Meteora Exec Resigns Amid Financial Misconduct Claims

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 mission.

Chow Denies Involvement in Controversy

Meow, the pseudonymous co-founder of Jupiter, a decentralized alternate on Solana, in addition to Meteora, announced Chow’s resignation on X. He expressed confidence in his associate’s character however cited his latest lack of judgment concerning their firm’s core operations as the explanation for his departure.

“Whereas I’m 100% assured about Ben’s character, as a mission lead he has additionally proven an absence of judgement and care about a number of the core elements of the mission,” Meow wrote. “And that is sadly unacceptable. Ben understands this, and has chosen to resign,” he added.

Meow additionally revealed plans to seek out new management for Meteora and to rent an unbiased agency, Fenwick & West, to conduct an investigation and concern a report concerning 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 value later dropped dramatically to beneath $0.5 after Milei deleted his put up.

Its decline prompted rumors of a rug pull, with accusations of market manipulation rising. Experiences claimed that insiders had cashed out over $100 million whereas common consumers suffered substantial losses.

In a separate statement on X, Chow denied any private involvement within the LIBRA mission. He clarified that neither he nor the Meteora workforce had obtained any insider data or tokens associated to it.

“Neither I nor the Meteora workforce compromised the LIBRA launch by leaking info, 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, participating 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 must step down, I’m going to must stop,” declared the distraught govt.