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Meteora co-founder Ben Chow stepped down from his leadership role at the Solana DeFi platform, following controversy over the Libra memecoin.
The resignation was announced by Meow, the pseudonymous founder of Solana DEX Jupiter and co-founder of Meteora, who expressed confidence in Chow's character but pointed out his lack of judgment regarding certain project aspects.
The Libra memecoin gained attention last Friday when Argentina's President Javier Milei endorsed it, leading to a dramatic increase and subsequent collapse in its value after Milei withdrew his support. The Libra team had created liquidity pools on Meteora, which brought scrutiny to the platform.
Kelsier Ventures CEO Hayden Davis, who was involved with the Libra project and the Melania Trump-affiliated MELANIA token, admitted in an interview that insider knowledge before memecoin launches is commonplace. However, Ben Chow has maintained that neither he nor Meteora had any inside information or involvement with the Libra project beyond providing IT support.
Chow also stated that he had referred Davis to other projects as a token deployer, including the deployment of the MELANIA token on Meteora's platform. Despite these referrals, Chow asserted that he and Meteora did not engage in any insider trading or mismanagement of tokens.
A leaked video posted by SolanaFloor on X showed a conversation between DefiTuna founder Dhirk and Chow. Dhirk accused Davis of misconduct in memecoin launches, which Chow denied any involvement in, expressing regret for his referrals to Davis.
In light of the events, Meow has announced that Meteora is seeking new leadership and will engage an independent third party to conduct an investigation into the allegations. Meow has also supported Chow's claim of no financial wrongdoing in his partnerships.
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