Meteora Exec Resigns Amid Monetary Misconduct Claims

Ben Chow, co-founder of DeFi and meme coin platform Meteora, resigned on Monday after being accused of monetary misconduct and insider buying and selling tied to the controversial LIBRA meme coin.

This growth got here after rising considerations over his involvement within the undertaking.

Chow Denies Involvement in Controversy

Meow, the pseudonymous co-founder of Jupiter, a decentralized alternate on Solana, in addition to Meteora, introduced Chow’s resignation on X. He expressed confidence in his companion’s character however cited his current lack of judgment concerning their firm’s core operations as the rationale for his departure.

“Whereas I’m 100% assured about Ben’s character, as a undertaking lead he has additionally proven an absence of judgement and care about a few of the core elements of the undertaking,” Meow wrote. “And that is sadly unacceptable. Ben understands this, and has chosen to resign,” he added.

Meow additionally revealed plans to seek out new management for Meteora and to rent an unbiased agency, Fenwick & West, to conduct an investigation and problem a report concerning the state of affairs.

The LIBRA meme coin gained consideration after Argentine President Javier Milei promoted it, inflicting its worth to surge above $4. Nonetheless, the worth later dropped dramatically to below $0.5 after Milei deleted his put up.

Its decline triggered rumors of a rug pull, with accusations of market manipulation rising. Stories claimed that insiders had cashed out over $100 million whereas common patrons suffered substantial losses.

In a separate assertion on X, Chow denied any private involvement within the LIBRA undertaking. He clarified that neither he nor the Meteora group had obtained any insider information or tokens associated to it.

“Neither I nor the Meteora group compromised the LIBRA launch by leaking info, nor did we buy, obtain, or handle any tokens,” he stated.

Alleged Video Proof

Amidst the rumors, a video surfaced on-line that includes an alleged dialog between Chow and Dhirk, the founding father of DefiTuna.

Within the video, Dhirk claims to have witnessed Hayden Davis, a key determine in the entire LIBRA debacle, and members of his firm, Kelsier Ventures, partaking in insider buying and selling throughout a visit to Barcelona.

The Meteora co-founder is seen denying any involvement in misconduct, expressing shock and concern. At one level, he additionally says he regrets recommending Davis to different meme initiatives like MELANIA.

“I really feel so sick as a result of I gave him Melania,” Chow stated. “I f****d up as a result of I enabled the man that ought to not have been enabled … I’m going to should step down, I’m going to should give up,” declared the distraught govt.