- Ben Chow has resigned from his position as co-founder of Meteora amid allegations involving the $LIBRA memecoin
- An independent investigation has been initiated to address the claims of insider trading and financial misconduct
- The controversy has led to political tensions in Argentina, with President Javier Milei’s involvement under scrutiny
Ben Chow has stepped down from his role as co-founder of the decentralized exchange Meteora in the wake of allegations surrounding the $LIBRA memecoin. The company has launched an independent investigation to address claims of insider trading and financial misconduct over the project, which has garnered headlines worldwide. This controversy has also sparked political tensions in Argentina, particularly concerning President Javier Milei’s alleged involvement, which could end in articles of impeachment.
Resignation Amid Scandal
Chow drew negative attention after it was alleged that he privately received or managed $LIBRA tokens. The pressure on him has led to his decision to step away, with his resignation announced Tuesday by pseudonymous Meteora and Jupiter cofounder co-founder Meow, who emphasized the team’s commitment to transparency:
Hi, I’m meow from Jupiter, and I also cofounded Meteora.
Firstly, I’d like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately.
Secondly, we are hiring an independent 3rd…
— meow (🐱, 🐐) (@weremeow) February 18, 2025
Meow noted that Chow had “shown a lack of judgement and care about some of the core aspects of the project,” which he called “unacceptable.” Meow noted that Chow “understands this, and has chosen to resign.” He asked that critics “not jump to conclusions and be as kind to him as possible as he seeks to clear his name,” adding that he was “100% confident about Ben’s character.”
Law Firm Engaged
To address the allegations, Meow revealed that Meteora and Jupiter have engaged the legal firm Fenwick & West to conduct an independent investigation, assuring the community that the findings would be made public upon completion. This move aims to maintain trust and demonstrate the companies’ dedication to ethical practices within the crypto space.
The $LIBRA memecoin controversy has extended beyond the crypto community, reaching the political arena in Argentina. The token gained significant attention after President Javier Milei publicly mentioned it, leading to a surge in its value to over $4 before a sharp decline to less than 50 cents. Reports suggest that insiders may have profited over $100 million during this period, prompting accusations of market manipulation.
Opposition leaders in Argentina are now calling for President Milei’s resignation, and the nation’s Anti-Corruption Office has initiated a review of the case. Federal Judge María Servini is overseeing the legal probe into the matter.
