"Jupiter Co-Founder Resigns Amid Libra Scandal Fallout"

Jupiter's co-founder, Ben Chow, has stepped down from his position amid the fallout from the Libra memecoin scandal. Chow's departure comes as the cryptocurrency community has been critical of Jupiter and Meteora's alleged involvement in the collapse of the Libra coin. Both platforms have denied any wrongdoing, but the controversy has led to a loss of confidence in their leadership.

In a statement, Meow, another co-founder of Jupiter and Meteora, praised Chow's efforts in transforming Meteora into an innovative decentralized exchange (DEX) with an active community. However, Meow acknowledged that Chow's recent judgment and attention to the project fell short of expectations, given its current size and reputation. As a result, Chow has resigned, and Meteora is now searching for a new leader.

Meow reiterated that no one at Jupiter or Meteora engaged in insider trading, financial wrongdoing, or inappropriate token distribution. In an effort to ensure transparency and address public concerns, Meow announced that the team is hiring law firm Fenwick & West to conduct a thorough investigation and publish a report.

Regarding Jupiter, Meow affirmed the platform's long-standing commitment to token transparency and reinvesting the majority of its earnings back into the Solana ecosystem. Jupiter's head added that they have never sold JUP tokens and rarely trade meme coins.

Meow concluded with an apology to the community and the ecosystem, describing the situation as a "watershed moment." He shared his vision for the future, which includes developing permissionless products, creating Jupnet, and establishing higher standards for token integrity and transparency across the industry.

The Libra token, launched on Feb. 14 as a way to support small businesses and stimulate economic growth, saw its valuation soar to $4.5 billion shortly after its launch. However, the rally was short-lived, and the token collapsed dramatically on the same day. Critics have labeled this situation a potential "rug pull" scam, where initial investors inflate the value before withdrawing their investments. The scandal has prompted calls for impeachment from opposition lawmakers, who argue that the actions of those involved constitute serious misconduct.

Jupiter and Meteora have faced mounting backlash from the cryptocurrency community regarding their alleged part in the collapse of the Libra coin. Many crypto community members have accused the