The resignation of Meteora’s co-founder Ben Chow provides one other twist to the LIBRA memecoin saga.
Argentinan president Javier Milei thought he was Argentina’s Trump and will rip-off his followers, however the pyramid turned out to be a lot smaller than anticipated. Now folks will see jail time. Et tu Solana?
Ain’t no manner these folks aren’t going to jail:
– Operating 9 determine scams utilizing heads of states as bait
– Doxxed & dwelling is LA
– Admitting to inside corruption/collusion
– Exchanges concerned – Meteora, Jupiter
– LA primarily based streamers & KOLs concerned
pic.twitter.com/T0V5UEsZOr pic.twitter.com/NWVS8qdSMG
— $trong (@StrongHedge) February 17, 2025
We’re coping with distinctive issues this cycle that didn’t apply in earlier cycles:
- HORRIBLE international financial macros
- Further tariffs (some justified and others not) scarring the market
- Solana threw a wrench into alts/shitcoins this cycle
- Normies are additional demoralized by getting rekt from Trump, Melania, Libra, Hawk Tuah, amongst different celeb pnd’s (this ties into the SOL challenge)
Right here’s a more in-depth have a look at the scandal, LIBRA’s dramatic rise and fall, and the political tensions it has sparked, not only for the token but additionally for figures like Argentine President Javier Milei.
Meteora Co-Founder Resigns After Libra Memecoin Failure
Ben Chow’s resignation was introduced on X by “Meow,” the pseudonymous co-founder of Meteora and Jupiter, one other Solana-based platform. Meow emphasised the corporate’s dedication to transparency and reassured the group of its intent to deal with the allegations successfully.
“We take allegations of insider buying and selling EXTREMELY severely,” Meow wrote on X. “Neither Meteora nor Jupiter is responsible of economic misconduct.”
To strengthen this dedication, the businesses have employed Fenwick & West, a revered authorized agency, to conduct an unbiased investigation. Meow promised that the evaluate outcomes can be made public to make sure accountability.
Regardless of expressing confidence in Chow’s character, Meow cited a scarcity of judgment in Meteora’s operations as a contributing issue to the resignation.
The LIBRA Memecoin and Allegations Engulf Argentina President Milei
The scandal revolves round LIBRA, a meme coin that soared to mainstream consideration after being endorsed by Argentine President Javier Milei.
What started as a rising star within the crypto world quickly crashed spectacularly, with LIBRA’s worth plummeting from $4 to lower than $0.50 in mere hours.
The dramatic collapse has been linked to market manipulation, with studies alleging that insiders cashed out over $100 million in liquidity, leaving buyers to soak up huge losses. Chow, in keeping with accusations, privately obtained or managed LIBRA tokens—a declare that has fueled outrage and mistrust.
It’s all unravelling so shortly. Prior to now hour we came upon that Jupiter proprietor Meow is the true proprietor of Meteora. Ben lied about having no involvement with Libra and different Kelsier launches and was fired from Meteora. Gotta think about Solana and its execs knew this the entire time. pic.twitter.com/n5F8IC5H3W
— Beanie (@beaniemaxi) February 18, 2025
President Milei’s involvement with LIBRA has sparked vital political turbulence in Argentina. Milei, who publicly promoted the token, is now below investigation by the nation’s Anti-Corruption Workplace.
Federal Decide María Servini additionally oversees a authorized probe into potential fraud and market manipulation associated to the meme coin’s controversial launch.
Sociopathic scammers from the Solana tradition have now dominated the crypto market. These are folks whose perspective is that crypto is actually only a place the place you’ll be able to scam people for straightforward cash. The LIBRA trainwreck provides us a glimpse into the huge rabbit gap.
They’ve zero inkling that crypto, blockchain, DLT, no matter, has any profit aside from being an enviornment for scamming. Unhappy!
Classes for the Crypto Business: Cease Bidding Solana Movie star Meme Cash
tldr; Argentina’s president Javier Milei launched a meme coin known as $LIBRA, claiming it will increase the nation’s economic system. Nevertheless, inside 5 hours, $4.4 billion vanished as insiders dumped their holdings.
After the LIBRA crash, Binance co-founder Changpeng Zhao donated 150 Binance Coin (BNB) to assist repair the injury. However no quantity of goodwill can repair the bigger drawback plaguing crypto—an unregulated area that leaves small buyers drowning in losses.
The fallout has drawn curiosity from the blockchain group and political circles, elevating larger questions on accountability and the obtrusive gaps in crypto oversight.
Solana has change into a group more and more tantamount to a drunken Reno on line casino, brimming with sharks and scammers. You may wish to money out whilst you nonetheless can.
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Key Takeaways
- Sociopathic scammers from the Solana tradition have now dominated the crypto market.
- The LIBRA meme coin controversy serves as yet one more reminder of the dangers related to hypervolatile belongings like meme cash.
- For the crypto ecosystem, situations like these forged an extended shadow, elevating issues about transparency, accountability, and the business’s long-term fame.
The publish JUPGATE Rips Libra Memecoin: Jupiter Just Lifted The Lid on Solana Meme Coin Cabals appeared first on 99Bitcoins.
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