Jupiter’s Co-founder Ben Chow Steps Down Amid Libra Memecoin Fallout


Ben Chow, who co-founded Solana-based DEXs Jupiter and Meteora, departed from Meteora amid allegations of insider trading and misconduct linked to the collapse of the Libra meme token.

His resignation was shared by Meow, Jupiter’s pseudonymous co-founder, on X (formerly Twitter) on Monday evening.

Memecoin Madness!

Meow clarified that Meteora has operated independently from Jupiter for over a year, with Ben leading the team. Meow praised Ben’s efforts in transforming Meteora into an innovative DEX with an active community.

The key figure in the Solana ecosystem also voiced support for Ben. However, despite Meow’s confidence in Ben’s character, he noted that Ben’s recent judgment and attention to the project fell short of expectations, given its current size and reputation. As a result, he has resigned, and Meteora is now searching for a new leader.

Meow reiterated in the statement that no one at Jupiter or Meteora engaged in insider trading, financial wrongdoing, or inappropriate token distribution. In a bid to ensure transparency and address public concerns, Meow said the team is hiring law firm Fenwick & West to conduct a thorough investigation and publish a report.

Regarding Jupiter, Meow affirmed the platform’s long-standing commitment to token transparency and to reinvesting the majority of its earnings back into the Solana ecosystem. Jupiter’s head added that they have never sold JUP tokens and rarely trade meme coins.

Meow concluded with an apology to the community and the ecosystem.

He described the situation as a “watershed moment” and shared his vision for the future, which includes developing permissionless products, creating Jupnet, and establishing higher standards for token integrity and transparency across the industry.

The Libra Fallout

Launched on Feb. 14 and promoted by Milei as a way to support small businesses and stimulate economic growth, the LIBRA token saw its valuation soar to $4.5 billion shortly after its launch. But the rally was short-lived. The token collapsed dramatically on launch date.

Critics have labeled this situation a potential “rug pull” scam, where initial investors inflate the value before withdrawing their investments. Milei, for his part, faces fraud charges for being part of a fraudulent association that misled investors.

The scandal has prompted calls for impeachment from opposition lawmakers, who argue that Milei’s actions constitute serious misconduct.

Jupiter and Meteora have faced mounting backlash from the cryptocurrency community regarding their alleged part in the collapse of the Libra coin. Many crypto community members have accused the two DEXs, as well as other prominent crypto influencers, of engaging in insider trading and sniping.

Jupiter and Meteora both denied any involvement in the LIBRA meme coin’s price manipulation. In a statement on Feb. 16, Jupiter stated that they prioritize transparency, especially when it comes to meme coin dealings, and insisted they had nothing to do with LIBRA’s wild price swings.

Jupiter added that some team members learned about the project tied to President Milei just two weeks prior, initially skeptical until Milei himself tweeted about it. However, Jupiter claims no knowledge of any deals between Milei, Kelsier Ventures, the token team, or market makers, and said they weren’t involved in any LIBRA trading.

Addressing criticism about quickly verifying LIBRA, Jupiter explained they don’t do instant verifications.

LIBRA already had a huge market cap when it hit their “Strict List,” and the “Verified” icon in their search engine only came after it had decent liquidity and community support. They clarified that verification wasn’t an endorsement, but a way to protect users from the flood of fake tokens that popped up around LIBRA’s launch.

According to Jupiter, Meteora’s Ben confirmed he only got the contract address minutes before launch, purely for verification, and didn’t share it with Jupiter until it was public. Chow also put out his own statement, saying he and Meteora weren’t involved in LIBRA’s sales or marketing, just contacted for tech support at the launch.

More Details Surface

Ben’s departure and Meow’s statement come as more information about the Libra token launch scheme has surfaced.

A video obtained by SolanaFloor showed that DefiTuna founder Dhirk informed Ben of Hayden Davis’s alleged misconduct in meme coin launches, including witnessing Kelsier members sniping. Davis is the CEO of Kelsier Ventures, a key entity in the Libra scandal.

Ben, despite denying his involvement and even announcing he would step down, was spotted by many that he knew in advance about Hayden’s plan, but chose not to warn the community about it.