- Jupiter denies involvement in Meteora’s alleged insider trading and appoints Fenwick & West to investigate.
- The LIBRA token launch, linked to suspicious trades, raises concerns about potential pump-and-dump schemes.
The Meteora project is again in the spotlight following claims of insider trading against its founder, Ben Chow. At last, he chose to step down in front of public opinion on the divisive release of the LIBRA token. Meanwhile, Jupiter underlined that they are now concentrating on more specific transparency policies, as they were not at all involved in the illicit activities.
This narrative started with LIBRA, a meme token that had gained a lot of popularity after Argentine President Javier Milei referenced it, seeing a price increase before finally falling. The public thought that some people were using the occasion to make a profit.
Furthermore, adding to the dubious circumstances was the release of the MELANIA token connected with questionable transaction patterns. Allegations of a pump-and-dump schemes also surfaced, suggesting that some participants had a deliberate price-fixing in mind.
In his official statement, Jupiter’s creator, Meow, claimed, “We have never participated in events that harm the community.”
He also mentioned that Meteora had been running on her own for more than a year and that his party had even hired Fenwick & West, a law company, to do extensive inquiry. Promised to be disclosed freely as a sign of dedication to community trust is the investigation result report.
Hi, I’m meow from Jupiter, and I also cofounded Meteora.
Firstly, I’d like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately.
Secondly, we are hiring an independent 3rd…
— meow (🐱, 🐐) (@weremeow) February 18, 2025
Ben Chow Resigns, Community Awaits Investigational Results
The crypto community has responded differently over Ben Chow’s resignation. Among the debate, some view this phase as a moral obligation, while others also assume he knows more than he acknowledges. Ben vehemently refutes the claims and underlines that his only contribution was technical—that of changing the liquidity curve.
“I have never leaked any information or gained personally from the launch of the token,” Ben said in his written declaration. However, a sense of mistrust persists. The community is waiting for the Fenwick & West investigation’s findings to expose the truth behind the allegedly millions of dollar dubious transactions.
Jupiter’s Steps in the Middle of the Storm
Jupiter is simultaneously striving to prove they are still headed in the correct direction. CNF had reported that the project had revealed intentions to burn JUP coins valued at $3 billion.
This significant action seeks to increase the value of the token in the market and show the company’s dedication to steady long-term expansion. Jupiter also spends half of its transaction fee income purchasing back their tokens from the market.
Furthermore, Jupiter hosted a JUP airdrop valued at 700 million on January 22, 2025, to honor the efforts made by users, stakers, and the community. This step is supposed to help to build confidence and community involvement among the turbulence of life.
Meanwhile, as of press time, JUP is swapped hands at about $0.7349, corrected 10.24% over the last 24 hours and 15.13% over the last 7 days.
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