In a twist that could only be described as a cosmic joke, the Solana-based DeFi platform Meteora is now on a quest for new leadership after co-founder Ben Chow decided to take a permanent vacation from the drama surrounding the Libra meme coin. Who knew meme coins could be so scandalous? š¤
Libra, that delightful little controversy, has added yet another layer of intrigue to the already head-spinning world of Solana-based projects that have been turning heads faster than a cat chasing a laser pointer over the last few months. š±šØ
Meteoraās Ben Chow Steps Down as Scandal Unfolds
In a statement that could rival the plot twists of a soap opera, Meow, the pseudonymous founder of the decentralized exchange (DEX) Jupiter and co-founder of Meteora, revealed the news on Tuesday via X (formerly known as Twitter, because why not?).
Meow, in a post that was longer than a Tolstoy novel, assured everyone that neither Jupiter nor Meteora had engaged in any insider trading or financial shenanigans regarding the Libra meme coin. He also announced that they had hired Fenwick & West, a law firm so reputable it practically has a cape, to investigate the matter and publish an independent report. šµļøāāļø
āI stand by Ben and his statement. I believe him when he says there was no financial inappropriateness in dealing with partnersā¦ While I am 100% confident about Benās character, as a project lead he has also shown a lack of judgment and care about some of the core aspects of the projectā¦ and this is unfortunately unacceptable. Ben understands this and has chosen to resign,ā Meow wrote, probably while sipping a cup of tea and shaking his head.
Chowās resignation marks a pivotal moment for Meteora, as the DeFi platform embarks on a treasure hunt for new leadership. Meow urged the community to be fair to Chow while he attempts to clear his name, emphasizing his past contributions to the ecosystem, which is a bit like saying, “Hey, remember that time he didnāt set the office on fire?” š„
This whole debacle stems from Kelsier Ventures CEO Hayden Davisā claims that Libraās team engaged in insider trading, sniping their token at launch. He made these remarks in a video interview with investigator Coffeezilla, who sounds like he should be a character in a detective novel. āļø
Davis, who previously dabbled in the world of Melania Trumpās MELANIA coin (yes, thatās a thing), stated that pre-launch insider knowledge is as common as finding a cat video on the internet. In response, Chow denied any direct involvement with Libra beyond providing IT support, which is like saying he only helped build the rocket but didnāt actually fly it. š
āFor $LIBRA, although we were made aware of the possibility of it several weeks ago by Hayden, we had no involvement in the project at all beyond providing IT support, including commenting on the liquidity curve and helping verify the tokenās authenticity after the token was publicly launched. Neither I nor the Meteora team compromised the $LIBRA launch by leaking information, nor did we purchase, receive, or manage any tokens,ā Chow defended, probably while sweating bullets.
However, Chow did admit that he had referred Davis and Kelsier Ventures to multiple projects as token deployers, which is like introducing your friend to a questionable date and then being surprised when they end up in a scandal. š
Video Leak Raises Further Questions
The plot thickened when a video posted by SolanaFloor on X appeared to capture a conversation between DefiTuna founder Dhirk and Chow. In this riveting footage, Dhirk alleged that he witnessed Kelsier team members engaging in token sniping, which sounds like a new Olympic sport. š
Chow, seemingly shocked, responded, āI feel so sick because I gave him Melaniaā¦ I enabled the guy that should not have been enabledā¦ Iām going to have to step down, Iām going to have to quit.ā Talk about a dramatic exit! š
Despite these revelations, Meow firmly believes that Chow was not financially complicit in any wrongdoing. However, he acknowledged that the controversy had tarnished Meteoraās reputation, necessitating a change in leadership, which is a bit like saying the Titanic needed a new captain after hitting an iceberg. š„“
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2025-02-18 11:44