The resignation of Meteora’s co-founder Ben Chow provides one other twist to the LIBRA memecoin saga.
Argentinan president Javier Milei thought he was Argentina’s Trump and will rip-off his followers, however the pyramid turned out to be a lot smaller than anticipated. Now individuals will see jail time. Et tu Solana?
Ain’t no manner these individuals aren’t going to jail:
– Working 9 determine scams utilizing heads of states as bait
– Doxxed & residing is LA
– Admitting to inside corruption/collusion
– Exchanges concerned – Meteora, Jupiter
– LA primarily based streamers & KOLs concerned
pic.twitter.com/T0V5UEsZOr pic.twitter.com/NWVS8qdSMG
— $trong (@StrongHedge) February 17, 2025
We’re coping with distinctive issues this cycle that didn’t apply in earlier cycles:
HORRIBLE world financial macros
Extra tariffs (some justified and others not) scarring the market
Solana threw a wrench into alts/shitcoins this cycle
Normies are additional demoralized by getting rekt from Trump, Melania, Libra, Hawk Tuah, amongst different celeb pnd’s (this ties into the SOL difficulty)
Right here’s a more in-depth take a look at the scandal, LIBRA’s dramatic rise and fall, and the political tensions it has sparked, not only for the token but additionally for figures like Argentine President Javier Milei.
Meteora Co-Founder Resigns After Libra Memecoin Failure
Ben Chow’s resignation was introduced on X by “Meow,” the pseudonymous co-founder of Meteora and Jupiter, one other Solana-based platform. Meow emphasised the corporate’s dedication to transparency and reassured the neighborhood of its intent to handle the allegations successfully.
“We take allegations of insider buying and selling EXTREMELY severely,” Meow wrote on X. “Neither Meteora nor Jupiter is responsible of economic misconduct.”
To bolster this dedication, the businesses have employed Fenwick & West, a revered authorized agency, to conduct an impartial investigation. Meow promised that the assessment outcomes could be made public to make sure accountability.
Regardless of expressing confidence in Chow’s character, Meow cited an absence of judgment in Meteora’s operations as a contributing issue to the resignation.
The LIBRA Memecoin and Allegations Engulf Argentina President Milei
The scandal revolves round LIBRA, a meme coin that soared to mainstream consideration after being endorsed by Argentine President Javier Milei.
What started as a rising star within the crypto world quickly crashed spectacularly, with LIBRA’s worth plummeting from $4 to lower than $0.50 in mere hours.
The dramatic collapse has been linked to market manipulation, with reviews alleging that insiders cashed out over $100 million in liquidity, leaving buyers to soak up monumental losses. Chow, in line with accusations, privately acquired or managed LIBRA tokens—a declare that has fueled outrage and mistrust.
It’s all unravelling so rapidly. Up to now hour we came upon that Jupiter proprietor Meow is the true proprietor of Meteora. Ben lied about having no involvement with Libra and different Kelsier launches and was fired from Meteora. Gotta think about Solana and its execs knew this the entire time. pic.twitter.com/n5F8IC5H3W
— Beanie (@beaniemaxi) February 18, 2025
President Milei’s involvement with LIBRA has sparked vital political turbulence in Argentina. Milei, who publicly promoted the token, is now below investigation by the nation’s Anti-Corruption Workplace.
Federal Choose María Servini additionally oversees a authorized probe into potential fraud and market manipulation associated to the meme coin’s controversial launch.
Sociopathic scammers from the Solana tradition have now dominated the crypto market. These are individuals whose perspective is that crypto is actually only a place the place you’ll be able to rip-off individuals for simple cash. The LIBRA trainwreck offers us a glimpse into the large rabbit gap.
They’ve zero inkling that crypto, blockchain, DLT, no matter, has any profit apart from being an enviornment for scamming. Unhappy!
Classes for the Crypto Business: Cease Bidding Solana Superstar Meme Cash
tldr; Argentina’s president Javier Milei launched a meme coin referred to as $LIBRA, claiming it could increase the nation’s economic system. Nevertheless, inside 5 hours, $4.4 billion vanished as insiders dumped their holdings.
After the LIBRA crash, Binance co-founder Changpeng Zhao donated 150 Binance Coin (BNB) to assist repair the harm. However no quantity of goodwill can repair the bigger drawback plaguing crypto—an unregulated house that leaves small buyers drowning in losses.
The fallout has drawn curiosity from the blockchain neighborhood and political circles, elevating larger questions on accountability and the obtrusive gaps in crypto oversight.
Solana has turn out to be a neighborhood more and more tantamount to a drunken Reno on line casino, brimming with sharks and scammers. You would possibly wish to money out whilst you nonetheless can.
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Key Takeaways
Sociopathic scammers from the Solana tradition have now dominated the crypto market.
The LIBRA meme coin controversy serves as yet one more reminder of the dangers related to hypervolatile property like meme cash.
For the crypto ecosystem, situations like these forged an extended shadow, elevating issues about transparency, accountability, and the business’s long-term repute.
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