Meteora Founder Faces $57M U.S. Meme Coin Fraud Lawsuit

A class-action lawsuit has been filed against Benjamin Chow, co-founder of Meteora, accusing him of orchestrating a multi-million-dollar fraud scheme involving the MELANIA and LIBRA memecoins. The lawsuit alleges Chow and his associates exploited the images and names of public figures like U.S. First Lady Melania Trump and Argentine President Javier Milei to lend credibility to these tokens, which were part of coordinated pump-and-dump operations that defrauded retail investors of over $57 million. The complaint details how insiders used control over token supplies and liquidity protocols to artificially inflate prices before selling off large holdings, causing prices to collapse and investors to lose significant funds. Chow has denied wrongdoing, claiming he and Meteora did not receive tokens or insider information, but evidence including blockchain analysis and leaked videos contradicts these claims. The lawsuit also names entities such as Kelsier Ventures and Hayden Davis, accusing them of facilitating marketing campaigns to promote these fraudulent tokens. Authorities have unfrozen $57.6 million in related assets and are seeking full recovery of investor losses, with calls for independent oversight to prevent similar future schemes.