Meteora Co-founder Steps Down Following LIBRA Allegations

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• Ben Chow has resigned from his inform as co-founding father of Meteora amid allegations absorbing the $LIBRA memecoin
• An goal investigation has been initiated to take care of the claims of insider shopping and selling and monetary misconduct
• The controversy has ended in political tensions in Argentina, with President Javier Milei’s involvement beneath scrutiny

Ben Chow has stepped down from his characteristic as co-founding father of the decentralized alternate Meteora in the wake of allegations surrounding the $LIBRA memecoin. The corporate has launched an goal investigation to take care of claims of insider shopping and selling and monetary misconduct over the challenge, which has garnered headlines worldwide. This controversy has additionally sparked political tensions in Argentina, in particular pertaining to President Javier Milei’s alleged involvement, which could maybe pause in articles of impeachment.

OEIS The Private Eye: Resignation Amid Scandal

Chow drew negative attention after it turned into alleged that he privately bought or managed $LIBRA tokens. The stress on him has ended in his determination to step away, alongside with his resignation announced Tuesday by pseudonymous Meteora and Jupiter cofounder co-founder Meow, who emphasised the crew’s commitment to transparency:

Hi, I’m meow from Jupiter, and I additionally cofounded Meteora.

Before the whole thing, I’d prefer to reiterate my self assurance that no one at Jupiter or Meteora committed any insider shopping and selling or monetary wrongdoing, or bought any tokens inappropriately.

Secondly, we are hiring an goal third…

— meow (, ) (@weremeow) February 18, 2025

Meow well-known that Chow had “confirmed an absence of judgement and care about one of the most core aspects of the challenge,” which he called “unacceptable.” Meow well-known that Chow “understands this, and has chosen to resign.” He asked that critics “now not soar to conclusions and be as kind to him as conceivable as he seeks to sure his title,” adding that he turned into “100% confident about Ben’s personality.”

OEIS The Private Eye: Law Agency Engaged

To contend with the allegations, Meow published that Meteora and Jupiter possess engaged the particular agency Fenwick & West to habits an goal investigation, assuring the neighborhood that the findings could maybe be made public upon completion. This switch aims to retain have confidence and prove the companies’ dedication to moral practices for the length of the crypto attach.

The $LIBRA memecoin controversy has extended previous the crypto neighborhood, reaching the political area in Argentina. The token gained well-known attention after President Javier Milei publicly mentioned it, resulting in a surge in its attach to over $4 sooner than a sharp decline to diminish than 50 cents. Experiences counsel that insiders could maybe additionally possess profited over $100 million in some unspecified time in the future of this duration, prompting accusations of market manipulation.

Opposition leaders in Argentina for the time being are calling for President Milei’s resignation, and the nation’s Anti-Corruption Build of enterprise has initiated a evaluate of the case. Federal Make a determination María Servini is overseeing the particular probe into the matter.