Meteora Co-Founder's Hacked Account Accuses Meme Coin Industry of Misconduct

Meteora, a prominent player in the cryptocurrency space, found itself at the center of a storm after the X account of its co-founder, Ben Chow, was hacked. The incident unfolded following a controversial post that accused key figures in the meme coin industry of predatory practices. The post, which was later deleted, targeted several tokens, including Libra (LIBRA), Melania Meme (MELANIA), and Official Trump (TRUMP), and alleged insider dealings and financial misconduct.

Meteora swiftly responded to the situation, asserting that Chow’s account had been compromised and that the statements made were not authorized. The company’s official X account confirmed that unauthorized access had been gained but was subsequently restored. This incident has sparked deeper scrutiny of meme coin practices and political endorsements, as well as raised questions about the integrity of key players in the industry.

The controversy deepened when Meteora’s co-founder Meow reaffirmed confidence in the company’s integrity while announcing an independent investigation to address any doubts. The situation took a political turn when Argentine President Javier Milei faced backlash for endorsing the LIBRA token, which experienced a dramatic surge in value before a massive sell-off wiped out millions in investor funds. Milei dismissed accusations of a rug pull, arguing that his token promotion aligned with his broader free-market philosophy. However, critics claim that his involvement in such a volatile and speculative market has put his administration under scrutiny, with calls for his impeachment surfacing.

The drama began on March 11 when Chow’s X account posted what was framed as an “official statement” regarding his resignation from Meteora. In the now-deleted post, Chow claimed that members of DeFiTuna, including Vlad Pozniakov and Dhirk, engaged in predatory practices designed to extract maximum value from meme coin launches. The post referenced MELANIA, MATES, and a Raydium-based launch and alleged insider sniping and wallet activity that resulted in millions of dollars in profits. Chow’s statement further accused Kelsier Ventures CEO Hayden Davis and COO Gideon Davis of discussing these extraction strategies, referencing WhatsApp conversations in which one participant allegedly stated, “Yeah, fellas, tbh, we are trying to max extract on this one.”

Meteora’s official X account quickly intervened, warning users not to trust the statement and asserting