"Meteora Co-Founder Resigns Amid Insider Trading Allegations"

The co-founder of Meteora, a Solana-based platform that facilitated the launch of controversial Trump and Melania tokens, has resigned amid allegations of insider trading. Ben Chow's departure comes in the wake of the collapse of LIBRA, a crypto asset initially backed by Argentine President Javier Milei, which saw its value plummet by over 90% within hours of its launch.

Meow, the pseudonymous co-founder of both Meteora and Jupiter exchange, confirmed Chow's resignation on Monday, citing his lack of judgment as a project lead in recent months. The LIBRA token's collapse has sparked insider trading accusations, with on-chain analysts pointing to suspicious wallet activity and the possible involvement of insiders dumping tokens at the asset's price peak.

As a result of the allegations, platforms like Meteora, which provided technical support for the token launch, have found themselves in the crossfire. With the firm now seeking new leadership, Chow's exit has raised questions about the ethics surrounding high-profile token launches and their far-reaching impact on the crypto market.

In response to the allegations, Meow clarified that neither Jupiter nor Meteora were involved in insider trading or financial misconduct. Jupiter has previously acknowledged that the launch of an "Argentina Coin" had been an open secret within meme coin circles, but no one at Jupiter knew the specifics in advance. Meteora had been operating independently of Jupiter for over a year, with Ben running the firm without significant involvement from Meow.

Chow has not yet released an official statement, but he previously addressed the controversy on X, offering his side of the story. Initially, he explained that Meteora's involvement in the LIBRA launch was limited to providing technical support. However, he later acknowledged that questions had arisen regarding Meteora's role in the launch of LIBRA and other tokens.

In response to community backlash, Meow announced plans for an independent third-party investigation. They are seeking to hire California-based law firm Fenwick & West to handle the allegations and promote transparency. Chow's resignation has been met with mixed reactions, with some support from figures like Kash Dhandha, a founding member of Super Team DAO and a 'Cat Herder' at Jupiter, who defended him as a victim of "strategic mistakes" rather than misconduct.

The fallout from LIBRA continues to