Michaela
Moty Povolotski, founder of the decentralized finance project DefiTuna, has announced that the platform refunded a $30,000 investment and severed ties with investor Kelsier following revelations of his role in market manipulation.
In an X thread, Povolotski explained that the decision came after disturbing reports of Kelsier’s involvement in market manipulation tied to $LIBRA, $MELANIA, and the M3M3 meme coin launchpad. He alleged that Kelsier Ventures, together with Meteora and M3M3, orchestrated coordinated meme coin launches on the Solana blockchain, reportedly extracting $200 million in profits at the expense of unsuspecting investors.
“I have personally gone the extra mile by risking myself and everything we built over at DefiTuna to try and get key players to speak up and start naming the bad actors and weeding them out,” Povolotski wrote.
Povolotski further revealed that a sprawling network of influencers is reportedly earning millions from the Meteora community, a scheme allegedly facilitated by the leadership team of Meteora co-founder Ben Chow. He stated that his direct outreach to Chow and other key Meteora contributors was met with complacency and a notable lack of accountability.
A video obtained by SolanaFloor and later referenced by Povolotski reveals that he informed Chow about Hayden Davis’ alleged meme coin misconduct. Chow appeared taken aback by the revelation, firmly denying any involvement by himself or Meteora and expressed regret for having associated Davis with other projects.
SolanaFloor reported that Kelsier reached out to DefiTuna via a Lebanon-based employee named Thomas, seeking liquidity for the M3M3 platform, which is allegedly owned by Chow. Povolotski further explained that projects launching on M3M3 were required to reserve a portion of their token supply for Kelsier’s group.
Screenshots show that the MATES and AIAI token launches resulted in a $2.4 million loss for community investors, with both tokens plummeting 95% shortly after their debut.
In a separate incident involving the Melania meme token, Kelsier provided DefiTuna with 1% of the total supply — valued at $100 million at its peak — and allegedly requested an anonymous sale via Orca LP tokens turned into NFTs to avoid on-chain tracking.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
