Ben Chow, the co-founder of the Solana-based decentralized exchange Meteora, has decided to step down from his position amidst allegations of receiving or managing LIBRA tokens privately. The announcement of Chow’s resignation was made by Meow, the pseudonymous co-founder of both Meteora and Jupiter. Meow emphasized the importance of transparency and reassured the community that neither project was involved in any insider trading or financial misconduct.
To address the allegations, Fenwick & West, a reputable legal firm, has been hired by the companies to conduct an independent investigation. Meow assured the public that the results of the investigation will be made public to maintain transparency and integrity within the projects.
Meteora, which has been operating independently from Jupiter for over a year, was primarily led by Chow with limited involvement from Meow. Despite expressing confidence in Chow’s character, Meow mentioned a lack of judgment in recent months regarding Meteora’s core operations as the reason for Chow’s resignation.
The controversy surrounding the LIBRA memecoin, in which Chow was allegedly involved, gained significant attention after Argentine President Javier Milei mentioned the token publicly. The value of LIBRA skyrocketed to over $4 before crashing to less than 50 cents, leading to rumors of market manipulation. Reports surfaced that insiders cashed out over $100 million, while buyers suffered substantial losses.
Milei’s association with the token has stirred political tensions in Argentina, with opposition leaders calling for his resignation. The nation’s Anti-Corruption Office has initiated a review of the case, and Federal Judge María Servini is overseeing a legal investigation into the matter.
The LIBRA incident has reverberated throughout the cryptocurrency space, underscoring the risks associated with memecoin trading. In response to the scam, Binance co-founder Chang Peng Zhao announced a donation of 150 Binance Coin (BNB) to help compensate victims of the fraudulent scheme.
The unfolding events surrounding Meteora, LIBRA, and the political fallout in Argentina serve as a stark reminder of the importance of ethical conduct and transparency within the cryptocurrency industry. As the investigation progresses, stakeholders are eagerly awaiting the results to shed light on the allegations and restore trust in the affected projects.