Meteora Co-Founder Ben Chow Steps Down Over LIBRA Allegation

Solana-based speech Meteora co-founder Ben Chow stepped down from his presumption due to the fact that of accusations regarding the LIBRA memecoin. The crypto assemblage began criticizing Chow aft helium received oregon managed LIBRA tokens privately.

The resignation was made by Meow, the pseudonymous co-founder of some Meteora and Jupiter, who stated that the determination was based connected the principles of transparency. To further code the issue, Meow stated that Meteora and Jupiter were not progressive successful immoderate insider trading oregon fiscal misconduct.

However, Meow attributed Chow’s caller lapse of bully judgement connected immoderate large decisions concerning Meteora’s absorption arsenic the crushed for the resignation. The memecoin known arsenic LIBRA gained popularity erstwhile the President of Argentina, Javier Milei, spoke astir it, and the terms of the token reached much than $4 and past fell beneath 50 cents. 

This benignant of accelerated summation and alteration led to speculation that insiders whitethorn person dumped shares worthy implicit $100 cardinal portion galore investors mislaid a batch of money.

The concern has raised governmental contention successful Argentina arsenic the absorption leaders demanded that Milei should measurement down from his position. The country’s Anti-Corruption Office and Federal Judge María Servini are present investigating the situation.

In effect to the scandal, Binance’s co-founder, Changpeng Zhao announced that helium would personally lend 150 BNB to enactment the victims of the LIBRA scam. 

This probe is simply a changeless reminder that investing successful memecoins is simply a precise risky concern and that determination is simply a request to guarantee that much accountability is placed successful the satellite of cryptocurrencies.

Also Read: Javier Milei: I Didn’t Promote Libra Token, Just Shared It