Ben Chow, co-founder of Solana-based decentralized exchange Meteora, resigned following allegations that he freely awarded or administered.
Chow's resignation was announced at X by Meow, the pseudonym co-founder of both Meteora and Jupiter. Meow emphasized its commitment to openness and reassured the community that neither project was involved in insider trading or financial misconduct.
A respectable law firm, Fenwick & West, was hired by the company to conduct an independent investigation of the claims. Meow said the results of the investigation will be made public.
Running independently from Jupiter for over a year, Meteora was led by Chow without much involvement from Me. Meow expressed confidence in Chow's character, but he cited the lack of judgment in recent months regarding Meteora's core operations as a reason for his resignation.
The controversial Libra memo coin, which the butterfly was linked to, attracted rapid attention after Argentine President Javier Miley mentioned the public about the token. Libra's value surged to over $4 and then plunged to under 50 cents. Rumors of market manipulation were sparked by reports that insiders had won more than $100 million and buyers suffered a major loss.
Mairi's involvement in the token sparks political tensions in Argentina, with opposition leaders calling for resignation. The national anti-corruption office is currently reviewing the case, and federal judge Maria Servini oversees legal investigations on the matter.
The Libra incident sends shockwaves through encrypted spaces, highlighting the risks associated with memocoin trading. On February 17th, Binance co-founder Chang Peng Zhao offered to donate 150 Binance Coins (BNB) as part of an effort to compensate victims of fraud.
