Departure Announced Following Meme Coin Controversy
Ben Chow, co-founder of Meteora, has stepped down from his role after controversy erupted over the Libra memecoin. The announcement came from Meow, co-founder of the Solana-based Jupiter exchange, who stated that while he trusts Chow’s character, the situation required a leadership change.
Libra Token’s Rise and Fall
The Libra memecoin gained massive attention after Argentina’s President Javier Milei endorsed it, causing its market value to surge. However, just as quickly, the token collapsed after Milei deleted his post and retracted his support. Reports soon emerged that Libra’s development team had engaged in insider trading, profiting from the token’s launch.
Meteora’s Involvement Sparks Concerns
Libra’s liquidity pools were hosted on Meteora, linking the platform to the scandal. While there was no direct evidence of wrongdoing by Meteora, blockchain investigators flagged questionable transactions tied to the token’s deployment. In response, Chow denied that Meteora or its team had received Libra tokens or participated in the launch.
Leaked Footage Adds to the Controversy
A video posted by SolanaFloor raised further doubts, showing a conversation where DefiTuna founder Dhirk informed Chow about insider trading by key players involved with Libra. In the video, Chow appeared shocked and expressed regret for previously collaborating with them.
“I feel so sick because I gave him Melania,”
Chow said in reference to an earlier token project.
“I messed up because I enabled the guy that should not have been enabled.”
Independent Review Planned
Despite Chow’s resignation, Meow reassured the community that no financial misconduct had occurred within Meteora or Jupiter. To maintain transparency, he announced that an independent third-party review would be conducted to investigate any potential wrongdoing.
Chow’s exit underscores the growing scrutiny around meme coin launches and the risks associated with rapid speculation in the crypto market.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
