Meteora lost $1.5M to OTC scam during MET token buybacks but ended Q1 with $32.8M treasury and strong cash flow.

Meteora disclosed a $1.5 million loss due to an OTC scam during MET token buybacks in its Q1 2026 report. Despite this, the protocol reported a strong net cash flow of $18.3 million and ended the quarter with $32.8 million in treasury funds, ensuring over two years of operational runway. Trading volumes and fees declined in Q1, but the team continued buybacks, spending $1 million on MET tokens. A police report has been filed regarding the scam, though recovery details remain unclear.