Key Notes

Key Notes:

Ben Chow, co-founder of Meteora, has resigned following backlash over the Libra meme coin controversy.Despite maintaining his innocence, Chow admitted to poor judgment in associating with key figures involved.Meow, co-founder of Meteora, assured the public that no financial misconduct occurred within the company.Meteora and Jupiter will enlist an independent third-party investigator to ensure transparency.

Ben Chow, co-founder of Meteora, has stepped down from his position in response to mounting criticism over the Libra meme coin scandal. His resignation follows allegations of insider trading and liquidity pool involvement, which have cast a shadow over the project’s integrity.

While he maintains that neither he nor Meteora engaged in financial misconduct, the backlash ultimately led to his decision to exit the company.

Sharing the news of his departure on X (formerly Twitter), Meow, the pseudonymous founder of Solana-based decentralized exchange Jupiter, who also co-founded Meteora said that Chow’s poor judgment in handling key aspects of the controversy was the reason for his resignation.

Although, according to Meow, Chow has an untainted character, and he truly believed he did not engage in any “financial inappropriateness” when dealing with third-party partners, referring to the Libra meme coin.

“While I am 100% confident about Ben’s character, as a project lead he has also shown a lack of judgement and care about some of the core aspects of the project (given its current size and reputation) over the past couple of months,” Meow wrote.

The Libra meme coin gained widespread attention after Argentina’s President Javier Milei unexpectedly endorsed it last Friday as part of an economic initiative. The token’s value surged following his remarks, only to crash shortly after Milei withdrew his support, leading to accusations of market manipulation.

The situation escalated when Hayden Davis, CEO of Kelsier Ventures, claimed in an interview that the Libra development team engaged in pre-launch insider trading, commonly referred to as sniping. Given that Meteora provided liquidity pools for the project, Chow and his company became embroiled in the controversy.

Denying any direct involvement, Chow stated that neither he nor Meteora received Libra tokens or participated in any insider activities. However, he admitted to introducing Davis and Kelsier Ventures to other projects, believing them to be credible.

There have been questions regarding Meteora and my involvement in $LIBRA, so I want to explain our role and share why we work with 3rd parties.

Meteora and I personally, have never received or managed any tokens on the side, do not receive knowledge or get involved with any…

— benchow.sol (@hellochow) February 17, 2025

The controversy took another turn when a video surfaced showing Dhirk, founder of DeFiTuna, confronting Chow about Kelsier Ventures’ alleged misconduct. Chow appeared stunned by the revelations, insisting he had no prior knowledge of any wrongdoing. He expressed deep regret over his association with Davis and his role in introducing him to other projects.

“I feel responsible for enabling someone who should not have been trusted. This is a serious misjudgment on my part, and I believe stepping down is the right course of action,” Chow said in the footage.

Despite the resignation, Meow reaffirmed that neither Meteora nor Jupiter were involved in any unethical practices. To address community concerns, the team announced plans to enlist an independent third-party investigator to thoroughly review the situation and provide transparency.

Meow described the ongoing controversy in the industry as a “watershed moment” for the crypto economy, adding that he plans to create products with no central authority.

“One of my main goals will be to create permissionless products, operating systems, and ethical standards that I believe can form the new foundation of crypto moving forward,” Meow wrote.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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