Ben Chow, co-founder of the Solana-based crypto agency Meteora, has stepped down following accusations of insider buying and selling.
The controversy stems from the LIBRA token’s decline—as soon as linked to Argentine President Javier Milei, it misplaced over 90% of its worth inside hours of launch.
Whereas Meteora’s position within the launch was restricted to technical help, its involvement has raised considerations over the ethics of token launches.
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Meow, the pseudonymous co-founder of Meteora and the Jupiter trade, confirmed Chow’s resignation on February 17, citing poor decision-making in latest months.
In response to the backlash, Meow emphasised that neither the corporate engaged in insider buying and selling nor any monetary misconduct. He additionally clarified that whereas discuss of an “Argentina Coin” circulated in meme coin communities, Jupiter had no prior information of its actual launch particulars.
Chow has not issued an official assertion about his departure. Nonetheless, he beforehand addressed the state of affairs on X. Initially, he downplayed Meteora’s position, stating the platform merely offered a permissionless service that anybody may use.
He acknowledged, “The LIBRA group used Meteora, which is a permission-less platform. We by no means had any entry to the tokens or to Milei”. He additionally confused that Meteora doesn’t take part in decision-making for token launches.
Later, he revised his response, admitting there have been legitimate considerations about Meteora’s involvement with LIBRA and related tasks. He additionally acknowledged his connection to Hayden Davis of Kelsier Ventures, a agency tied to the launches of the LIBRA, TRUMP, and MELANIA meme cash.
In the meantime, Benjamin DeKraker, an xAI engineer, lately introduced his resignation from the corporate. Why? Learn the total story.
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