Libra memecoin scandal causes Meteora co-founder to resign

Ben Chow, co-founder of Decentralized Exchange Meteora, based in Solana, resigned following allegations that he received or managed private balance tokens.

Chow’s resignation was announced on X by Meow, a pseudonym co-founder of Meteora and Jupiter. Meow underlined their dedication to the opening and reassured the community that none of the two projects was involved in the initiate offense or financial misconduct.

A respectable legal firm, Fenwick & West, was hired by companies to conduct an independent investigation into complaints. Meow said the results of the survey will be made public.

Meteora, who has operated independently of Jupiter for over a year, had been led by Chow without significant involvement of Meow. While Meow has expressed his confidence in the character of Chow, he has cited a lack of judgment in recent months concerning Meteora’s basic operations as a reason for the resignation.

The controversial memecoin balance, to which Chow was linked, drew rapid attention after the public mention of the Argentinian president Javier Milei. The value of the balance increased to more than $ 4 before fall less than 50 cents. The rumors of market manipulation were triggered by reports that the initiates collected more than $ 100 million while buyers have suffered large losses.

Milei’s involvement with the token sparked political tensions in Argentina, opposition leaders calling for his resignation. The country’s anti-corruption office is currently examining the case, and the federal judge María Servini supervises a probe in the question.

The balance incident sent shock waves via cryptographic space, highlighting the risks involved in the same trading. On February 17, the co-founder of Binance Chang Peng Zhao offered to donate 150 BNB as part of an effort to compensate the victims of the scam.