Meteora reveals $1.5M OTC scam loss while executing MET buybacks in Q1 Meteora disclosed a $1.5 million loss tied to an over-the-counter (OTC) scam in its Q1 2026 Token Holders’ Report, saying the theft occurred during an attempt to buy back MET tokens. The team reported it has filed a police report with local authorities but did not identify the alleged scammer or indicate whether any funds might be recovered. The scam accounts for part of $2.5 million in MET-related outflows for the quarter—$1 million of which was spent on buybacks and $1.5 million lost to the scam. The $1 million buyback purchased roughly 7 million MET at an average price of $0.1427. Cumulative buybacks now total $13.7 million, representing 3.97% of MET’s total supply. Broader Q1 financials - Cash outflows: $7.0 million in Q1 2026, down sharply from $30.8 million in Q4 2025—Meteora attributed the decline to fewer one-off TGE-related costs and reduced large capital investments. - Cash inflows: $25.4 million, up 30% quarter-over-quarter. Net cash flow for the quarter was $18.3 million. - Treasury: closed Q1 at $32.8 million, which Meteora says provides more than two years of runway at current burn rates. - Monthly operational burn: $1.4 million, about 10% lower than the FY2025 run rate. Trading and revenue performance - Trading volume: $19.5 billion in Q1, down 36% from Q4 2025. - Total fees: $105.9 million, down 51% quarter-over-quarter. - Revenue: $11.4 million, down 35% QoQ—Meteora noted revenue held up relatively better than fees as market activity cooled. - Product mix: DLMM handled 86% of volume and 54% of fees; DAMM and DBC pool fees rose 18% from Q4. Community reaction The disclosure drew attention on X (formerly Twitter) after crypto user Dr. Zuler highlighted the loss, posting, “Not sure how to feel about this,” and observing that few teams would publicly share such details. Takeaway Meteora’s Q1 report mixes reassuring liquidity metrics—positive net cash flow, a multi-year runway, and ongoing buybacks—with a notable operational hiccup in the form of an OTC scam. The team has been transparent about the incident but has provided limited detail on the circumstances or prospects for recovery. Read more AI-generated news on: undefined/news