vlad, co-founder of DefiTuna, came passively in the process of believing that the cooperation was legal. Moty revealed that Kelsier personally asked them to provide liquidity for the M3M3, and Meteora co-founder Ben prohibited any transactions outside of Meteora. When DefiTuna proposed a neutral liquidity allocation strategy, they were ignored.

Moty said more than $200 million was stolen in several projects including AIAI, MATES, ENRON, Melania and Libra. Screenshots show that Hayden shared the minting addresses of the tokens with a group of influencers in front of the official launchpad, allowing them to buy in advance and make substantial profits. When asked about the total profit Kelsier earned from M3M3, Moty replied: "If you count AIAI, MATES, ENRON, a bunch of other projects... Melania and LIBRA... it's over $200 million. There are many other projects.”