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Chow Down and Out: Insider Trading Allegations Following LIBRA Collapse Prompts Resignation of Meteora Co-Founder
- Ben Chow, co-founder and ex-CEO of DeFi protocol Meteora, resigned amidst insider trading allegations following the LIBRA collapse linked to Javier Milei, a country's head of state.
- Chow's resignation, confirmed by 'Meow', cited poor judgement leading to stepping down, while defending the platform's integrity and lack of involvement in offchain dealings.
- The series of high-profile Solana-based shitcoins, including LIBRA, TRUMP, and MELANIA, has sparked sell-offs, undermining confidence in the crypto market's transparency and fairness.
- Chow defended working with Hayden Davis behind LIBRA, emphasizing his recommendation based on trust from previous projects but distancing from any involvement in MELANIA's failure.
- Meow, co-founder of Meteora and Jupiter, announced a law firm investigation into the LIBRA launch while acknowledging Chow's lack of judgement despite confidence in his character.
- An investigation by Bubblemaps and CoffeeZilla revealed a money trail linking MELANIA and LIBRA, indicating a potential group responsible for multiple pump and dump shitcoins.
- The crypto market faces scrutiny as revelations of insider trading and manipulation emerge, urging for more transparency and ethical practices to sustain industry growth.
- Bubblemaps highlighted strong connections between wallet holders of MELANIA and the origin of LIBRA, suggesting a pattern of coordinated pump and dump schemes in the market.
- The resignation of Ben Chow underscores the need for stricter regulations and oversight in the crypto industry to prevent insider trading and protect retail investors from exploitation.
- The fallout from the LIBRA collapse and subsequent allegations serves as a cautionary tale for the decentralized finance sector, emphasizing the importance of due diligence and ethical conduct.
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