Insider Trading Allegations Emerge after LIBRA Collapse, Influencing…

The recent scandal surrounding insider trading in the crypto world has left Ben Chow, the co-founder and former CEO of Meteora, a Solana-based DeFi protocol, in hot water. Following the disastrous launch of LIBRA, a prominent shitcoin linked to Javier Milei, the head of state of an actual country, Chow has resigned amidst allegations of misconduct.

The news of Chow’s departure was announced on X / Twitter by ‘Meow,’ the pseudonymous co-founder of both Meteora and the Solana-based dex Jupiter. Meow cited Chow’s poor judgement over recent months as the reason for his resignation.

Chow, in a statement on X / Twitter, denied any involvement in insider trading and defended his platform’s integrity. He claimed that neither he nor Meteora had received or managed any tokens on the side, engaged in off-chain dealings, or disclosed confidential information regarding token launches on their platform.

The collapse of LIBRA is just the latest in a series of shitcoin disasters that have plagued the crypto market, following the rise and fall of TRUMP and MELANIA. These incidents have raised concerns about the extent of market manipulation by insiders who profit at the expense of retail investors.

Chow defended his collaboration with Hayden Davis, the ‘deployer’ behind LIBRA, attributing the association to Davis’s successful handling of an earlier token launch called M3M3. Despite recommending Davis and his firm, Kelsier Ventures, to the MELANIA team, Chow distanced himself from the failed project and clarified that Meteora’s role was limited to providing IT support.

Regarding the LIBRA project, Chow emphasized minimal involvement, stating that Meteora only offered IT support and verified the token’s authenticity after its public launch. Meow, in announcing Chow’s resignation, expressed confidence in Chow’s character while acknowledging his lack of judgement in managing the project.

Meow emphasized that Meteora and Jupiter have been operating as separate entities for over a year, with Chow primarily overseeing Meteora’s operations. To investigate the LIBRA debacle, Meow revealed that the law firm Fenwick & West had been hired to probe the matter.

In a separate investigation by Bubblemaps and CoffeeZilla, a money trail linking MELANIA and LIBRA was identified, suggesting a connection between the two projects. The investigative team also implicated the same group behind other pump and dump shitcoins like TRUST, KACY, VIBES, and HOOD.

The ongoing controversy surrounding insider trading and shady dealings in the crypto world serves as a stark reminder of the challenges that plague the market, highlighting the need for greater transparency and accountability to protect investors and uphold the integrity of DeFi protocols.