The controversy surrounding Meteora deepened after co-founder Ben Chow’s X account posted an incendiary statement about the meme coin industry, specifically targeting key players involved in the launch of several tokens, including Libra (LIBRA), Melania Meme (MELANIA), and Official Trump (TRUMP).
The post, which was later deleted, accused members of the DeFiTuna team of exploiting the meme coin market for personal gain.
However, Meteora quickly distanced itself from the statement, claiming that Chow’s account had been compromised.
Hack Confirmed: Are The Allegations True?
Meteora’s official X account confirmed that unauthorized access had been gained but was subsequently restored.
Chow’s alleged statement, which included purported evidence of insider dealings, added another layer of complexity to the situation.
In response, co-founder Meow reaffirmed confidence in Meteora and Jupiter’s integrity while announcing an independent investigation to clear any doubts.
Beyond Meteora, the situation took a political turn as Argentine President Javier Milei faced backlash for endorsing the LIBRA token, which skyrocketed in value before a massive sell-off wiped out millions in investor funds.
The Controversial Meme Coin Post and Its Fallout
The drama began on March 11 when Ben Chow’s X account posted what was framed as an “official statement” regarding his resignation from Meteora.
In the now-deleted post, Chow claimed that members of DeFiTuna, including Vlad Pozniakov and Dhirk, engaged in predatory practices designed to extract maximum value from meme coin launches.
The post referenced MELANIA, MATES, and a Raydium-based launch and alleged insider sniping and wallet activity that resulted in millions of dollars in profits.
Chow’s statement further accused Kelsier Ventures CEO Hayden Davis and COO Gideon Davis of discussing these extraction strategies, referencing WhatsApp conversations in which one participant allegedly stated,
“Yeah, fellas, tbh, we are trying to max extract on this one.”
However, Meteora’s official X account quickly intervened, warning users not to trust the statement and asserting that Chow’s account had been hacked.
Shortly after, Meteora confirmed that they had regained control of both their official account and Chow’s, although Chow himself did not respond to media inquiries regarding the situation.
Before today, Feb 18, Meteora co-founder Meow publicly stated that while he stood by Chow’s integrity, he acknowledged Chow’s failure to exercise proper judgment in recent months.
Meow also confirmed that Fenwick & West had commissioned an independent third-party investigation to review any allegations of financial misconduct.
Despite this, Chow has officially resigned, and the company is now seeking new leadership.
Meme coins, Political Endorsements, and Industry-Wide Repercussions
The Meteora controversy has affected the company and put more spotlight on all involved parties.
Argentine President Javier Milei recently became the center of a financial scandal after publicly recommending the LIBRA token.
Following his endorsement, LIBRA’s value surged from nearly zero to $5, briefly reaching a staggering $4 billion market capitalization before plummeting in a massive sell-off that left many investors at a loss.
Milei dismissed accusations of a rug pull, arguing that his token promotion aligned with his broader free-market philosophy.
However, critics claim that his involvement in such a volatile and speculative market has put his administration under scrutiny.
Calls for his impeachment have surfaced, with detractors arguing that his actions represent a dangerous intersection of political influence and financial manipulation.
At this point, it is clear that the controversy surrounding Meteora and Milei’s endorsement of LIBRA has taken a new turn with the latest whistle blown.
After concluding their investigations, the community is waiting for what the Meteora team has to say, as many in the crypto community are already wondering who all the involved parties are.
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