Ben Chow, co-founder of Meteora, has resigned amid allegations of financial misconduct linked to the LIBRA meme coin.
Chow Denies Involvement in Controversy
Meow, the pseudonymous co-founder of the decentralized exchange Jupiter, announced Chow’s resignation on X. Meow expressed confidence in Chow’s character but noted his recent lack of judgment regarding the project's core operations. Meow also revealed plans to hire an independent firm to investigate the situation.
Insider Trading Allegations
The LIBRA meme coin gained attention after being promoted by Argentine President Javier Milei, which caused its value to surge. However, the price later fell dramatically after his post was deleted. Rumors of a rug pull emerged, involving accusations of market manipulation. Reports suggested insiders cashed out over $100 million while regular buyers suffered substantial losses. In a separate statement, Chow denied any personal involvement in the LIBRA project.
Alleged Video Evidence
In light of the rumors, a video surfaced online featuring an alleged conversation between Chow and DefiTuna founder Dhirk. In the video, Dhirk claims to have witnessed Hayden Davis and members of his company Kelsier Ventures engaging in insider trading in Barcelona. Chow is seen denying misconduct and expresses surprise and concern. He also regrets recommending Davis to other meme initiatives like MELANIA.
Ben Chow's resignation underscores the importance of ethical standards and transparency in managing crypto projects. Future steps towards finding new leadership will shape Meteora's direction.
