Meteora disclosed a $1.5 million loss tied to an OTC scam in its Q1 2026 Token Holders’ Report.
The loss happened while the team was trying to buy back $MET tokens, according to the report. Meteora said total cash outflows reached $7 million in Q1 2026. This was down from $30.8 million in Q4 2025.
The report said the drop came from lower one-off costs after its TGE-heavy quarter. It also noted fewer large capital investments compared with Q4.
Meteora reported $2.5 million in $MET-related outflows during the quarter. This included $1 million spent buying back $MET and $1.5 million lost to an OTC scammer.
Police report filed with local authorities
The Q1 report said the scam happened during an attempt to buy back tokens through an OTC deal. Meteora said a police report has been filed with local authorities.
The disclosure drew attention on X after crypto user Dr. Zuler pointed to the loss. He wrote, “Not sure how to feel about this,” while noting that few teams would share such details.
The report did not name the alleged scammer. It also did not provide further details on whether any funds may be recovered.
Volumes and fees fell in Q1
Meteora reported $19.5 billion in Q1 trading volume, down 36% from the previous quarter. Total fees fell 51% to $105.9 million.
Revenue came in at $11.4 million, down 35% quarter over quarter. The team said revenue held up better than fees as market activity cooled.
DLMM handled 86% of volume and 54% of fees. However, DAMM and DBC pool fees rose 18% from Q4.
Treasury ends quarter with $32.8 million
Meteora said cash inflows reached $25.4 million in Q1, up 30% quarter over quarter. Net cash flow stood at $18.3 million.
The treasury closed the quarter at $32.8 million. Meteora said the protocol has more than two years of runway.
The team also reported $1.4 million in monthly operational burn. That was 10% lower than the FY2025 run rate.
Meteora continued $MET buybacks during the quarter. It spent $1 million to acquire 7 million $MET at an average price of $0.1427. Cumulative buybacks now stand at $13.7 million, covering 3.97% of total supply.