In a stunning turn of events, Ben Chow, the co-founder of Meteora, has decided to call it quits, all thanks to the ruckus surrounding the Libra meme coin!
The poor chap found himself in hot water due to accusations of insider trading and meddling with liquidity pools. Although Ben maintains his innocence, the uproar forced him to take the drastic step of leaving the company.
The Libra Meme Coin Fiasco Unraveled 😲
Ben’s partner in crime, Meow (the pseudonymous founder of Solana-based decentralized exchange Jupiter and co-founder of Meteora), spilled the beans on X (formerly Twitter). According to Meow, Ben’s questionable judgment during the crisis ultimately led to his resignation.
Despite vouching for Ben’s impeccable character, Meow couldn’t ignore Ben’s lapse in judgment concerning the project’s core aspects. A project lead’s poor decisions can cast a long shadow, especially when the stakes are high!
The Libra meme coin became the talk of the town after Argentina’s President Javier Milei endorsed it. But alas, the token’s value plummeted when Milei withdrew his support, causing quite the stir.
The situation took a turn for the worse when Hayden Davis, CEO of Kelsier Ventures, accused the Libra development team of insider trading. With Meteora providing liquidity pools for the project, Ben and his company found themselves in the thick of it.
Ben vehemently denied any involvement, but he did admit to introducing Davis to other projects. A risky move, indeed!
Addressing the rumors about Meteora and me being involved in $LIBRA, let me set the record straight. Neither Meteora nor I have ever received or managed any tokens on the side…
— Ben Chow (@hellochow) February 17, 2025
The Fallout and Industry Reactions 🤔
When a video surfaced showing Dhirk, founder of DeFiTuna, grilling Ben about Kelsier Ventures’ alleged misconduct, Ben looked like a deer caught in the headlights. He claimed to have no prior knowledge of any wrongdoing but expressed deep regret for his association with Davis and introducing him to other projects.
Ben’s resignation didn’t put an end to the controversy. Meow assured everyone that Meteora and Jupiter were innocent, but to clear the air, they hired an independent third-party investigator to review the situation.
Meow declared this moment a “watershed moment” for the crypto economy and vowed to create permissionless products, operating systems, and ethical standards to pave the way for the future of crypto.
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2025-02-18 14:45