Solana DEX Meteora said $1.5 million was lost to an OTC scammer while the protocol was trying to buy back its own MET tokens.
Meteora, a Solana-based decentralized exchange and liquidity protocol, quietly said it lost $1.5 million to an OTC scammer while trying to buy back its own MET token in the first quarter.
The disclosure appeared in the financials section of the 17-page report, where Meteora said that “MET-related outflows of $2.5M in Q1 2026 are made up of $1.0M spent on buying back the $MET token, and $1.5M lost to an OTC scammer while attempting to buy back tokens.”
Athough Meteora said “a police report has been filed with local authorities,” the report didn’t name the alleged scammer or give transaction-level details.
Read also: Crypto Market Maker Disclosure Near Zero Across Top Tokens: Data
Meteora Stayed Cash-flow Positive
According to the report, Meteora ended up losing more money in the failed OTC deal than it actually managed to spend on the real buyback.
The protocol used $1 million in USDC▲$0.9998 to buy back around 7 million MET tokens at an average price of $0.1427. Another $1.5 million, which was meant for the same effort, was lost to the scammer.
That brought total buybacks to around $13.6 million, covering 39.5 million MET, including tokens deployed in MET/USDC liquidity pools. Meteora said 3.97% of total supply has been bought back so far, while also noting that bought-back MET “is not counted as a treasury asset.”
The exchange still ended the quarter with much stronger cash generation. Cash inflows totaled $25.4 million in Q1, up 30% from Q4. The protocol said Q1 produced $18.3 million in positive net cash flow and ended the quarter with a treasury position of $33.9 million.
Read more: Solana Price Prediction 2026: Can SOL Overtake Bitcoin?
