Meteora Co-Founder Steps Down Amid Controversy
Ben Chow, co-founder of Solana-based platform Meteora, has resigned following allegations of insider trading tied to the recent collapse of the LIBRA token. LIBRA, which had briefly been endorsed by Argentine President Javier Milei, saw a dramatic 90% drop in value within hours of its launch, sparking widespread investor losses and fraud accusations.
Meteora, which had provided technical support for the token, has come under intense scrutiny as on-chain analysts pointed to suspicious wallet activity, suggesting possible insider token dumps. The scandal has now implicated multiple high-profile figures, including Hayden Davis of Kelsier Ventures, who was linked to the launches of the LIBRA, TRUMP, and MELANIA meme coins.
Meteora Distances Itself from the Allegations
Chow’s departure raises questions about the ethical oversight of high-profile token launches. Meteora’s pseudonymous co-founder, Meow, emphasized that neither Meteora nor Jupiter Exchange—another project associated with Meow—engaged in insider trading. According to Meow, while the launch of an "Argentina Coin" was an open secret in meme coin circles, neither he nor his team had advance details on LIBRA’s specifics.
Chow initially downplayed Meteora’s role, stating that the platform merely provided infrastructure and had no access to the token’s supply or market-making activities. However, he later admitted that questions about Meteora’s involvement in LIBRA and other tokens were legitimate, prompting further backlash from the crypto community.
Calls for Transparency and an Independent Investigation
In response to the controversy, Meow announced plans to hire Fenwick & West, a California-based law firm, to conduct an independent investigation into the allegations. Meanwhile, LIBRA’s collapse has triggered calls for President Milei’s impeachment, with an Argentinian judge assigned to investigate his role in the token’s promotion.
Chow’s resignation adds another layer of complexity to the ongoing debate about regulatory oversight in the crypto industry. As meme coins continue to attract speculative traders, the LIBRA fallout serves as a stark reminder of the risks associated with influencer-backed token launches.
