Co-Founder of DeFi and Meme Coin Platform Meteora Resigns Amid Controversy
Ben Chow’s Resignation
Ben Chow, co-founder of DeFi and meme coin platform Meteora, has resigned from his position following accusations of financial misconduct and insider trading tied to the LIBRA meme coin.
This development comes after growing concerns over his involvement in the project.
Chow Denies Involvement in Controversy
Meteora’s pseudonymous co-founder, Meow, announced Chow’s resignation on X. Meow expressed confidence in Chow’s character but cited his recent lack of judgment regarding Meteora’s core operations as the reason for his departure.
“While I am 100% confident about Ben’s character, as a project lead he has also shown a lack of judgement and care about some of the core aspects of the project,” Meow wrote. “And this is unfortunately unacceptable. Ben understands this, and has chosen to resign,” he added.
Meow also revealed plans to find new leadership for Meteora and to hire an independent firm, Fenwick & West, to conduct an investigation and issue a report regarding the situation.
The LIBRA Meme Coin
The LIBRA meme coin gained attention after Argentine President Javier Milei promoted it, causing its value to surge above $4. However, the price later dropped dramatically to under $0.5 after Milei deleted his post.
Its decline caused rumors of a rug pull, with accusations of market manipulation emerging. Reports claimed that insiders had cashed out over $100 million while regular buyers suffered substantial losses.
Alleged Video Evidence
A video surfaced online featuring an alleged conversation between Chow and Dhirk, the founder of DefiTuna.
In the video, Dhirk claims to have witnessed Hayden Davis, a key figure in the whole LIBRA debacle, and members of his company, Kelsier Ventures, engaging in insider trading during a trip to Barcelona.
Chow is seen denying any involvement in misconduct, expressing surprise and concern. At one point, he also says he regrets recommending Davis to other meme initiatives like MELANIA.
“I feel so sick because I gave him Melania,” Chow said. “I f****d up because I enabled the guy that should not have been enabled … I’m going to have to step down, I’m going to have to quit,” declared the distraught executive.
Conclusion
Ben Chow’s resignation from Meteora amid allegations of financial misconduct and insider trading has sent shockwaves through the cryptocurrency community. The controversy surrounding the LIBRA meme coin has raised concerns about market manipulation and insider trading, and it is crucial that the situation is thoroughly investigated and addressed to maintain the integrity of the cryptocurrency industry.
FAQs
- What is the reason for Ben Chow’s resignation? Chow’s resignation is due to growing concerns over his involvement in the LIBRA meme coin project and allegations of financial misconduct and insider trading.
- Who is Meow, the pseudonymous co-founder of Meteora? Meow is the pseudonymous co-founder of Meteora and has announced Chow’s resignation from the project.
- What is the situation surrounding the LIBRA meme coin? The LIBRA meme coin gained attention after Argentine President Javier Milei promoted it, causing its value to surge above $4. However, the price later dropped dramatically to under $0.5 after Milei deleted his post, leading to rumors of a rug pull and accusations of market manipulation.
- What is the alleged video evidence? A video surfaced online featuring an alleged conversation between Chow and Dhirk, the founder of DefiTuna, where Chow is seen denying involvement in misconduct and expressing surprise and concern.
- What is the plan for Meteora going forward? Meow has announced plans to find new leadership for Meteora and to hire an independent firm, Fenwick & West, to conduct an investigation and issue a report regarding the situation.
