Ben Chow, co-founder of DeFi and meme coin platform Meteora, resigned on Monday after being accused of economic misconduct and insider buying and selling tied to the controversial LIBRA meme coin.
This improvement got here after rising issues over his involvement within the challenge.
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 latest lack of judgment relating to their firm’s core operations as the explanation for his departure.
“Whereas I’m 100% assured about Ben’s character, as a challenge lead he has additionally proven a scarcity of judgement and care about a number of the core points of the challenge,” Meow wrote. “And that is sadly unacceptable. Ben understands this, and has chosen to resign,” he added.
Meow additionally revealed plans to search out new management for Meteora and to rent an unbiased agency, Fenwick & West, to conduct an investigation and difficulty a report relating to the state of affairs.
The LIBRA meme coin gained consideration after Argentine President Javier Milei promoted it, inflicting its worth to surge above $4. Nevertheless, the worth later dropped dramatically to beneath $0.5 after Milei deleted his publish.
Its decline brought on rumors of a rug pull, with accusations of market manipulation rising. Experiences 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 challenge. He clarified that neither he nor the Meteora crew had obtained any insider information or tokens associated to it.
“Neither I nor the Meteora crew compromised the LIBRA launch by leaking data, nor did we buy, obtain, or handle any tokens,” he mentioned.
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 mentioned. “I f****d up as a result of I enabled the man that ought to not have been enabled … I’m going to need to step down, I’m going to need to give up,” declared the distraught govt.
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