Ben Chow, co-founder of the Solana-based decentralized exchange Meteora, has reportedly resigned from his position.
The development was confirmed by Meow, the pseudonymous co-founder of both Meteora and Jupiter, in an X post on February 18. Chow’s resignation comes amidst swirling allegations related to the LIBRA memecoin.
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 controversy stems from claims that Chow privately received or managed LIBRA tokens, leading to a significant fallout within the crypto community. The situation escalated when the LIBRA token, linked to Argentine President Javier Milei, experienced a volatile surge followed by an abrupt crash. This raised concerns about insider trading and financial misconduct within Meteora’s leadership.
In the statement, Meow emphasized that neither Jupiter nor Meteora were involved in any insider trading or wrongdoing. However, they acknowledged that Chow’s decision to step down was influenced by concerns over his “lack of judgment” in recent months, particularly given Meteora’s growing size and reputation. His resignation is seen as an effort to protect the platform’s credibility, which has come under scrutiny following the LIBRA debacle.
In response to the crisis, the Jupiter DEX team has denied allegations of participating in an insider trading scheme related to the memecoin. They stated that no team members received $LIBRA tokens or any compensation for the launch. The DEX management has reportedly hired the law firm Fenwick & West to conduct an independent investigation into the matter following the conclusion of their internal investigation. They noted that the goal is to clarify the sequence of events and identify any potential misconduct.
Adding to the controversy, analysts at Bubblemaps have linked the launch of the LIBRA memecoin to the team behind the controversial Melania (MELANIA) token. The analysts claimed that they are highly confident the same group—or closely connected individuals—were behind both projects and that the activities suggest a pattern of market manipulation involving pump-and-dump schemes.
The analysts urged investors to exercise caution as these manipulation tactics continue to surface.
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