In the wake of the ongoing $LIBRA rug pull controversy, Meteora’s co-founder, Ben Chow, has resigned. This follows his clarification yesterday regarding Meteora’s involvement in the $LIBRA project. Chow has also brought in an independent third-party investigator to look into the matter.
Jupiter Founder: Meteora Co-founder’s Lack of Judgement in the Project
Hi, I’m meow from Jupiter, and I also cofounded Meteora.
Firstly, I’d like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately.
Secondly, we are hiring an independent 3rd…
— meow (🐱, 🐐) (@weremeow) February 18, 2025
Jupiter founder, Meow, addressed the situation on social media, stating, “I am also a co-founder of Meteora.The Jupiter team has also been dealing with other issues recently, such as user safety concerns highlighted in a malicious Chrome extension report, reinforcing the need for caution in the broader Solana ecosystem. First and foremost, I want to reaffirm my confidence that no one at Jupiter or Meteora has engaged in any insider trading, financial misconduct, or improperly received any tokens.” He further explained that the team has hired Fenwick & West, one of the world’s most prestigious law firms, to conduct an independent investigation into the $LIBRA matter. Meow added that a report will be produced by the firm and published independently.
Meow also expressed his support for Chow, saying, “I stand by Ben and his statement. I believe his assertions that there has been no financial impropriety in his dealings with his partners.”
The Jupiter founder revealed that Meteora has been operating as a separate entity from Jupiter for over a year, with Ben Chow taking the lead in running the company. Meow praised Chow for building a strong team, “creating the most innovative DEX of the past year and the most active LP community in the world.”
However, Meow acknowledged that, despite his full trust in Ben’s character, the project leader has demonstrated a lack of judgment in recent months, particularly regarding core aspects of the project, given its current size and reputation. He called this behavior “unacceptable,” noting that Ben himself recognizes the issue and has chosen to resign. Meteora will soon begin searching for a replacement.
Meow also took the opportunity to clarify his personal position on JUP and crypto trading. He emphasized that he has not sold any JUP tokens and does not actively trade meme coins, despite receiving multiple marketing offers for free tokens, all of which he declined. He stated, “Most of the tokens I received through investments and advisors, especially before Jupiter, I have chosen to hold with a ‘diamond hand.’”
““I sincerely apologize for the stress I’ve caused to the team, community, and the entire ecosystem recently,” Meow said in his post on X.
Meteora Co-Founder Denies Involvement in $LIBRA
In response to the controversy, Ben Chow issued a series of statements on social media, denying any involvement in the operations of $LIBRA. He reiterated that neither he nor Meteora had received, managed, or engaged with any $LIBRA tokens privately.
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