Ben Chow, co-founder of the Solana-based crypto agency Meteora, has stepped down following accusations of insider buying and selling.
The controversy stems from the LIBRA token’s decline—as soon as linked to Argentine President Javier Milei, it misplaced over 90% of its worth inside hours of launch.
Whereas Meteora’s position within the launch was restricted to technical help, its involvement has raised issues over the ethics of token launches.
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Meow, the pseudonymous co-founder of Meteora and the Jupiter alternate, confirmed Chow’s resignation on February 17, citing poor decision-making in latest months.
In response to the backlash, Meow emphasised that neither the corporate engaged in insider buying and selling nor any monetary misconduct. He additionally clarified that whereas discuss of an “Argentina Coin” circulated in meme coin communities, Jupiter had no prior information of its actual launch particulars.
Chow has not issued an official assertion about his departure. Nevertheless, he beforehand addressed the state of affairs on X. Initially, he downplayed Meteora’s position, stating the platform merely offered a permissionless service that anybody might use.
He said, “The LIBRA group used Meteora, which is a permission-less platform. We by no means had any entry to the tokens or to Milei”. He additionally burdened that Meteora doesn’t take part in decision-making for token launches.
Later, he revised his response, admitting there have been legitimate issues about Meteora’s involvement with LIBRA and comparable initiatives. He additionally acknowledged his connection to Hayden Davis of Kelsier Ventures, a agency tied to the launches of the LIBRA, TRUMP, and MELANIA meme cash.
In the meantime, Benjamin DeKraker, an xAI engineer, just lately introduced his resignation from the corporate. Why? Learn the complete story.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.With near a decade of expertise within the FinTech trade, Aaron understands the entire greatest points and struggles that crypto fans face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to particular person for every little thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish learners.Aaron has been quoted by a number of established retailers, and is a printed creator himself. Even throughout his free time, he enjoys researching the market traits, and searching for the following supernova.
