Meteora Co-Founder Resigns Amid LIBRA Controversy

The resignation of Ben Chow, co-founder of DeFi platform Meteora, amid allegations of insider trading and misconduct related to the LIBRA meme coin, has sent shockwaves through the cryptocurrency market. The LIBRA token, initially endorsed by Argentine President Javier Milei, skyrocketed in value before crashing due to insider cash-outs, leading to significant investor losses. Chow's resignation was announced by Meow, co-founder of the Jupiter decentralized exchange, with a promise of an independent investigation by Fenwick & West. Despite Chow's denial of any wrongdoing, the market reacted with a decline in the price of Meteora's token, MTOR, and increased trading volatility. The controversy surrounding LIBRA has sparked debates on user protection and the need for better practices in the memecoin space, as articulated by industry figures like Alon Cohen of Pump.fun. This incident highlights ongoing challenges in the crypto industry regarding transparency and ethical practices.