Co-Founder of Crypto Company Behind Trump, Melania Tokens Quits Amid Insider Buying Allegations

Following insider trading claims that have surfaced following the collapse of LIBRA gift, a crypto initially supported by Brazilian President Javier Milei whose worth dropped by over 90 % within hrs of its release, Ben Chow, co-founder of Meteora, the Solana-based system behind the contentious Trump and Melania key launches.

Meow, the fictitious co-founder of both Meteora and Jupiter Exchange, confirmed in a message on Monday that Ben’s departure was due to his lack of view as a job lead in the previous few months.

On-chain experts are pointing to wary budget activity and the potential presence of insiders dumping tokens at the stock’s top following the collapse of the LIBRA token. &nbsp,

Amid the claims, programs such as Meteora, which provided technical assistance for the key start, got caught in the crossfire.

Chow’s departure has raised concerns about the ethics surrounding high-profile key launches and their profound effect on crypto because the company is now looking for new leadership.

In the midst of the complaints, Meow clarified his businesses ‘ position, noting neither Jupiter nor Meteora were involved in insider dealing or financial wrongdoing. &nbsp,

No one at Jupiter knew the details in advance, even though the launch of an” Argentina Coin” had been” an open secret” in meme coin circles.

Meteora had apparently been running its business freely of Jupiter for more than a year, with Ben acting as its owner without much help from Meow. &nbsp,

Chow has not yet made an official statement, but he originally offered his opinion on X in an interview. &nbsp,

He initially stated in a series of comments on Saturday that Meteora’s role in the LIBRA build was limited to providing specialized support.

” The$ LIBRA team used Meteora, which is a permission-less platform”, the Meteora co-founder tweeted. ” We never had any access to the tokens or to Milei” .&nbsp,

He clarified that Meteora did not participate in the release decision-making or market-making actions because the program allows someone to create pools and tokens without the Meteora team’s direct involvement.

However, Ben after backtracked on his first post, acknowledging that inquiries had arisen regarding Meteora’s position in the release of LIBRA and other currencies. &nbsp,

Lunch explained his connection with Hayden Davis of Kelsier Ventures, who was involved in the start of the LIBRA, TRUMP, and MELANIA image cash. &nbsp,

” I referred them] Hayden Davis ] to a handful of other projects that had inquired with us about deployer firms, which included the team behind$ MELANIA”, Ben wrote. &nbsp,

He reportedly mentioned other projects to Kelsier Ventures and claimed that their marriage stemmed from the joint trust that was established following the M3M3 token’s successful launch in December. &nbsp,

In response to community reaction, Meow announced plans for an independent third-party research. They are seeking to get California-based law company Fenwick &amp, West to control the allegations and encourage clarity.

Chow’s resignation has been met with mixed reactions, with some support from figures such as Kash Dhandha, a founding member of Super Team DAO and a ‘ Cat Herder’ at Jupiter, who defended him as a victim of” strategic mistakes” rather than misconduct.

LIBRA’s market cap increased to$ 4 billion before falling by 91 %, raising questions about market manipulation.

Milei is still facing legal action and impeachment charges stemming from his promotion of the token. The fallout from LIBRA continues to loom over him.