Ben Chow, co-founder of DeFi and meme coin platform Meteora, resigned on Monday after being accused of monetary misconduct and insider buying and selling tied to the controversial LIBRA meme coin.
This growth got here after rising issues over his involvement within the mission.
Chow Denies Involvement in Controversy
Meow, the pseudonymous co-founder of Jupiter, a decentralized trade on Solana, in addition to Meteora, introduced Chow’s resignation on X. He expressed confidence in his accomplice’s character however cited his current lack of judgment relating to their firm’s core operations as the rationale for his departure.
“Whereas I’m 100% assured about Ben’s character, as a mission lead he has additionally proven an absence of judgement and care about a number of the core points of the mission,” Meow wrote. “And that is sadly unacceptable. Ben understands this, and has chosen to resign,” he added.
Meow additionally revealed plans to seek out new management for Meteora and to rent an unbiased agency, Fenwick & West, to conduct an investigation and situation a report relating to the scenario.
The LIBRA meme coin gained consideration after Argentine President Javier Milei promoted it, inflicting its worth to surge above $4. Nevertheless, the value later dropped dramatically to below $0.5 after Milei deleted his publish.
Its decline triggered rumors of a rug pull, with accusations of market manipulation rising. Studies claimed that insiders had cashed out over $100 million whereas common consumers suffered substantial losses.
In a separate assertion on X, Chow denied any private involvement within the LIBRA mission. He clarified that neither he nor the Meteora workforce had acquired any insider information or tokens associated to it.
“Neither I nor the Meteora workforce compromised the LIBRA launch by leaking data, nor did we buy, obtain, or handle any tokens,” he stated.
Alleged Video Proof
Amidst the rumors, a video surfaced on-line that includes an alleged dialog between Chow and Dhirk, the founding father of DefiTuna.
Within the video, Dhirk claims to have witnessed Hayden Davis, a key determine in the entire LIBRA debacle, and members of his firm, Kelsier Ventures, partaking in insider buying and selling throughout a visit to Barcelona.
The Meteora co-founder is seen denying any involvement in misconduct, expressing shock and concern. At one level, he additionally says he regrets recommending Davis to different meme initiatives like MELANIA.
“I really feel so sick as a result of I gave him Melania,” Chow stated. “I f****d up as a result of I enabled the man that ought to not have been enabled … I’m going to must step down, I’m going to must give up,” declared the distraught government.
The publish Meteora Exec Resigns Amid Monetary Misconduct Claims appeared first on CryptoPotato.