Meteora Faces Insider Trading Allegations in Upcoming Investigation

Meteora, a prominent exchange in the Solana ecosystem, has become the focal point of an insider trading investigation led by ZachXBT.

The on-chain researcher had earlier hinted at revealing evidence of insider trading at a major protocol, sending shockwaves through the crypto market. Polymarket users have been actively speculating about which protocol would be targeted, with Meteora emerging as the top suspect.

As of February 28, Meteora's odds of being the subject of investigation had climbed to 53%, with some traders even going so far as to short-sell the token. The exchange's liquidity has also taken a hit, standing at $494M, with around $500K in daily fees.

The investigation is expected to be revealed by March 2, with the market holding its breath for the outcome. If Meteora is indeed found guilty of insider trading, it could lead to significant losses and damage to its reputation.