Solana-based exchange Meteora co-founder Ben Chow stepped down from his position because of accusations regarding the LIBRA memecoin. The crypto community began criticizing Chow after he received or managed LIBRA tokens privately.
The resignation announcement was made by Meow, the pseudonymous co-founder of both Meteora and Jupiter, who stated that the decision was based on the principles of transparency. To further address the issue, Meow stated that Meteora and Jupiter were not involved in any insider trading or financial misconduct.
However, Meow attributed Chow’s recent lapse of good judgment on some major decisions concerning Meteora’s management as the reason for the resignation. The memecoin known as LIBRA gained popularity when the President of Argentina, Javier Milei, spoke about it, and the price of the token reached more than $4 and then fell below 50 cents.
This kind of rapid increase and decrease led to speculation that insiders may have dumped shares worth over $100 million while many investors lost a lot of money.
The situation has raised political controversy in Argentina as the opposition leaders demanded that Milei step down from his position. The country’s Anti-Corruption Office and Federal Judge María Servini are now investigating the situation.
In response to the scandal, Binance’s co-founder, Changpeng Zhao, announced that he would personally contribute 150 BNB to support the victims of the LIBRA scam.
This investigation is a constant reminder that investing in memecoins is a very risky investment and that there is a need to ensure that more accountability is placed in the world of cryptocurrencies.
Also Read: Javier Milei: I Didn’t Promote Libra Token, Just Shared It
