Libra memecoin scandal causes Meteora co-founder to resign
Ben Chow, co-founder of Solana-based decentralized trade Meteora, has stepped down following allegations that he privately acquired or managed LIBRA tokens.
Chow’s resignation was introduced on X by Meow, pseudonymous co-founder of each Meteora and Jupiter. Meow burdened their dedication to openness and reassured the group that neither venture was concerned in insider buying and selling or monetary misconduct.
A good authorized agency, Fenwick & West, has been employed by the businesses to hold out an unbiased investigation into the claims. Meow said that the outcomes of the investigation can be made public.
Meteora, which has operated independently from Jupiter for over a 12 months, had been led by Chow with out vital involvement from meow. Whereas Meow expressed confidence in Chow’s character, he cited a scarcity of judgment in current months concerning Meteora’s core operations as a purpose for the resignation.
The controversial LIBRA memecoin, to which Chow was linked, gained speedy consideration after Argentine President Javier Milei’s public point out of the token. The worth of LIBRA surged to over $4 earlier than plummeting to lower than 50 cents. Rumors of market manipulation have been sparked by experiences that insiders cashed out over $100 million whereas patrons incurred giant losses.
Milei’s involvement with the token has ignited political tensions in Argentina, with opposition leaders calling for his resignation. The nation’s Anti-Corruption Workplace is now reviewing the case, and Federal Choose María Servini is overseeing a authorized probe into the matter.
The LIBRA incident has despatched shockwaves by the crypto house, highlighting the dangers concerned in memecoin buying and selling. On February 17, Binance co-founder Chang Peng Zhao supplied to donate 150 Binance Coin (BNB) as a part of an effort to compensate victims of the rip-off.
