TL;DR
- Ben Chow, co-founder of Meteora, resigns amid the LIBRA meme coin controversy, raising questions about integrity and transparency.
- The LIBRA token’s rapid rise and fall following endorsement and withdrawal by Argentine President Milei led to significant investor losses and allegations of insider trading.
- Chow’s resignation has impacted the crypto community, sparking calls for greater regulatory oversight and transparency, with legal investigations underway.
Ben Chow, co-founder of the Solana-based DEX Meteora, has resigned following the controversy surrounding the LIBRA meme coin. The resignation was announced by Meow, the pseudonymous co-founder of Jupiter, another Solana-based DEX, who also co-founded Meteora.
This move has sent shockwaves through the crypto community, raising questions about the integrity and transparency of the involved parties.
Hi, I’m meow from Jupiter, and I also cofounded Meteora.
Firstly, I’d like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately.
Secondly, we are hiring an independent 3rd…
— meow (🐱, 🐐) (@weremeow) February 18, 2025
The LIBRA Meme Coin Scandal
The LIBRA meme coin became a hot topic last Friday when Argentine President Javier Milei publicly endorsed the token as part of an initiative to boost the country’s economy.
After Milei expressed his support, LIBRA’s market value soared, but it quickly crashed when the president retracted his endorsement. The rapid rise and fall of the token’s value led to significant financial losses for investors and accusations of insider trading and misconduct.
Ben Chow’s Resignation
In a statement on social media platform X, Meow explained that while he remains confident in Chow’s character, the lack of judgment displayed in handling key aspects of the project led to his resignation.
Meow emphasized that neither Meteora nor Jupiter engaged in insider trading or financial wrongdoing. However, the controversy surrounding the LIBRA token and the subsequent fallout necessitated Chow’s departure from Meteora.
Impact on the Cryptocurrency Community
The resignation of Ben Chow has had a profound impact on the cryptocurrency community. Many investors and stakeholders are now questioning the practices and ethics of those involved in the LIBRA project.
The scandal has also prompted calls for greater regulatory oversight and transparency within the industry to prevent similar incidents in the future.
Legal and Financial Repercussions
The fallout from the LIBRA meme coin scandal has not been limited to reputational damage. Legal challenges and investigations are now underway to determine the extent of any wrongdoing.
Both Meteora and Jupiter have denied any involvement in insider trading and have engaged an independent law firm to conduct a thorough investigation. The results of this investigation will be made public to address the concerns of the community.
