The launch of the LIBRA coin, promoted by Argentine President Javier Milei, has stirred significant controversy in the crypto industry, affecting projects such as Solana and raising concerns over the trustworthiness of the new memecoin.
LIBRA's Impact on the Crypto Market
Following the launch of LIBRA, Solana's token price dropped over 17%, from $204 to $169. This decline accompanies heated debates on the memecoin's market influence and the possible involvement of the Argentine president in its creation.
Accusations Against Meteora and Jupiter
Co-founder of Meteora Ben Chow resigned following accusations of insufficient caution. Additionally, the DeFiTuna co-founder leveled accusations at Meteora for insider trading. However, representatives of Jupiter and Meteora have stated that no malpractice occurred.
Industry Reactions and Next Steps
In response to the events, Jupiter has launched an independent investigation. Despite criticism regarding the chosen law firm, a decision on further cooperation is yet to be made.
The debates around LIBRA continue to escalate, emphasizing the importance of transparency and ethics in cryptocurrency projects. The investigation results are anticipated to shed more light on the ongoing processes.
