Meteora Co-Founder Ben Chow Resigns Amid Meme Coin Scheme Allegations

Ben Chow, co-founder of the Solana-based exchange Meteora, has resigned amid allegations that he secretly managed or received LIBRA tokens.

In a post on X, Meow, the pseudonymous co-founder of Meteora and the decentralized finance platform Jupiter, disclosed Chow’s resignation.

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

In the post, Meow emphasized their confidence that no staff at Jupiter or Meteora engaged in insider trading, financial misconduct, or received tokens inappropriately. They also announced that the independent law firm Fenwick & West has been retained to conduct an investigation, with its report scheduled for public release at a later date.

Meow further clarified that Meteora had been led by Ben Chow without their significant involvement. While maintaining their trust in Chow’s character, Meow criticized recent lapses in judgment over key operational matters as the main reason behind Chow’s resignation.

“While I am 100% confident about Ben’s character, as a project lead he has also shown a lack of judgement and care about some of the core aspects of the project (given its current size and reputation) over the past couple of months. And this is unfortunately unacceptable. Ben understands this, and has chosen to resign. Going forward, we will be looking for new leadership for Meteora,” Meow wrote.

Additionally, the Meteora co-founder described Chow as an “extremely helpful and kind participant” in the ecosystem and urged the crypto community to refrain from jumping to conclusions, calling for support as Chow works to clear his name.

Moty Povolotski, founder of the decentralized finance platform DefiTuna, accused Ben Chow and several affiliated parties of orchestrating a series of meme coin launches on the Solana blockchain, allegedly netting around $200 million at the expense of unwitting investors.

Povolotski also disclosed that a vast network of influencers is reportedly pocketing millions from the Meteora community — a practice allegedly managed by Chow’s leadership team. He noted that his efforts to contact Chow and other key Meteora figures were met with indifference and a distinct absence of accountability.

“I have personally called Ben and have received clear communication on his behalf that he will be stepping down after his realisation that his playground was exposed. Today he gave everyone a nothingburger of a statement,” Povolotski wrote.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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