"LIBRA Storm: Solana's Key Figures Depart Amid Insider Trading Scandal"

The launch of the LIBRA token has sparked significant controversy within the Solana ecosystem, with key figures departing and an ongoing investigation into the matter. The situation has escalated beyond technical concerns, intertwining with political drama as Argentine President Javier Milei faces scrutiny tied to the token’s promotion.

“There is a massive spiderweb of influencers profiting at the expense of retail investors,” claimed DeFiTuna founder Moty Povolotsky regarding the unfolding drama. The LIBRA token’s controversial launch has sparked a scandal in the crypto world, leading to high-profile resignations and serious accusations of insider trading.

The LIBRA token’s launch on February 14 has caused a ripple effect through the Solana ecosystem, resulting in Ben Chow’s resignation from Meteora. This development came after Chow was criticized for a perceived lack of judgment regarding critical business practices at the decentralized exchange. In a statement shared on the social media platform X, Jupiter’s co-founder Meow highlighted this decision, indicating that it was a necessary step in restoring trust amid growing allegations of unethical conduct.

Since the announcement of the LIBRA token, the price of SOL has plummeted over 17%, from $204 to around $169. This downturn in the SOL price is not only indicative of market anxiety surrounding the memecoin but also reflects the broader sentiments of investors wary of the implications the LIBRA launch has on the Solana ecosystem’s reputation.

Further complicating the situation, accusations have surfaced alleging that members of the Meteora team engaged in insider trading, profiting from the celebrity-driven launches orchestrated by the platform. Moty Povolotsky, known as Caveman Dhirk on X, raised serious concerns about the relationships formed between influencers and the Meteora leadership. He noted that the significant financial gains realized by this network jeopardized retail investors.

In efforts to address these accusations, Chow reiterated that no insider trading or unethical actions occurred within either Meteora or Jupiter, emphasizing the confidentiality within the token launching process. He detailed how Meteora operates, stating that neither he nor his team received tokens irregularly, thereby denying claims of collusion with LIBRA developers.

In response to the controversy, Jupiter’s Meow announced the engagement of law firm Fenwick & West to investigate the claims surrounding the L