Ben Chow Steps Down as Meteora Co-Founder Following Libra Meme Coin Criticism
Ben Chow, co-founder of Meteora, has resigned amid criticism related to the Libra meme coin scandal. His departure follows allegations of insider trading and liquidity pool involvement.
Libra Meme Coin Controversy
- Chow maintains that neither he nor Meteora engaged in financial misconduct.
- Meow, a co-founder of Meteora, criticized Chow's judgment during the controversy but affirmed his character.
- The Libra token surged after Argentina's President endorsed it but crashed once he withdrew support, raising market manipulation concerns.
- CEO Hayden Davis accused the Libra team of pre-launch insider trading, implicating Meteora due to its liquidity provision role.
- Chow denied any wrongdoing but acknowledged introducing Davis to other projects.
There have been questions regarding Meteora and my involvement in $LIBRA, so I want to explain our role and share why we work with 3rd parties.
Meteora and I personally, have never received or managed any tokens on the side...
— benchow.sol (@hellochow) February 17, 2025
Industry Reaction
- A video surfaced showing Dhirk confronting Chow about Kelsier Ventures' alleged misconduct.
- Chow expressed regret for enabling Davis and announced his resignation as a necessary step.
- Meow stated that Meteora and Jupiter were not involved in unethical practices and plans to hire an independent investigator.
- Meow described the controversy as pivotal for the crypto economy, emphasizing the creation of permissionless products and ethical standards.