Ben Chow, co-founder of Solana-based decentralized exchanges Jupiter and Meteora, resigned from his leadership role at Meteora. This was revealed on February 18, 2025, amid mounting scrutiny over the firm’s alleged connections to the $4.5 billion LIBRA meme coin collapse.
Jupiter’s pseudonymous co-founder Meow made the announcement following leaked evidence suggesting prior knowledge of market manipulation tactics tied to the token’s launch.
Leadership Shakeup and Initial Denials
Chow’s resignation marks a pivotal moment for the Solana DeFi ecosystem, where Jupiter and Meteora process over $459 million and over $790 million in daily trading volume.
The platforms’ “Strict List” verification system, designed to filter fraudulent tokens, came under fire after LIBRA received expedited approval despite its subsequent 98% price crash.
However, Meow emphasized that neither of the platforms’ team members engaged in insider trading, financial misconduct, or inappropriate token distribution related to LIBRA.
Leaked Video Fuels Conflict-of-Interest Claims
A February 17 video published by SolanaFloor showed DefiTuna founder Dhirk confronting Chow about Davis’ alleged misconduct. The video also includes witness accounts of Kelsier team members sniping LIBRA pre-launch.
In the footage, Chow acknowledges that he referred Davis to multiple projects like MELANIA as a token deployer. He states that he enabled someone who shouldn’t have been enabled and that he needed to step down.
Despite this admission, Chow maintains he only provided technical support for LIBRA’s launch. He received the contract address minutes before public release for verification purposes.
According to official statements, Meteora’s liquidity curve recommendations and post-launch token authentication services constituted the extent of their involvement in LIBRA.
Ecosystem Impact and Outcomes
The scandal has intensified debates about accountability in DeFi, particularly regarding projects that list experimental assets. Jupiter’s trading interface facilitated 63% of LIBRA’s initial volume. However, Meow clarified that the “Verified” badge merely indicated liquidity threshold rather than endorsement.
Chow’s resignation leaves Meteora searching for new leadership while Jupiter reaffirms its commitment to transparency. It highlights that 82% of platform fees are reinvested into Solana ecosystem development.
The LIBRA incident coincides with increasing global attention on meme coins. The EU’s Market in Crypto-Assets (MiCA) framework is set to classify these tokens as high-risk by Q3 2025.
Solana’s ecosystem, which hosts most new meme coin launches, faces pressure to implement self-regulatory measures ahead of potential legislation. For now, Chow’s departure shows the growing pains of DeFi platforms balancing innovation with ethical responsibility.
READ MORE: Shiba Inu Price Prediction As Burn Rate Skyrockets By 20x
