Ben Chow, co-founder of Meteora—the Solana-based platform behind the controversial Trump and Melania token launches—has resigned following insider trading allegations that have surfaced after the collapse of LIBRA token, a crypto initially backed by Argentine President Javier Milei whose value plummeted over 90% within hours of its launch.
Meow is the pseudonym of Meow who was the co-founder both of Meteora exchange and Jupiter. The following is a list of the most recent reviews. Ben’s resignation was announced on Monday in a Twitter post. It followed his inability to judge as a leader of a project in the last few months.
Chow and Meow both have not responded. Decrypt's Comments are welcome.
You can also find out more about the following: LIBRA Analysts on the blockchain have been accusing each other of insider trades following tokens’ collapse. Pointing to Possible insider involvement in the dumping of tokens when the assets’ price is at its highest.
Platforms such as Meteora that provided technical assistance for the launch of the token, were caught up in the controversy.
With the firm now seeking new leadership, Chow's exit has raised Questions about the ethics of token launches that are high profile and have an impact on cryptocurrency.
In the wake of the allegations, Meow clarified his companies' stance, noting neither Jupiter nor Meteora were involved in insider trading or financial misconduct.
Jupiter had previously confirmed that the launch was an “Argentina Coin” It was “an open secret” Jupiter did not know the exact details of what would be said in meme coin circle.
Ben had run Meteora without Meow’s significant input for over a full year.
Chow is yet to make an official announcement, but he has previously spoken out on X about the controversy, giving his perspective.
He initially tweeted a number of times on Saturday. You can learn more about this by clicking here. Meteora was only involved in providing technical assistance for the LIBRA launch.
“The $LIBRA team used Meteora, which is a permission-less platform,” The Meteora founder tweeted. “We never had any access to the tokens or to Milei.”
Meteora was not involved in any decision making or marketing activities. The platform allows users to create tokens and pools without Meteora’s involvement.
Ben later retracted the tweet he made. Thank you for your acknowledgement Questions had been raised about Meteora’s involvement in the launch LIBRA token and other tokens.
Chow discussed his relationship with Hayden Davis, of Kelsier Ventures who played a role in the LIBRA’s launch. TRUMPThen, MELANIA .
“I referred them [Hayden Davis] to a handful of other projects that had inquired with us about deployer firms, which included the team behind $MELANIA,” Ben writes.
The report said he had referred Kelsier Ventures on to other projects, and that the relationship between the two was based on trust built during the successful M3M3 launch in December.
Meow has announced plans to conduct an independent third party investigation in response the backlash from community members. They are seeking to hire California-based law firm Fenwick & West to handle the allegations and promote transparency.
Chow's resignation has been met with mixed reactions, with some support from figures such as Kash Dhandha, a founding member of Super Team DAO and a ‘Cat Herder’ at Jupiter, who Protected As a victim, he is. “strategic mistakes” Better to avoid misconduct than incompetence
LIBRA’s market capitalization soared from $4 billion to 91% before plummeting, raising suspicions that market manipulation was taking place.
Milei continues to be impacted by the aftermath of LIBRA. She is now facing calls for her impeachment and legal action Accusing him He was charged with fraud for his fraudulent promotion of the token.
Sebastian Sinclair edited the book
