Co-Founder of Solana DEX Meteora Resigns Amid LIBRA Token Controversy
Ben Chow, a co-founder of the Solana-based decentralized exchange Meteora, has resigned. The move comes after allegations surfaced that he privately received or managed LIBRA tokens. Meow, the pseudonymous co-founder of both Meteora and Jupiter, announced the news on X.
Meow emphasized the projects’ commitment to openness. He assured the community that neither Meteora nor Jupiter was involved in insider trading or financial misconduct. To address the claims, the companies have hired Fenwick & West, a reputable legal firm, to conduct an independent investigation.The findings will be shared publicly.
Meteora has operated independently from Jupiter for over a year, with Chow leading the project. Meow expressed confidence in Chow’s character but cited poor judgment in recent months as the reason for his resignation.
The LIBRA memecoin gained attention after Argentine President Javier Milei mentioned it. Its value soared to over $4 before crashing to under 50 cents. Reports suggest insiders cashed out over $100 million, sparking rumors of market manipulation.
Milei’s involvement has caused political tensions in Argentina. The nation’s Anti-Corruption Office is now reviewing the case. binance co-founder Chang Peng Zhao offered to donate 150 BNB to help victims of the scam.
The LIBRA incident highlights the risks of memecoin trading. It has sent shockwaves through the crypto space, prompting calls for greater regulation and transparency.
