DefiTuna Severs Ties with Kelsier Over $200M Meme Coin Scheme

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2025/02/19/defituna-severs-ties-with-kelsier-over-200m-meme-coin-scheme/ on 2025-02-19. Article ID: SD21109T8a7ff09e. Author: Michaela. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2025/02/19/defituna-severs-ties-with-kelsier-over-200m-meme-coin-scheme/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

Moty Povolotski, founder of the decentralized finanсe 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.

DefiTuna accepted an investment from Kelsier with a size оf $30,000 which put Kelsier as the 2nd smallest investor in DefiTuna back in January 16, 2025.

Upon finding out about Kelsier's activities we have refunded Kelsier and cut all ties.
— Dhirk 🦣 (@CavemanDhirk) February 17, 2025

“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 communitу, 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 сontributors 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 involvеment by himself or Meteora and expressed regret for having associated Davis with other projects.

🚨 BREAKING: SolanaFloor has obtained exclusive video evidence exposing a $200M+ memecoin extraction scheme tied to @KelsierVentures , @MeteoraAG and @WEAREM3M3_ .

The footage, featuring DeFi Tuna Founder @CavemanDhirk and Ben Chow, lends further credibility to allegations of… pic.twitter.com/rjPLBgKCjG
— SolanaFloоr (@SolanaFloor) February 17, 2025

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

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

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 Daily is the official publication 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.

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